How safe is a bank safety deposit box?

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Kman's picture
Kman
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How safe is a bank safety deposit box?

For storing cash, gold, silver, a safety deposit box at a bank sounds like a safe thing to do.  I've heard that if there is a bank "holiday" and access to ones accounts is not possible, one should still have access to their safety deposity box.  Is this true?  What other actions may prevent one from accessing the safety deposit box? Any other downsides?  Any better alternatives - other than the mattress!?

Kman

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Re: How safe is a bank safety deposit box?

Kman wrote:

For storing cash, gold, silver, a safety deposit box at a bank sounds like a safe thing to do.  I've heard that if there is a bank "holiday" and access to ones accounts is not possible, one should still have access to their safety deposity box.  Is this true?  What other actions may prevent one from accessing the safety deposit box? Any other downsides?  Any better alternatives - other than the mattress!?

Kman

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.  Wink

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!

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Re: How safe is a bank safety deposit box?

Hi Kman

Brilliant question. I would have to go with Sams advice too.  But would also add, if you are taking a lot of money out, or get a lot of gold think about how you transport it.   Such as a security company for a one off. 

What you do with it next though is anyone's guess.  And best not posted here !!

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Re: How safe is a bank safety deposit box?

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.

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Re: How safe is a bank safety deposit box?

 

I can tell you that bank deposit boxes can and are breached, in the following way:

  • A temporary video camera is placed in the safe deposit box vault.
  • When the box holder enters the vault, with the key in hand, a bank employee engages the keyholder and maneuvers to ensure that the key is clearly visible to the camera.
  • A locksmith makes a key, based on the image in the video.
  • The video camera is removed from the vault, leaving no evidence of the crime.

 

This crime is successful because:

  • People expect to see video cameras in banks, and don't realize that the appearance of a camera in the vault is unique.
  • People view bankers as trustworthy, and believe that they would not participate in a crime of this nature.
  • People assume that the crime would not be possible, because it would require a conspiracy of individuals.
  • The crime goes unsuspected, because nothing is actually taken.  Knowledge of the person's private business is the object of the breach.

 

Safe deposit boxes actually make it easier for local white collar criminals to access private information, because they create the illusion of safety and privacy, and provide an easy way to find all of a person's private papers, without breaking in, and in complete privacy, after banking hours. I don't need to describe the manifold ways in which knowledge of an individual's private personal and legal matters can be used to advantage.

 

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jerrydon10
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Re: How safe is a bank safety deposit box?

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.

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Re: How safe is a bank safety deposit box?

.

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Re: How safe is a bank safety deposit box?

  jerry                

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

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Re: How safe is a bank safety deposit box?

joe2baba wrote:

  jerry                

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

 

You betcha-  the gov can definately be trusted to have your best interest at heart. Don't believe me just ask an American Indian.

 

Ken

 

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Re: How safe is a bank safety deposit box?

joe2baba wrote:

  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  Laughing

 

 

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Re: How safe is a bank safety deposit box?

While I think Joe's comment was tongue in cheek, history is not a conspiricy theory: FDR confiscated all gold during the Great Depression. I ain't takin no chances.

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Re: How safe is a bank safety deposit box?

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

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Re: How safe is a bank safety deposit box?

jerrydon10 wrote:

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

Great post,  jerrydon10!

I've been feeling like a conspiracy nut telling people to stay away from safety deposit boxes. You have just proved my point. Thank you!

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Re: How safe is a bank safety deposit box?

Thanks all.  Guess they arent so safe after all.  Maybe finding a really sound bank (safe & sound) is best for cash.

Heres is a good video I came across 

 

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Re: How safe is a bank safety deposit box?

Kman wrote:

Thanks all.  Guess they arent so safe after all.  Maybe finding a really sound bank (safe & sound) is best for cash.

Heres is a good video I came across 

Kman,

Yikes!!!!!!! Yell

To say I'm horrified by this video doesn't do it justice!

Maybe your mattress is the most secure place after all.

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Re: How safe is a bank safety deposit box?

Kman wrote:

Thanks all.  Guess they arent so safe after all.  Maybe finding a really sound bank (safe & sound) is best for cash.

Heres is a good video I came across 

 

 

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

 

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Re: How safe is a bank safety deposit box?

You can't fully trust people in a money system.  Get a safe and put it in the basement with a gun.  Be your own Bank. 

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Re: How safe is a bank safety deposit box?

SamLinder wrote:
jerrydon10 wrote:

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

Great post,  jerrydon10!

I've been feeling like a conspiracy nut telling people to stay away from safety deposit boxes. You have just proved my point. Thank you!

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?

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Re: How safe is a bank safety deposit box?

In 1933 we were on the gold standard.  FDR wanted to devalue the currency and did so after the gold had supposedly been confiscated.  I would like to see figures on how much was actually confiscated.  I don't know about safe deposit boxes, but as I understand it no agents ever came knocking on doors to confiscate gold. 

