Bank safe deposit box

i got one measured 5 x 10 x 22. and it cost me $100.00 a year plus tax. we opened it as a joint account plus a third person as authorized. now, the question is if i die. is the state gonna check what is inside the box?. where my other party and authorized person are still around?.

the box that i rent is located at the ground floor not basement where other banks usually placed. so the question is. can those coins prevent humidity?. i knew basement is more humid. do i still need silica gel?.

 

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I’m sure that whoever else is on the box account will still be the legal owner of it not the Gov.
The Gov. only gets involved when there is crime or tax issues.

Rick

 

I believe that is why the Govt allows you to take a tax deduction on safe deposit boxes... so they know you have one...

 

the other person becomes owner, i had one with my mom when she died.

 

NOT TRUE

QUOTED FROM " Bank Safe Deposit Box won't allow coins to be stored" COURTESY OF TREASHUNT

 

If you have another name on the box, that person is still the legal owner of the box and can keep it, close it out, add or remove anything at will. If I die for instance, my son and his wife are listed as owners of that box. They maintain the ability to do with it as they please. If anyone thinks the State, Federal or local government goes around with an obituary column in thier pockets looking for safe deposit boxes where a person has died, your dreaming. Even if there is only one name on the box, nothing is usually done for a long, long time. Here in the Chicago area, once a year there is a listing in the Tribune Paper of unclaimed safe deposit boxes, savings accounts, checking accounts that is many, many pages long. I once found my name there because I had a savings account in a bank and had not visited it for about 30 years. Moved a few times since I opened it so they lost track of my address. That account sat there for 30 years and no state, local, federal people came to see why. They just don't care. If your wondering there was only $17 and some cents in the account.
I have 5 safe deposit boxes in 5 different banks. All have my son and his wife listed on the box account. If I should leave this Earth they would still be able to do with the boxes as they please. If you think the government is out there looking for a dead person's safe box, there is a better chance those people are to busy playing golf.
As to humidity in those places. I have mentioned this previously. Some time back people on forums for coins mentioned this. So as a curious old person I went to all my banks and asked about the humidity in the safe deposit areas. Luckily I was a customer or they would have thrown me out for being stupid. All banks have usually only ONE heating and A/C system. It is cost provocative to have a separate system for different parts of a bank structure. Adding or removing humidity to one separate location would be just plain nuts or so they kind of told me bluntly. Only two of the banks had the safe deposit boxes in the basement. Three were on the main floor. When I explained I was Chemical and Electrical Engineer, they just looked at me as if I needed to go back to school. One lady at one bank actually said I sure didn't learn about HVAC systems.

 

However, check the laws in you state.
Every state has different rules.
in New York, for instance, there is only one owner, the others are authorized signers, and when the owner dies....
If the authorized signers die, no one cares (except for his or her family) but it does not effect the box.

 

I recently rented a safe deposit box and was handed a list of "rules" which included a prohibition on storing coins.

"Bank Safe Deposit Box won't allow coins to be stored"
Original thread started June 23, 2007:

http://www.cointalk.org/showthread.php?t=26302

 

I agree there may different rules for different states. However, I find it difficult to believe any state can actually inforce what you put in the box. The only way to do that is to have you watched when you add or remove items. I don't think that is what any bank anywhere in the USA is doing. Spying on you in a private room made to be private is not good buisness.
Odd that in New York they would have a law prohibiting dual ownership of a safe deposit box. May be true but sure makes no sence. That is odd since you can have dual ownership of stocks, bonds, mutual funds, cars, boats, houses, planes and just about anything else. Savings accounts and checking accounts also can have dual ownerships everywhere. Strange that one state would have safe deposit box laws different.
Just one more reason to live in Illinois, I guess.

 

safe deposit box

my safe deposit box is a joint account. and that is in new york city. besides that, there is no restriction at all.

 

you won't be bothered................................unless someone finds out about your 1933 saints! LOL

 

safe dep box

it is o.k. to get two to three bank safe deposit box?. so i can separate them for safety purposes.

 

It is NOT illegal, as long as you pay for them.

Interesting thought, tho.

 

is $100.00 per year for 5x10x22 safe deposit box cheap?. what other charges?.

 

I love my SDB and bank. They have a biometric scanner so they only require 1 key. I can come and go with no hassle and if I am forced to open it by someone, the code I enter secretly alerts police. Sweet and all for $100 per year.

 

Carl is correct based on my experience here in New Jersey.

 

i would check at other banks,sounds a little high, i pay $40 for around the same size

 

sound too high

in my area. four banks around it. $100.00 for 5 x 10 x 22 is by far the cheapest. other charged $175.00. but then. safe deposit box located too far from your place is not too good too.

 

When my ex wife died she had no will. Her boyfriend gave the safe deposit key and a bankbook he found to the cops. Cops gave the key and a bankbook to the atty. I hired. The probate atty. just called the bank, handed me the key and I went and opened the box with no witness.
I was named "administrator" and I had custody of the 2 children from that marriage before her death.
Whatever she had went to the kids.
This was in Massachusetts.

 

NOT TRUE!

I have had a box for many years and I know for sure that the other person has the right to the box. The only time it is opened by the Bank or other is when no one else is on the account and the person dies or is not mentaly fit. The other would be a court order