here's a good read!

At a price determined by the government, of course, and disregarding the fact that someone whose family has owned the same house for generations really doesn't care much about "fair pricing" when they're being forcibly displaced.

 

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Excellent salient points. All very true as well.

 

https://www.msn.com/en-us/news/worl...3965fd0c60c437a9fecbcf536b9f881&ei=20#image=1 follow up ?

 

I have a neighbor that is a member of a North Carolina Law Enforcement Division. She is responsible for training and certifying North Carolinas Law Enforcement. She lives on the other side of our street. I'm 6'2" and 200lbs and could probably take down any member of the Law Enforcement Community. She trains at the North Carolina Justice Academy, also trains them in Raleigh. She also go to many of the United States. She recently went to California, New Mexico, and is currently in Main. She probably weighs between 250 and 300 lbs.
We talked about the text and she said that there are many groups within law enforcement that illegally take property. She told me about the Federal and State Laws that prohibit law enforcement from taking property without a legal judicial authorization. She said that are over 50 former law enforcement officers sitting in Central Prison in Raleigh. They have been identified as former law enforcement officers waiting for trial. They have had 100% conviction rate. Many business owners were afraid of retaliation, but she said they have had great luck in squelching an retaliation. Any funds that are misplaced or stolen from the property inventory is required by law, required for the law enforcement to reimburse the funds through their budget. I've got a picture of her. When I can find it, I want you to let me know what you think.

 

Rouge cops are the scourge of our society. What you've described is only one state which is NC. I mean, it's encouraging to read that the NC law enforcement officials were able to apprehend and arrest these cops which is a good thing. What about the other 49 states with these kinds of rouge cops who probably have not yet been arrested?! Ugh! Something tells me this type of problem is probably under reported.

Is that only in NC? Or does it apply all states across the US? I'm wondering about the reimbursement levels...are they 100% refunded back to the rightful, innocent owners who were caught up in such raids/sweeps?

And please do not post picture of your neighbor here in CT forum or any other forums. Privacy is important in order to protect their identities. Thanks.

 

I would also add that I think it would be super helpful, with a dollop of common sense, to take photos of all items inside a deposit box with your DL card paired alongside with a detailed inventory chart as a protective measure to prevent stolen goods by rouge law enforcement officials.

 

Appears the safe deposit boxes were not in an FDIC-insured bank, but in a “safety storage company”. No, FDIC does not insure deposit box contents. But a FDIC-insured bank is a member of the Federal Reserve system. Law enforcement and judges will be very careful and specific about what boxes can be opened and what can be taken at an FDIC bank. Law enforcement would have to deal with the Treasury Dept, Federal Reserve and the likes of mega-corps like Chase, Citi, Wells Fargo, etc. if they overstep.

Doesn’t mean your collection wouldn’t be seized at an FDIC bank. But the odds are low unless you are involved in suspicious activity. Been filing your taxes on time and accurately?

I’ve warned before about using safety deposit boxes of non-FDIC-insured “banks”. The only box theft in history in my region was from one of these outfits; it put them out of business. FDIC banks are required to follow certain security procedures, and the vault is where their cash and records are stored. That non-FDIC box companies might be subject to rough treatment by law enforcement hadn’t occurred before but makes sense.

Unfortunately, boxes at FDIC-insured banks appear to be in short supply, and it’s a service that is unavailable at many locations.

Curious if inappropriate seizure by law enforcement would be covered by insurance.

Cal

 

I had my most precious coins stored in Safety Deposit Boxes at a Credit Union. Do Credit Unions have the same coverage banks have with FDIC, or do they have another Federal Protected Insurance? I had them in a couple of them, but after about 5 years, I figured that they would be safer under my pillow next to my Glock.

 

Credit unions can be insured by NCUSIF. Presumably there are some security measures that are required for a CU with insurance. There are two types of CU … state-chartered and federally chartered. Federally charted are regulated by the National Credit Union Administration (NCUA) and are required to be insured. State-chartered follow state regs including insurance requirements. A few states do not charter CUs.

NCUSIF insures deposit accounts, not safe deposit boxes.

CUs tend to be small organizations with few or no branches. They don’t have the political, financial, or legal clout of big commercial banks like Wells Fargo or Citi.

Cal

 

Jim and Cal, thanks so much for sharing your knowledge and perspectives. It seems there are some threads that are going into different directions in respect to this topic, and I am hoping to to untangle some in order to elicit some further clarification on some of them.

What is fairly common knowledge is that FDIC-backed banks offers protection for bank accounts for up to $250,000. So, it is factually established. Next is this:

NCUSIF insures deposit accounts, not safe deposit boxes.

Based on deductive reasoning logic, one could make the assumption that FDIC-backed banks may also not insure safe deposit boxes as well. What isn't clear is this: do they actually offer protection for bank issued deposit boxes as well? Not sure if the FDIC is legally obligated to offer such protection for bank issued safe deposit boxes. If yes, then what is the ceiling for dollar amounts for any losses incurred from those boxes?

Another thread that needs to be untangled is this:

Are bank safe deposit boxes insured by FDIC as well? Or not as in the case with NCSIF for CU banks?

If bank safe deposit boxes are not protected by FDIC as with NCISIF, then does this mean that it would require the holder to purchase private insurance coverage for personal possessions in a safe deposit box?

This thread is very educational and I hope the mods will pin or archive it for others to learn.

 

Safe deposit box contents are NOT insured by FDIC or NCUSIF. There is an outside possibility that box contents of particular banks or CUs could be insured privately against casualty losses like a fire. But I wouldn't count on it. Anyone that wants their box contents insured should purchase private insurance.

Cal

 

Part of me wants to take the article with a grain of salt due to it being FOX and Breitbart and the other part is concerned cuz I can definitely see this happening. Nowadays it seems like people only support law enforcement when they are going after people they don't like ie BLM or Jan 6.

 

Rushmore, the article links are sourced from MSN (Microsoft), so I'm not sure how or where you got the notion that they were from FOX or Breitbart.

 

"...attorney told Fox News....".

Then there is the Western Journal...
So.......

 

Reports of such raids are not only strictly limited to just conservative news publications/outlets. If one does a quick Google search on deposit box raids and civil forfeitures by law enforcement, you will find multiple articles picked up by reputable news sources such as Business Insider, LA Times, NBC news, etc.

 

All of the information shared here has enlightened me, yet, there is no comfort when "you" (meaning "all of us") scares what little brain cells I have, out of me. I have spoken to other collectors and they told me that living in the country, doesn't protect you from the craziness out there.
We own a home in the country as well as in the city. Out home in the city was purchased shortly after we were married. The city Chief of Police lives two houses down the street. Yet, there is a home on the other city of us was vacant after the owner died. It was broken into by young people (20 to 30 years old) who made themselves at home. The owner's family lives in Utah and are not interested in the home because the owner left without a will. (Intestate{without a will?) Anyway, it took 2-3 months to get the police to do anything due to the distance of the family from the home. The occupants left with the refrigerator, stove, and anything else that wasn't bricked in.
I'm sorry, I've been thinking about our safety due to the unwanted illegal occupants. Anything of value has been taken to our home in the country, especially our (my wife is now collecting coins {who woulda thought!) With all of the craziness in the world now and with well over a million illegal aliens traipsing in OUR country, we are not safe from anything. I do have a small safe that holds very little. Our 4 dogs are afraid of their shadow. We are not rich, but what kind of security and protection can we get without having to sell on our soul!
I'm sorry for ranting and raving, but our very lives are being threatened.
Thanks for sharing your shoulder