Now that we're no longer on the gold standard, they have no reason to confiscate it.  It's just another commodity.  Besides, how would the banks know what's in my safe deposit box?  They don't ask, and I don't tell.  Nonetheless, I admit that I took all PM's out of mine recently.

Doug

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Re: How safe is a bank safety deposit box?

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? 

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Re: How safe is a bank safety deposit box?

Morpheus wrote:

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.

Hi Pete,

Well that is certainly something that I did not know. Do you have a link or reference to the law that says that?

Thanks,

Ken

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Re: How safe is a bank safety deposit box?

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

doug

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Re: How safe is a bank safety deposit box?

kenc wrote:

Morpheus wrote:

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.

Hi Pete,

Well that is certainly something that I did not know. Do you have a link or reference to the law that says that?

Thanks,

Ken

The bank officer as I was awaiting jamming 50+ lbs of Ag into the box.

It's in ANY SDB agreement that you sign. Federal Law.

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Re: How safe is a bank safety deposit box?

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...

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Re: How safe is a bank safety deposit box?

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.

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Funny yes. Hopeless maybe. I

Funny yes. Hopeless maybe. I suppose the rainbow ring around the sun on "heavy spray" days are exactly what the local news tells you... "Ice crystals". Conspiracy? Yes  

I hope Joe2 opens up his head here at this site. If not he has he will end up an obvious example of what we are trying to correct... All of humanity is counting on it. 

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News from Cyprus

Does anyone have info about what happened to SDBs during the Cyprus bank holiday and shut down of the banking system there?  Were boxes accessible?

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Doug wrote: In 1933 we were

Doug wrote:

In 1933 we were on the gold standard.  FDR wanted to devalue the currency and did so after the gold had supposedly been confiscated.  I would like to see figures on how much was actually confiscated.  I don't know about safe deposit boxes, but as I understand it no agents ever came knocking on doors to confiscate gold. 

Now that we're no longer on the gold standard, they have no reason to confiscate it.  It's just another commodity.  Besides, how would the banks know what's in my safe deposit box?  They don't ask, and I don't tell.  Nonetheless, I admit that I took all PM's out of mine recently.

Doug

You can't seriously believe that, given our governments recent actions and lack thereof?!

When things start coming apart, I fully expect the government to pull all kinds of reprehensible stunts to try to keep things afloat.  They will have no concern for individual well being, only that the government continues to operate.

I would argue that the Fed managed zero interest rate that has been going on for years is transferring more money than the 1933 gold confiscation and I say that without running any numbers.  If they can do that and people let it pass, they can confiscate gold, confiscate IRAs, force people to house the homeless.  I doubt you could pick a scenario that I would put past our government in the next few years.

Les

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Doug
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hmm

LesPhelps wrote:

Doug wrote:

In 1933 we were on the gold standard.  FDR wanted to devalue the currency and did so after the gold had supposedly been confiscated.  I would like to see figures on how much was actually confiscated.  I don't know about safe deposit boxes, but as I understand it no agents ever came knocking on doors to confiscate gold. 

Now that we're no longer on the gold standard, they have no reason to confiscate it.  It's just another commodity.  Besides, how would the banks know what's in my safe deposit box?  They don't ask, and I don't tell.  Nonetheless, I admit that I took all PM's out of mine recently.

Doug

You can't seriously believe that, given our governments recent actions and lack thereof?!

When things start coming apart, I fully expect the government to pull all kinds of reprehensible stunts to try to keep things afloat.  They will have no concern for individual well being, only that the government continues to operate.

I would argue that the Fed managed zero interest rate that has been going on for years is transferring more money than the 1933 gold confiscation and I say that without running any numbers.  If they can do that and people let it pass, they can confiscate gold, confiscate IRAs, force people to house the homeless.  I doubt you could pick a scenario that I would put past our government in the next few years.

Les

Things have certainly changed in the four years since I wrote that post.  To paraphrase, 'no matter how cynical I get, I can't keep up.'

Doug

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LesPhelps
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Doug wrote: Things have

Doug wrote:

Things have certainly changed in the four years since I wrote that post.  To paraphrase, 'no matter how cynical I get, I can't keep up.'

Doug

This topic was linked to the front page of PeakProsperity.com.  I didn't notice how old the topic was.  A better topic today would probably be "How save is anything these days?"  The obvious answer is not very safe.  Still, the under the matress or hole in the back yard approach doesn't hold a lot of appeal to me... yet.

Les

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Doug, you are correct...

...as I was power of attorney for all my Mothers affairs as she was dying in my home where I provide her and my retarded sister a comfortable place to live out her remaining years. Unfortunately she passed away unexpectedly and harshly to a rampant and god awful cancer. My sister remained with us for 11 more years before my Brother took her as my wife and I were done with raising our family and was looking to be more mobile to things we wanted to do. Anyways, my Mother's accounts were frozen immediately upon her death. I spoke with the banker however as I had a relationship with him for many years and the funds were all released to me with sympathies. Included in this was the opening and removing of her safety deposit box content. This happened in 1987 when banks, our small town banks were just a little more in touch with the community and what was right versus greed.

Yogi

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