How safe is a bank safety deposit box?

Kman,

In today's unpredictable environment, I assume the worst and then plan for it. I think a closed bank will prevent access to a safety deposit box - no proof, but I'm pretty sure. So, why take a chance?

Also, if the Fed ever decides to confiscate all gold again (as they did in 1933), what's to stop them from looking at the records of everyone who has bought gold and then coming after it? In today's computer age, it would be no trouble at all. And if they have it on record that you have a safety deposit box, guess where they'll look first?

When I buy gold, it will be strictly a cash transaction - no names, no addresses. I'm not going to stash my valuables in a mattress - I've got other plans but then, if I told you what they were, I'd have to shoot you. 

Remember, the advice you get from folks like me is worth what you paid for it so, as Chris M. says, "Trust yourself". Good Luck!

I just got a safe deposit box with my wife at a local bank.  One bit of advice from the banker (on the qt) that I hadn't thought of is, if one of you dies, the other shoul make a bee line to the bank to empty the box.  It will be locked up for probate if the bank finds out one of you is dead first.

There is no access to your safety deposit box when the bank is closed. These boxes are located in their vault and they are not about to allow unsupervised access into the vault.

In addition, I researched this awhile back and here is what I discovered:

Anyone can find your box anytime they wish. There are online services who do this for a fee:

http://www.unclaimed.com/safety_deposit_box.htm

And, here is something few know. Awhile back a BoA employee leaked that Homeland Security was at the time instructing how safety deposit boxes were to be treated in the case of a major disaster. 

The box holder is allowed to remove important papers froe the box anytime they wish such as deeds, trusts, etc. However, liquid assets such as gold, silver, cash......are NOT to be released to the box holder until OKed by HS.

Do you trust your government to manage or hold your assets? If not, you better not trust your bank either because they are, when we take off the cosmetics, one and the same.

  jerry                

personally i think the homeland security thing is a conspiracy theory. our gov . would not do something like that

You're a funny guy 

Ahh.....and look what I found:

By Executive Order Of The President
of The United States, March 9, 1933

By virtue of the authority vested in me by Section 5 (b) of the Act of
October 6, 1917, as amended by Section 2 of the Act of March 9, 1933
..., in which Congress declared that a serious emergency exists, I as
President, do declare that the national emergency still exists; that
the continued private hoarding of gold and silver by subjects of the
United States poses a grave threat to the peace, equal justice, and
well-being of the United States; and that appropriate measures must be
taken immediately to protect the interests of our people.

Therefore, pursuant to the above authority, I hereby proclaim that such
gold and silver holdings are prohibited, and that all such coin,
bullion or other possessions of gold and silver be tendered within
fourteen days to agents of the Government of the United States for
compensation at the official price, in the legal tender of the
Government.

All safe deposit boxes in banks or financial institutions have been
sealed, pending action in the due course of the law. All sales or
purchases or movements of such gold and silver within the borders of
the United States and its territories and all foreign exchange
transactions or movements of such metals across the border are hereby
prohibited.

Your possession of these proscribed metals and/or your maintenance of a
safe deposit box to store them is known by the government from bank and
insurance records. Therefore, be advised that your vault box must
remain sealed, and may only be opened in the presence of an agent of
the Internal Revenue Service.

By lawful order given this day, the President of the United States.

Franklin Roosevelt - March 9, 1933

Kman,

Just another illustration that no one but you has your best interest at heart. The banks, the state and/or the feds will do whatever the think that they can get away with that is in their best interest.

Ken

Keith,

I hate to burst your illusion but nothing in 100% secure.

Good luck

ken

If the ownership of gold and silver is restricted in some way, what does that do to the value of people's holding should they decide to hold on to it?  What would the black market look like?  Does one ride it out for as long as it takes with their stash buried in the garden?

It is a federal crime to store currency, US or other, in a Safe Deposit Box.

It's serious business and you can go to prison for it.

See, their (the gov'ts) banker friends need to use your money to create more money,  thus diluting the value of your money. How are they going to steal from you if the fruits of your labor are safely tucked away? 

I read through the list of banned objects when I rented by box.  They only ban hazardous substances. 

doug

I stand corrected. Our agreement states that it's illegal but this banker's forum disagrees.

http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=73...

Mike Maloney, (Guide to Investing in Gold and Silver: Protect Your Financial Future, 2008, Hachette Book Group, pp. 188 - 189) cites the example of the week of September 11 to show why safe deposit boxes are not a good idea: banks were shut down and ATMs ran out of bills, while people who had physical metal were able to exchange it and walk out with cash.

He also states that while most people believe that safe deposit boxes are insured by the FDIC or the bank's insurance, they are not. He shares a story about a colleague's box being transferred out of her branch and lost for several months. This book is a goldmine of info, if you're interested in monetary history and the practical how-to side of it.; it's well worth the read.