Safety Deposit Boxs are NOT safe

Discussion in 'Coin Chat' started by OldSilverDollar, Oct 13, 2021.

  1. OldSilverDollar

    OldSilverDollar Unknown Member

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  3. Mac McDonald

    Mac McDonald Well-Known Member

    I most things there are some reasonable cautions to watch (out) for, research and exercise common sense about, but this seems more of another sky-is-falling, worry-wart issue that is rampid everywhere would be afraid to walk out their front door or even get out of bed if they heeded/worried about all the possible hazards and pitfalls of many. Yes, things happen, but I'll take the astronomical odds of this/that/the other not happening and get up, leave the house, and drive or walk to my safe safe-deposit box at my bank. But I do recommend insurance...:woot:
  4. CoinCorgi

    CoinCorgi Tell your dog I said hi!

  5. ldhair

    ldhair Clean Supporter

    Insure what you own no matter where it is stored. That's not the banks job. They offer a storage site that is much better than having it in the home.
    serafino, harrync and ToughCOINS like this.
  6. OldSilverDollar

    OldSilverDollar Unknown Member

    Say what you want about me im nobody and i could care less but there is insurance from several companies for this for a reason.
  7. OldSilverDollar

    OldSilverDollar Unknown Member

    Depends on who's home your refering to.. maybe yours? for many others it might not be the case at all.
  8. OldSilverDollar

    OldSilverDollar Unknown Member

    charley and Hookman like this.
  9. Hookman

    Hookman Well-Known Member

    Hey, does his dish pick up Mars.....or just Alpo?
    love old coins likes this.
  10. Jeffjay

    Jeffjay Well-Known Member

    There are safer places than Bank vaults. I'll let a bank hold my fiat currency but not my hard assets.
    Hookman likes this.
  11. willieboyd2

    willieboyd2 First Class Poster

  12. Wizank

    Wizank Well-Known Member

    My home has been broken in to, but my safe deposit box has never. What other options are there for a small amount of gold and silver?
    harrync likes this.
  13. ldhair

    ldhair Clean Supporter

    You trust your home security more than a vault at a bank?
  14. Treashunt

    Treashunt The Other Frank

    Simple, how can you insure something when no one [except for you] knows what is in there?
  15. bosco5041

    bosco5041 Member

    Depends. If you live in a small apartment and have a large collection then you might want a safe deposit box but if you live on a 40 acre farm with lots of hiding places then you might be better to go that route.
  16. Collecting Nut

    Collecting Nut Borderline Hoarder

    I was on the Bozo TV show in the early 1960’s on WJZ-TV. He was funny.
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  17. Collecting Nut

    Collecting Nut Borderline Hoarder

    Banks come and go. Try and get to your safety deposit box when the bank closes. Even with conditions like they are today there are several banks which require an appointment just to get inside.
  18. Oldhoopster

    Oldhoopster Member of the ANA since 1982

    Nothing is perfect, but Safety Deposit Boxes can be a good option for securing your collection. When deciding on secure storage for your collection, you need to understand the risks and benefits of each option, whether it's a SDB, home safe, home security system, etc. Some newer collectors (and maybe some seasoned collectors as well) may not be aware of the SDB risks, so it was nice to have the reminder. The more accurate data and info you have, the better decision can make.
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  19. A few years back my brother lost a $20 gold piece in a SDB. It was the first coin in the 2 x 2 box. Of course, the bank said NO WAY! After that he and I both put a lock on the SDB.

    I now use a large safe at home. BofA requires an appointment to get into the box now, so I got rid of it.
  20. calcol

    calcol Supporter! Supporter

    The OP has a point, though the thread title is false. Insurance for SDBs is relatively cheap … because the risk is very low, of course. The insurance premium is more about administrative costs and profits than loss payouts. I keep my more valuable coins in a SDB, and keep considering insurance … but keep putting it off.

    Some precautions on SDBs:

    1. Get one (or more) in a bank that is part of the Federal Reserve system. No, FDIC and other bank insurance won’t cover your SDB. But the Federal Reserve requires member banks to follow certain security and bookkeeping requirements. A full-service bank has a strong incentive to have good vault security … that’s where their cash and records are kept after hours. SDB-only “banks” can do pretty much as they like.

    2. Bank vaults are very fire resistant. But they aren’t waterproof. So, a. don’t use a bank that has the vault in the basement, and b. be sure your box is a least several feet off the floor. Coin slabs aren’t waterproof.

    3. Be sure at least one other trusted person has keys and is signed-on with the bank as having access. Typically, this will be your spouse, adult child or other relative. If something happens to you, you don’t want your executor, heirs or trusted other to need a court order to access the box. A good plan is that if something does happen to you, the contents should be immediately moved to another bank. If the bank hears of your demise or incompetent state, it may bar access to the box without a court order.

    4. Keep thorough, up-to-date records of what’s in the box … preferably including pictures. Be sure your trusted other knows where the records are. If you have insurance, the company may cover only what is in the last list you submitted to them.

    5. Coins and precious metals are heavy. My large box weighs about 25 lbs. So, I put a sign on it that it’s heavy. When I access it, bank personnel see the sign and ask me to pull it out and carry it. This avoids a dropped box.

    Last edited: Oct 14, 2021
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  21. Bill H.

    Bill H. Active Member

    I opted for a large home safe instead of a SDB. Here's why:

    1. look at your collections whenever you want in your pajamas while eating your corn flakes.
    2. You can still get insurance through homeowners.
    3. When I bought the safe, the salesman told me that no safe is impenetrable from burglars or fire/flood (don't forget insurance) but what the safe does is it gives you TIME. Time for the fire department to put out the fire for the neighbors to call 911 when they see the burglars flashlights in the basement while they are drilling through the safe wall. The more expensive the safe, the more time it gives you.
    KSorbo, Hookman, Stevearino and 2 others like this.
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