Does it make you nervous the bank knows what's in your safe deposit box?

Discussion in 'Bullion Investing' started by myownprivy, Nov 25, 2018.

  1. myownprivy

    myownprivy Well-Known Member

    I'm sure they realize how heavy your box is. They may see you open it. So, they know you have precious metals in there.

    Sure, they can't open it without your key and theirs. But, does it bother you that they know? Does it bother you your gold and silver sits in that box away from you for months or years at a time?

    Do you check it weekly? Do you add your own lock? What do you do for extra assurance? Do you NOT use a box?
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  3. rickmp

    rickmp Frequently flatulent.

    The only way they'd know is if you told them or showed them.
    Heft does not belong only to precious metals.
    Not nervous at all.
    chascat likes this.
  4. ToughCOINS

    ToughCOINS Dealer Member Moderator

    While they certainly have some impression of how heavy my boxes are from watching me carry them (I don't permit them to handle my boxes, nor do I allow them to handle my keys!), the contents of my boxes have never been seen by bank personnel.

    Still, they know what I do for business, and must feel fairly certain what the contents are.

    I carry insurance coverage for the contents in the bank (this is a must for those of you who don't already know - the contents of your SDB are not insured, unless you buy insurance specifically to cover them at that location).

    I do not add my own lock to the SDB, as that would unnecessarily increase the curiosity level of bank personnel.
    ldhair likes this.
  5. chrisild

    chrisild Coin Collector Supporter

    The bank I have a safe deposit box with knows the size of the box of course :) but that's it. When I go there (a couple of times per year maybe), they put their key in first, and then walk away from the area where I am. Then I use my key, and once I say "OK" or whatever, the bank person leaves the room.

    One issue that I learned about only recently (@ToughCOINS just mentioned that) is the insurance level. At least over here (I'm in Germany) some banks include some kind of SDB insurance, most don't. And even if the bank has one, make sure its works for you and whatever you have there ...

  6. longnine009

    longnine009 Most Exalted Excellency

    I kinda think most of the things that go into safety deposit boxes are valuables with some weight to them. I kind of think that's the main purpose of a safety deposit box. I really don't believe people are renting 30 inch long safety deposit boxes just to put their birth certificate and car titles in. So why would a crooked employee target me when there are at least 962 other boxes with some weight to them? But I suppose I could allay my sleepless nights by getting rid of silver and throwing a couple of gold maples in instead, ehh?
    Last edited: Nov 26, 2018
    Paul M. likes this.
  7. Dave M

    Dave M Francophiliac

    I worry far more about someone just taking money out of my account than a bank employee rifling my SDB. I recently learned the hard way that there is zero security on inter-bank transfers from one account to another.
    Randy Abercrombie likes this.
  8. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Exactly as is done at my bank. I am not even the tiniest bit concerned that they may or may not know what I have in their box. I have plenty enough genuine worries that keep me up nights. This ain't one of em.

    Edit.... Was thinking more about this. I worry more about my fading memory cells. I have lost the key to my safe deposit box more than once. My safe hiding places get forgotten anymore. Now I am worried I am not 100% certain where that key is!
    John Skelton and CoinCorgi like this.
  9. myownprivy

    myownprivy Well-Known Member

    Bank could determine ip address of the device where the transfer occurred. If it was done in bank, you'd have to sign. There is video footage in banks to prove if you were there or not. Etc.

    I think you can take a number of steps if you are suggesting the bank took your money.

  10. Dave M

    Dave M Francophiliac

    There is no security on ACH - the automated clearinghouse that handles transfers from one bank to another in the US. E.g., you at BofA try to steal my money from Wells Fargo. The only security in place is whether the end customer catches and reports it fast enough, but the banks will transfer the money if the account is given.

    I've been through all the research and law enforcement, I'm telling you that's what it is. Be careful with your account.
  11. pmbug

    pmbug Member

    Until the country that your bank is located in has a financial crisis, a SDB is probably pretty safe. When capital controls or bank holidays start, access to SDBs can become an issue. Happened in Greece. Happened in Argentina. Happened many other places.
  12. Larry Salemme

    Larry Salemme Active Member

    get a vintage Mosler Safe lol just kidding
    LA_Geezer likes this.
  13. chascat

    chascat Well-Known Member

    How can they get in without a key? Drill out the tumbler?
  14. Nyatii

    Nyatii I like running w/scissors. Makes me feel dangerous

    I know not everyone can have one, but a nice stand up fireproof safe gives one a lot of comfort. And, you don't have to keep paying the bank.
    Larry Salemme likes this.
  15. mkan20

    mkan20 New Member

    i'd be more worried about them stealing confidential information than knowing whats in my safe deposit box.
    John Skelton likes this.
  16. Larry Salemme

    Larry Salemme Active Member

    and you can look at your valuables anytime you like
    Nyatii likes this.
  17. John Skelton

    John Skelton Morgan man!

    They wouldn't get much from my SDB since all I keep in it is insurance papers and marriage license. Maybe a little jewelry and some other important papers. But I think my coins are in a safe place as long as I don't tell anyone where they are.
  18. John Skelton

    John Skelton Morgan man!

    Gosh, if I was that nervous about it, I wouldn't go out of the house.
    Neal, cmezner and mkan20 like this.
  19. Neal

    Neal Well-Known Member

    Yes, of course. That's exactly how they get in (for a hefty fee) if you lose your key. They also get in that way when there is a court order or, after a certain time, in cases of abandoned and unpaid-for boxes.
  20. Santinidollar

    Santinidollar Supporter! Supporter

    Should I bring up the movie “Dollars” with Warren Beatty and Goldie Hawn?
  21. chascat

    chascat Well-Known Member

    Right...So stay honest, pay your tab, and no worries!
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