Whaaaaaa...? https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html * No federal laws govern the boxes * Banks are not required to compensate customers for stolen/destroyed property
Misidentification can be a problem. I've heard of it before. With my past SDBs I've plopped business cards in there plus a paper sheet on top of who owns it ... you know, just in case from a past experience. I had a previous instance where a relative with the same last name, and same first initial went into bankruptcy, who also had a SDB at the same bank. SDBs can be seized in certain situations including bankruptcy (non-paid taxes, etc). Well, luckily I lost nothing but improved my self identification of the SDB as stated above. So beware of those Court Orders including Divorces ... https://blogs.findlaw.com/law_and_life/2017/04/can-the-irs-open-a-safe-deposit-box.html I think in regards to the Law, SDBs are considered an asset and are treated as such.
Yes, this is the truth. The bank doesn't want to know what's in your box, so they can't be liable for it. Stories like these are painful to read. But this is why everything owned in a safe deposit box needs to be documented and valued for insurance purposes. @micbraun
I appreciate this. I am one of those guys that has a relationship with my banker like we are best lifelong friends. I haven't checked on the coins I have in that box for maybe two years. And my bank has gone through a reorganization recently. Just figured my coins, wife's jewelry and our wills were fine. I am much too trusting. I will be checking my box next week.
I have my will/estate plans at the County Court house. I also have a copy in a fire/water proof cheapo safe in my basement which is never locked .. along with other misc. non-valuable paperwork and junk. The SDB makes sense, but if you have Medical wishes too then it's not easily available in those situations.
Wouldn't it be something, you or someone hasn't been to their safe deposit box in several years. You're on the internet (eBay),..... hey, those coins/that jewelry look like mine!! You go to the bank, open the box..............it's empty!!
This is one of the reasons why I don't store coins or other valuable tangibles in my SDB. Only important documents, and even those I make sure to keep copies on file at home.
I decided to do away with my SDB, but not for a reason that's germane to this discussion. I had it at the same branch for the past ~12 years, but the area is now in a part of town with considerable traffic congestion, making it difficult to get in an out of. I usually go there to use the ATM in the pre-dawn hours before the daily traffic begins.
Laws are quite different in Louisiana, particularly those dealing with wills and the like. A handwritten document—not typed—will suffice in most instances. My will is in a cheapo strong box with the key inserted in the lock.
I may be wrong, but weren't some safety deposit boxes raided by the Feds after the gold confiscation orders of 1933-1934? (Shudder!)
It's important you pick a bank whose maximum liability covers up to the value of the contents of your box. Some banks have now lowered that liability to only a few thousand dollars. It won't be easy to get the bank to cover their mistake, but you can count on them NEVER covering their mistake if their terms of condition limit their liability to a small amount of money. So, pick a bank with a higher max liability. It's important to check your box regularly, like at least every few months. It's important to have some piece of ID in the box. Take this report with a HUGE grain of salt. How many safe deposit boxes are accessed improperly? How many are seized accidentally? Compare that to how many home robberies occur. Where do you think your bullion is the safest? A safe deposit box is still far safer than your home. The answer: don't tell anyone besides your immediate loved ones that you even own it and store it in multiple locations: bank safe deposit box and another location (home).
Yes based on the Times article around 10 Million in watches, coins, other antiquities. I look at it this way stuff is more safe in a SDB than at home. Not sure keeping a list will help but that seems to be a good idea to leave some calling card in the box in case it is opened by mistake? If your bank changes ownership you need to overview the SDB quite closely. As they (TIMES) said SDB's are a pain to maintain in most banks. JPL
Yeah, thought everybody knew that. I've considered it common knowledge for at least 40 years - ever since the first time I ever got one. It's always right in their agreement.
Yes, you can store your wil, or trust at probate . Off course, you still have to pay the probate fee for this ...
Yes, I believe it's $25 per deposit for us. So if you pull it out, update it, etc, it's $25 each time. If you deposit it and never touch it for years .. it's still just that initial $25. Not like SDBs which are monthly rental charges.
Insurance carriers tend to know what's safest. Ask what the premiums for your valuables are when they are stored in (a) a shoebox on a closet shelf, (b) a non-rated home safe, (c) a rated home safe, (d) a bank SDB. You will find out that while the SDB premium will be the lowest, it is also not zero.
People should read the details of the most recent bank bailout regulations. As I understand it not only are banks allowed to seize bank accounts and safety deposit box contents they are required to do that to save themselves. Whether you ever get repaid is doubtful. I predict that your maximum repayment would be face value of what they stole. Too important not to check for yourself.
For most folks, a safety deposit box is still more secure than storing at home. A safe with UL listings against fire and forced entry is expensive. A pro burglar will still open it given an hour or two. If a robber puts a gun to your head, you'll open it real quick. It's best to get a box in a bank that's part of the Federal Reserve as opposed to a safe-deposit-box-only company. No, FDIC won't cover you but, Federal Reserve rules include certain security measures, and these banks aren't likely to declare bankruptcy. Regardless of what the agreement states, if the bank is negligent, you can probably get a judgment in court. There's good case history on this. But you better have documentation of contents, and it will take some time and be expensive. Insurance for certified coins kept in a SDB is cheap. BTW, the impressive vaults of banks are not water-tight. I mentioned this to my banker, and he was startled. But then he looked at vault door and realized it's true. Don't get a box in a basement vault or one near the floor. And yes, coin collectors have had coins in safe deposit boxes damaged by flooding. Slabs are not watertight! While on this topic, home fire safes aren't water tight either. So if your home catches fire, the safe may protect the coins from heat, but it won't help against the multi-thousand gallons of water the fire department will spray into the house. Cal