Discussion in 'Bullion Investing' started by myownprivy, May 21, 2018.
Most banks offer free safe deposit boxes with certain accounts. That's how I do it.
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I know Chase with Military accts gives a free SDB or discount on larger one.
I wouldn't put anything in SD box anymore - especially the larger banks with lots of derivatives. Anytime a bank is closed you can't get access to your stuff. It isn't a SAFE deposit box, it's a SAFETY deposit box. Everything in there belongs to the bank - it is, after all, their safe, and you have no way to prove what you did or didn't put in there.
I can actually smell what is coming out of your mouth right now. Please, don't bs people. You are doing a disservice to anyone reading this by lying. I don't know if you are lying out of ignorance or malice, but either way it is unacceptable.
While the FDIC does not insure your items in the safe deposit box, rules guarantee your access to the items should the bank close. https://www.fdic.gov/consumers/banking/facts/payment.html
A safe deposit box and its contents are guaranteed yours as long as you pay the fee to rent the box. Should you not pay the fee, it would not be forfeited immediately. States have individual rules, but they are at least 2 years before you would forfeit the contents. https://www.helpwithmybank.gov/get-...box/faq-other-topics-safe-deposit-box-03.html
(I would post my state's law, but I don't want to reveal where I live)
The bank does not have access to your stuff. You are protected by this because 1) the bank does not have both sets of keys. You have one set and they have the other. 2) the safe deposit cannot be opened unless you and a bank employee both use your keys. 3) access to the safe deposit room is not allowed by a single bank employee. A customer must sign in with a PIN and ID and/or signature and ID to gain access. https://www.helpwithmybank.gov/get-...box/faq-other-topics-safe-deposit-box-02.html
Now, there are some very real concerns with using a safe deposit box. !) natural disaster. If the bank itself is destroyed, your stuff may go with it. 2) civil forfeiture. If you don't trust the government and are especially concerned over the growing use of the government seizing personal assets, you are leaving yours right out in the open. The government knows you rent a box. And if you are suspected of committing a crime, a judge may issue a warrant allowing your box to be opened by force. You could also have a tax judgement that would allow the gov. to seize your assets.
However, for me, personally, weighing the risks of a safe deposit box vs the risk of a home safe or burying items in my yard or storing them in my home without a safe, I have assessed that the most secure option is a safe deposit box. I believe the evidence strongly supports this decision I have made. But, it is just a personal risk assessment that I have made. And you may certainly make your own. However, you are not entitled to lie about when and how someone can access your safe deposit box.
Yeah, but like the rest of us, you're getting up there in age & you know....btw, what day is today?.....boy, it's gonna be in the 80's today, wonder if I should wear a jacket?....what day did you say it is?
I can only laugh!!
Personally..... For me these days the biggest risk by far is forgetting where I left my key. That’s why my wife is in charge of the SD key.... (shudder)....
Go to google and search "what happened to safe deposit boxes in the Great Depression". You'll be amazed and maybe educated at what can take place, what has happened and learn you have no recourse. Banks have closed, seized the contents of SDB and a century later the federal government still has those items. It happens but search for yourself.
Nah, that's ok. I am aware that our current banking laws originated as a result OF the Great Depression. So, therefore the bad things that happened during the Great Depression are the CAUSE of the better system we now have in place. Plus, I have actually LINKED to current rules to show the forum the protections that exist in 2018.
I have a 150 lb guard nobody gets past my marley
"He's got him a medal he won in the war, Weighs 500 pounds and it sleeps by the door"
This took place in California 10 years ago. If you believe that "current banking laws" protect you, I suggest you read this. And this is only the beginning of what's out there if you're willing to spend a few minutes to read it. This is commonplace and all, yes, all states do it. Then again, it's your hard earned money at risk.
The downside to SDB boxes, and I do not know this 100% is that:
During a bankruptcy the contents can be frozen and confiscated though inventory probably presented to the Bankruptcy judge. It is a hidden asset.
Also, upon death the contents are frozen too until the proper proceedings and ownership cleared up. Though this isn't always done if someone else has a key.
I do believe upon death, someone with a key can only enter if they are on the signatory card the bank checks before proceeding , unless the presenter has documentation they are the court approved executor for the listed individual. jim
There are some exceptions, such as if the deceased did not have a will. Then the state can appoint someone for the family to open the box to see if it contains a will or other instructions.
I’ve always been curious: if a safe deposit box is opened and large amounts of cash are found inside, the IRS takes, should we say, an immediate interest.
But what about bullion?
See what happens if you have a lawsuit or lien.
OOOOHHH that smell.... can't you smell that smell. I just offer opinions. Lesser minds try to belittle those that have them.
what Finn said!!
Now calm down young man, don't get pulled into a war or words, the comment made was to suggest that chemicals used in the cleaning of guns may damage some coins. I have dozens of guns in a walk in gun safe but do not have any coins in with them and not because of any fear that they will be damaged, because I never gave it a thought, though it may be possible that damage could be caused by the chemicals so why take the chance? I also have so few coins of value that I can keep them in my safe..(one of the advantages of being poor). So take it from Bud, listen and learn, you don't have to take the advise but why argue with it?
<-Bud resting by the coin safe
Ok, I recently switched from a home safe to safety deposit boxes. One reason was because my stash outgrew the safe. The main reason was I felt my security had been compromised. There are pros and cons to the SDB but I choose to go with them for now. I am younger, but down the line I will probably go back to a safe so my heirs won't get screwed by the IRS.
Separate names with a comma.