Safety Deposit Boxs are NOT safe

Discussion in 'Coin Chat' started by OldSilverDollar, Oct 13, 2021.

  1. daniel a DiBiasio

    daniel a DiBiasio Well-Known Member

    My bank says you are not allowed to keep currency,unless it is collectible.It also says no gold is allowed in it either.what's the point of having one then?
     
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  3. capthank

    capthank Well-Known Member

    I had not heard of these restrictions before. I'll ask my bank.
     
  4. Sting 60

    Sting 60 Well-Known Member

    I knew that SDB were not insured by the bank and I've been meaning to purchase insurance for the contents. My bank issues me two keys for a dual lock door of my box; only one of my keys are required. My key fits in the door lock on one side and the bank's key the other. The bank tells me that I have the only keys to my box and that if I lose my keys, they would have to rekey my box and charge me a fee to do this. All SDB are inside the vault. Is this pretty much the norm for everyone else because I would say that this is a good secure system, maybe I'm wrong?
     
  5. daniel a DiBiasio

    daniel a DiBiasio Well-Known Member

    I'm in Ohio and keybank and chase Bank made these rules about 2 years ago.i,m sure the others will unfortunately follow.
     
  6. -jeffB

    -jeffB Greshams LEO Supporter

    This. We discussed this at length with the lawyer when we finally firmed up our estate planning. Never mind any treasure that may or may not be in the box, you want your heirs and executors to be able to access things like deeds, vehicle titles, and data backup.
     
  7. marve

    marve Member

  8. marve

    marve Member

    i have had 2 safety deposit boxes at a bank for over 40 years and never had a problem.
     
  9. ldhair

    ldhair Clean Supporter

    Dear God there is a lot of false information in this thread. Insure what you have in the box with someone like Hugh Wood.
     
  10. 1865King

    1865King Well-Known Member

    That's kinda bazar. Why have a safety deposit box if you can keep money of gold in it. I'd get a box at a different bank.
     
    xCoin-Hoarder'92x likes this.
  11. 1865King

    1865King Well-Known Member

    I don't know if the law has changed but, if not then there is something a lot of people don't know. Many years ago I found out that if the owner of a SDB dies the government first action is to seize the SDB. That's even if multiple names are on the box. If one person dies no one can touch the box until the government says OK. You have basically 24 hours to get into the box before the government takes it. This may not be a federal thing but, it could depend on which state the box is located in today. If there are no issues found you will get everything back but, that could take a long time. This doesn't mean that someone walks in the bank and takes it. What they do is put a hold on the box until the contents are reviewed.
     
  12. Publius2

    Publius2 Well-Known Member

    I've never heard of such a thing under normal circumstances but then the world is a large place. When my mother died in April, 2020, my brother (he was the estate's Personal Representative, in other states sometimes called the Executor) was joint on her SDB and he never had the slightest problem accessing it and he kept the box for 16 months after her death and we accessed it numerous times over that period.

    Now, if someone dies intestate and there is no one that is joint on the box or the deceased's accounts, then the state may take over. But that would be the exception rather then the rule, because no one here is without a will and an assigned Personal Representative, right?
     
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  13. Phil's Coins

    Phil's Coins Well-Known Member

    PLEASE READ THIS! I just returned from a funeral of a friend of mine who had a significantly large collection, heavy on Gold and Morgans. After the funeral Sandra ask me to go with her to the bank to open his SDB and she did not have the key. She stated that the key had been misplaced by her husband (dementia) and the bank denied her access - HER HUSBAND DID NOT LIST HER AS A JOINT BOX HOLDER. I am not sure what is going to happen but I am told it will now become property of the estate and someone else told me that it could end up in the hands of the state as UNCLAIMED PROPERTY. Needless to say the amount of anxiety is extremely high right now.
    PLEASE BE SURE YOU HAVE
    JOIN OWNERSHIP.
    For what ever good it will do she has hired an attorney and needless to say that is going to be costly.
    POSTED F Y I
    Semper Fi
     
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  14. Phil's Coins

    Phil's Coins Well-Known Member

    Thanks for that info. I had not heard of that but I am going to find out tomorrow morning if the prohibit Gold.
    Semper Fi
     
    serafino likes this.
  15. daniel a DiBiasio

    daniel a DiBiasio Well-Known Member

    You're welcome. Good luck!
     
  16. serafino

    serafino Well-Known Member

    I wonder if they mean Gold bullion or Gold coins, Gold jewelry ??
     
    Hookman likes this.
  17. Publius2

    Publius2 Well-Known Member

    Yes, failure to plan is going to cost her money, time, and aggravation but she will most likely prevail in the end. She will have to present the will, death certificate, marriage certificate, and anything else the bank may require to demonstrate that she has a legal right to the contents of the box. If she is the Executrix of the Estate, then even better. But if her husband died intestate, then she may have a world of hurt including potential claims from others.

    Do not die without a will and a plan.
     
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  18. Jedinited

    Jedinited Jayhawk Numismatist

    Since the deceased husband was the only title owner on the box, the ownership will be in his estate. If he had a will, the terms of that document will control, subject to certain limitations. The executor will be able to access the box after being appointed by the court.
    If there is no will, an administration of the estate will be required and the assets of the estate will pass in accordance with the laws of intestacy (to the legal heirs) of that state. Once again, the court will appoint an administrator, typically a family member, who will have authority to access the box.
    Another possibility is a decedent may have prepared a revocable trust. If the box is not titled in the trust, there is typically a will prepared that simply transfers any assets not already titled in the trust into the trust, in which case the successor trustee could access the box.
    Unclaimed property only comes around when the owner of the box is unknown or cannot be contacted within a period of time per state law.
     
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  19. daniel a DiBiasio

    daniel a DiBiasio Well-Known Member

    Can you believe that we're told what we can put in here anymore?
     

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  20. -jeffB

    -jeffB Greshams LEO Supporter

    We finally got around to the will part, but we're still procrastinating on dying.
     
  21. capthank

    capthank Well-Known Member

    Excellent point. My box has my wife's name also and she has keys. In event of my or both of or death's our Trust executor has access.
     
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