Safe deposit box information

Discussion in 'Bullion Investing' started by FarmerBill, Mar 16, 2020.

  1. FarmerBill

    FarmerBill Member

    I went to see my banker today. I bank at a regional bank. I asked him if he thought the bank would ever close. He said no but went over the contiguously plan with me. First they would close the lobby and use drive thru only. Next they would consolidate branches, and finally they would resort to the main bank only. My bank has about 30 branches. However once they go to the drive thru only customers would not have access to their SDB. One bank and a credit union in my area have already done this. I'm not trying to alarm anyone im just passing on information as it was told to me. Be safe out there.
     
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  3. medoraman

    medoraman Supporter! Supporter

    Hmm, wonder what rights box holders have to get access to their boxes. Its a legal contract, they maintain the box, you have the right to use it. One would seem to have a right to access it eventually, but could be delayed during emergency shutdowns I suppose.

    I need to make a visit to mine in the next few days, thanks for the reminder. :)
     
  4. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    You might want to read the fine print in your rental contract. ~ Chris
     
    Stonedywankanobe likes this.
  5. Victor

    Victor Coin Collector

    I think they can refuse entry in adverse conditions.
     
  6. baseball21

    baseball21 Well-Known Member

    It's completely their call. You basically get access when they say you can get access. By the time your case made it's way through the courts trying to force it normalcy should be returning anyways assuming you would even win depending on how the contract is written.

    The whole situation is going to make people reassess some assumptions they've had in the past about things.
     
  7. ldhair

    ldhair Clean Supporter

    ;)
     
    Last edited: Mar 16, 2020
  8. FarmerBill

    FarmerBill Member

    Re read my first post carefully. I was told by the bank manager if they go to drive thru only banking no one but employees will be allowed in. This is going to be the policy of my bank and all its branches.
     
  9. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    It makes sense then to remove for copying any necessary papers, also remove any cash or coins, gems, etc. you might need to sell in the next year, and make an inventory of what is in the SB that you left there. Be sure your contact information is good and give written notice to the manager to give you legal notice when the closure is coming. This may happen many times over the year, so watch craigslist or similar for a home safe for what you removed. I have 6 of various size for papers on up. And no, not all for coins or valuables, 4 are for important papers and legal material. Jim
     
    crazyd likes this.
  10. FarmerBill

    FarmerBill Member

    A local credit union and a bank have already closed their lobby's here. On the CRH forum a poster said his bank lobby is closed too. I highly doubt they sent legal notices to all their customers.
     
  11. green18

    green18 Sweet on Commemorative Coins Supporter

    Put your valuables in a plastic bag, and sew them into your mattress. Safest place to be for such (barring a house fire).
     
  12. medoraman

    medoraman Supporter! Supporter

    Yeah, but the world will still turn. Covid 19 will not bring down humanity. It will pass, branches will be opened back up, etc. That is what I was referring to when I said they could probably deny access for a time.
     
  13. baseball21

    baseball21 Well-Known Member

    It's possible some obscure off the beaten paths might be deemed not viable anymore, but yea for the most part at some point most institutions will be back up and running in normal capacity again
     
  14. FarmerBill

    FarmerBill Member

    ×××× UPDATE××××× So my bank did go to drive thru only. They revised their SDB policy in a mass email to all customers. We will still have access to our boxes by appointment only. This eases my mind substantially.
     
  15. medoraman

    medoraman Supporter! Supporter

    Mine just sent me a similar note but their appointments are only for anyone 60 or older. Therefore, my sdb is now off limits.

    Luckily I also have a safe.
     
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