For those that still choose Safe Deposit Box over Safe

She told me it didn't matter how many names were on it, once the state froze it you cannot get at it. This is in PA. I will ask her if she knows more about how the bank finds out the box is frozen (state or relatives).

 

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Well maybe you should move to a bigger town then lol... I've never had trouble finding a bank that only charges a monthly or yearly fee for renting the box, and doesn't charge anything based on how often you access it. If you can't find one that does, well up to you whether you think it's worth the cost or not. I'd oppose the idea of having to pay to get access to something that already belongs to you as a matter of principle (why I'm glad my bank charges no ATM fees, regardless of whose ATM I use. I'm still stuck for what the ATM owner wants, but I'm not charged by my own bank anything else on top of that); to me that's the very definition of "rip-off."

I'm reminded how Scott Adams (creator of the Dilbert cartoon) says he always found it funny that you have to prove to banks that you can be trusted... when you are the one giving them money.

 

Most of those situations where the contents of your box can be seized also apply to all (or most) of your personal assets anyway, whether in a safety deposit box or not. Any form of legal judgement against you (especially from the IRS) can result in seizure of any of your assets (only exception is certain personal property that can be expempted even in the case of bankrupcy). If you die your estate can be taxed, which includes anything you own at the time of your death, in a box or not; once it is taxed anything passed to your heirs isn't subject to tax (to them anyway. After you estate is taxed, what your heirs inherit is not treated as taxable income to them).

Safety deposit box contents are no more or less vunerable to legal seizure than anything else you own, and they're significantly better protected from theft. Overall it's a significantly safer place to store things than your own home.

 

I think the title of this thread - For those that still choose Safe Deposit Box over Safe - is more than a little prejudicial. It implies that those of us (and that would include me) that use a safe deposit box have not come around to the better method of coin storage - a home safe - a method that will eventually win out. It's somewhat like saying "For those that still choose Sony BetaMax over VHS" (OK, I know that one dates me) or "For those that still choose a typewriter over a PC".

As others have stated, both methods have their merits and their drawbacks. At least with a safe deposit box I won't lose my best coins if my house burns down or is hit by a tornado or flood. And I won't be threatened with death by an intruder to open my safe deposit box.

 

/amen

And the original post only pointed out human error that is by far the exception, not the rule. If all banks were that incompetent they wouldn't still be in business.

 

Yep. Very rare has been the story of someone having their safe deposit box cleaned out by a thief, but just about everyday somewhere someone had their house burglarized and lost thousands of dollars worth of cash, gold, collectables etc.

 

My apologies. Yes, I'm definitely on the side of a safe, but as others have mentioned above, there are plenty of situations where the safety deposit box is a better solution. While I wanted to throw one more thing out there for those who were still undecided, I made it quite clear which I prefer.

As far as theft goes, I think it's been many decades since safety deposit boxes have had an issue with thieves. Of course, people in extremely rural areas or high crime areas would probably also want to preference a safety deposit box over a home safe.

Again, aplogize for the biased title and please don't let that take away from the point of the article (which I think is that California is one messed up state).

 

I recall many years ago a bank in Massachusetts where the vault was compromised by thieves that tunnelled in somehow, and targeted the safety deposit boxes. If memory is correct it turned out to be some police that were involved in it too. I only remember it because at that time, I had a safety deposit box in a bank in Massachusetts.

 

I had a strange problem with a bank safe deposit box where the bank printed regulations
prohibited the storage of coins.

I posted this item on June 23, 2007 at:
http://www.cointalk.org/showthread.php?t=26302

Here is the text of the post:

I rented a safe deposit box at a local California bank.

After filling out the paperwork and accepting the keys, the bank teller gave me a printed list of rules called "SAFEBOX REGULATIONS".

It contained the statement:

The box is leased solely for the purpose of keeping securities, jewelry, valuable personal papers and precious non-currency metals, and the Renter agrees not to use the box to store money, coin or currency or to store any property of a liquid, corrosive, pressurized, hazardous, explosive, dangerous, illegal, perishable, and/or offensive nature, including but not limited to any firearm, weapon, acid, illegal drug, contraband or evidence of any crime, or any object, material or substance that may become a nuisance to the Bank, its employees or agents or any of its Renters.

I asked two bank workers about this statement.
One replied that it was "Ok to store coins" but wouldn't put that in writing.
The other wondered "what the problem was".
Both bank workers were in their 20's.
One called someone outside the building but couldn't get an answer.

Has anyone else seen anything like this?

 

Myself, I prefer a safe. As far as floods go, if my house is in danger of being flooded, I'm building an arc. Plus in case of flooding in the house the safe has seals to keep most water out. I am also confedent my safe will withstand a tornado as well as a bank would.( I may have to search for it after one though, like looking for a 1200 lb brick). I am also confident that my safe will hold up in a fire. I did a lot of research before buying.

Nothing is perfect or 100% foolproof, but I like easy acces also.

 

I have heard often that you can't store coins or cash in a safe deposit box. Another good reason for a safe.

 

The prohibition of storing coin or money is aimed more at money launderers than coin collectors. There are people that do store large amounts of money in safe deposit boxes under the premise that it is not traceable. That is not the bank being a nosey parker, but the Federal government, and probably all the more stringent on that account with the so referred to "Patriot Act".

 

That's right. "News of the Wierd". :loud:

By it's very nature, news creates an image of the world dramatically different from the real thing.

 

Okay - just spoke with my teller-friend and she says that:

• Only the spouse can gain access to the box if the box was in both names.
• Anyone else that is listed on the box has to go through a legal process with the state. (bet there is a ton of red-tape involved in that!!!)
• The bank searches though Obits daily and receives weekly notices from the county - what a crummy job!

 

Be cautious storing cash in a safety deposit box.

In the event of a death the box is opened and inventoried.

If there is cash in there it is 'assumed' that it is a result of unreported income and the government will require a tax return to be filed out reporting the cash as income, and taxes paid thereon.

That is the reason for the warning about the cash.

 

I would hope that a collection that has been carefully sorted, and even labeled, would not be mistaken for ill gotten gains that have been hastily stowed in a safety deposit box, but I've also read stories of older red seals, silver certs, nationals, etc... literally being hand counted and credited to the estate at face value.

As mentioned above, all legal issues raised technically apply to a home safe the same as a safety deposit box. The only difference is access control.

 

No problem. It's your thread and you can title it however you wish. But you gotta admit it is a bit biased. Kiss

 

I'm from California.
My governor can beat up your governor!

 

That is incredible. Everything is a nuisance. Anything that they have to take care of without losing or damaging, is a pain for them. Why do they bother offering the service anyways?

 

I too agree with that. Now as to theft. One neighbor had a large, heavy safe that was bolted to the floor and wall. He also had an alarm system. His family went on vacation. While on vacation, during the day, a moving van pulled up. The movers began removing everything. Nosey neighbors asked what was going on. The so called movers said the people that lived there like it where they were at and decided to move there. When the vacationers came home to the empty home they noted even the so called bolted to the floor and wall safe was taken by the so called movers. And the alarm system too.
Anther neighbor had a safe. He had robbers come in, pointed guns to his family and told him to open the safe. He did naturally.
I'll stick to my safe deposit boxes.