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How safe is a bank safety deposit box?

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  • Sat, Mar 14, 2009 - 05:03am

    #1
    Kman

    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

  • Sat, Mar 14, 2009 - 06:09am

    #2
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: How safe is a bank safety deposit box?

[quote=Kman]

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[/quote]

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!

  • Sat, Mar 14, 2009 - 09:50am

    #3
    Peak Prosperity Admin

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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 !!

  • Sat, Mar 14, 2009 - 10:45am

    #4
    Peak Prosperity Admin

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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.

  • Sat, Mar 14, 2009 - 02:55pm

    #5
    Peak Prosperity Admin

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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.

 

  • Sat, Mar 14, 2009 - 03:18pm

    #6
    Peak Prosperity Admin

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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.

 

 

  • Sat, Mar 14, 2009 - 03:37pm

    #8
    Peak Prosperity Admin

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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

  • Sat, Mar 14, 2009 - 04:35pm

    #9
    Peak Prosperity Admin

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    Re: How safe is a bank safety deposit box?

[quote=joe2baba]

  jerry                

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

[/quote]

 

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

 

  • Sat, Mar 14, 2009 - 04:59pm

    #10
    Peak Prosperity Admin

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    Re: How safe is a bank safety deposit box?

[quote=joe2baba]

  jerry                

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

[/quote]

You’re a funny guy  Laughing

 

 

  • Sat, Mar 14, 2009 - 05:12pm

    #11
    Peak Prosperity Admin

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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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