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. Collecting Nut

    Collecting Nut Borderline Hoarder

    Why would the weight of your SDB tell anyone what is in the box? Unless you tell them they are only guessing. I have rocks that are heavy and worth of a SDB.
     
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  3. wornslick

    wornslick Junior Member

    Mike, So where does someone buy the insurance?
     
  4. Alan Cecil

    Alan Cecil Member

    I used to have a safety box bottom row biggest one until the bank figured out how come other boxes were very hard to open and it was the weight on the bottom (my box ) was too heavy so I bought a mosler fireproof safe problem solved
     
  5. Clawcoins

    Clawcoins Well-Known Member

    If you stop paying on your SDB they will confiscate the SDB and drill out the lock and put a charge against your account - all banks/CU/SBD establishments are different on everything so you would have to ask the specific place the specifics of charges and what they do in particular situations (ie, if you pass away/or just stop paying/ forget and they don't know and you fall behind 12 mths on payments, etc).

    They also normally have a charge to change locks if you lose your key.
    here are example charges at the bottom from a place:
    upload_2018-11-27_22-6-7.png

    The SDB at my places don't see what in the boxes. They don't ever see me move the boxes. They leave the room before I pull it out to go to a small curtained-off table. I put it back in, pop my head out of the big safe when I'm done and ask them to lock the outer door.
     
  6. Clawcoins

    Clawcoins Well-Known Member

    It doesn't bug me that I don't check it on a daily basis.

    Probably at least monthly as I use it for other things too.
    Each year it is reinventoried too for everything in it.
    I try to pay a few years in advance - some places do not allow this.

    You also have to read the contract of what you can or can't have in your SDB - this is institutional specific. There may be no restrictions, or there may be restrictions, read your lease.
     
  7. Mike Thorne

    Mike Thorne Active Member

    I considered getting an insurance policy for my coins in the lock boxes. My fear was that the bank might burn down and all that would be left of my coins would be a gooey mess. Then I remembered that across the street from the bank is one of my little town's fire stations, and I quit worrying.
     
  8. ToughCOINS

    ToughCOINS Dealer Member Moderator

    I use Hugh Wood Insurance . . . An affiliate of the ANA, but there are many other insurance companies which would do the same. My coins are covered under a fine art policy.
     
    mkan20 and wornslick like this.
  9. dleemc1

    dleemc1 New Member

    a lock smith can make another key in seconds
     
  10. ToughCOINS

    ToughCOINS Dealer Member Moderator

    I'm not so sure about that. If it was that fast and easy, why do the banks have the boxes drilled out instead?
     
  11. longnine009

    longnine009 Most Exalted Excellency

    I saw a locksmith drilling out a safety deposit box last year while visiting my safety deposit box. It wasn't even 5 Seconds.
     
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