Safe Deposit Boxes May Not Be Safe After All

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tdtwedt
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Safe Deposit Boxes May Not Be Safe After All

Postby tdtwedt » Thu Jul 26, 2018

Safe Deposit Boxes May Not Be Safe After All

A woman says her bank let her safe deposit box vanish. And she’s not the only one.

Susan Nomi says when she went to open her Bank of America safe deposit box of 16 years, the entire box was gone.


https://sacramento.cbslocal.com/2018/07 ... n-drilled/
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blevdawgAg47
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby blevdawgAg47 » Thu Jul 26, 2018

I looked into getting a SDB, then I read the fine print...NOPE!!!
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jareksdad
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby jareksdad » Thu Jul 26, 2018

You don't own it if you don't hold it.
That old saying could apply to this as well.
And if it really does hit the fan, there's no way you're getting it back out of there!

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t458
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby t458 » Thu Jul 26, 2018

blevdawgAg47 wrote:I looked into getting a SDB, then I read the fine print...NOPE!!!


I've never seen it before, anything particular in the fine print?

blevdawgAg47
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby blevdawgAg47 » Thu Jul 26, 2018

t458 wrote:
blevdawgAg47 wrote:I looked into getting a SDB, then I read the fine print...NOPE!!!


I've never seen it before, anything particular in the fine print?


Basically, bank owns box and contents. You are an unsecured depositor.
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Purple and Gold
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby Purple and Gold » Thu Jul 26, 2018

blevdawgAg47 wrote:
t458 wrote:
blevdawgAg47 wrote:I looked into getting a SDB, then I read the fine print...NOPE!!!


I've never seen it before, anything particular in the fine print?


Basically, bank owns box and contents. You are an unsecured depositor.


Its the same with your bank account, once you deposit your $, legally its the banks money :|
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texmex66
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby texmex66 » Thu Jul 26, 2018

BofA is known for this. I do not trust any major bank.

Yep, you become an unsecured creditor the moment you deposit money or anything into a bank. This is right out in the open stealing.

Who said, Show me who controls the money and i care not who makes the laws? Belive it was JP Morgan. :)

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SilverDoge
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby SilverDoge » Fri Jul 27, 2018

The woman in the story who was robbed by Bank of America.... is a retired Bank of America employee of 40 years. Oh, the irony.
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t458
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby t458 » Fri Jul 27, 2018

SilverDoge wrote:The woman in the story who was robbed by Bank of America.... is a retired Bank of America employee of 40 years. Oh, the irony.


Working her whole life for a company that she ended up despising. That's her life experience soured.

spacemanx
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby spacemanx » Sat Jul 28, 2018

i don't trust having my hard valuables in the possession of another. kind of like surrendering my valuables voluntarily.

everything
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby everything » Sun Jul 29, 2018

A little sensationalist story. A bigger risk I see is that if anyone can get their hands on the key or duplicate then fake an ID, with a different photo they could easily empty it. I.E. at my regular branch they may know me, but where my SDB is they might not. It was pretty tough for me to not take the extra key and put it into the SDB. I just didn't want an extra floating around that is not in my pocket at all times. I still consider it.

I'd be afraid to keep hundreds of thousands in metal or valuables at my home unless I had some serious security measures in place, alarm systems, safe encased in concrete, etc.

I still change my home locks maybe every other year, I just had a family member walk away with a spare set I let them borrow to get back into building when they went to their car. You don't know what they are doing with that spare set, or who might have access to them. I've seen drug/gambling addicts get pretty creative pretty fast, very sneaky, some can be surprisingly clever in ripping people off, I've even seen family members pull off some pretty good shenanigans on each other. I had this one girlfriend ask me, should I borrow my sister 5 thousand dollars, I'm like hah, why would you do that, you know her game, she had just got done stealing her grandmothers identity, emptying her accounts, then took out a loan for 10k with her good credit, was good credit. I said no, she asked her pastor, he said yes, $5k long gone. And, she wonders .. why won't this guy marry me.

Safety of SDB is brought up pretty often on different forums, many use them, they just know they can't keep their neighborhood or home locked up as tight as a bank vault. I think they are good for storing a limited amount of cash as well.

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lucky43113
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby lucky43113 » Sun Jul 29, 2018

everything wrote:A little sensationalist story. A bigger risk I see is that if anyone can get their hands on the key or duplicate then fake an ID, with a different photo they could easily empty it. I.E. at my regular branch they may know me, but where my SDB is they might not. It was pretty tough for me to not take the extra key and put it into the SDB. I just didn't want an extra floating around that is not in my pocket at all times. I still consider it.

I'd be afraid to keep hundreds of thousands in metal or valuables at my home unless I had some serious security measures in place, alarm systems, safe encased in concrete, etc.

I still change my home locks maybe every other year, I just had a family member walk away with a spare set I let them borrow to get back into building when they went to their car. You don't know what they are doing with that spare set, or who might have access to them. I've seen drug/gambling addicts get pretty creative pretty fast, very sneaky, some can be surprisingly clever in ripping people off, I've even seen family members pull off some pretty good shenanigans on each other. I had this one girlfriend ask me, should I borrow my sister 5 thousand dollars, I'm like hah, why would you do that, you know her game, she had just got done stealing her grandmothers identity, emptying her accounts, then took out a loan for 10k with her good credit, was good credit. I said no, she asked her pastor, he said yes, $5k long gone. And, she wonders .. why won't this guy marry me.

Safety of SDB is brought up pretty often on different forums, many use them, they just know they can't keep their neighborhood or home locked up as tight as a bank vault. I think they are good for storing a limited amount of cash as well.

I still do not like the SDB idea its like trusting someone to hold all my guns get a safe store your own stuff but most of all do not let people know what you have. You are less likely to be a target if no one has a clue what you have. So main thing keep your mouth shut about your belongings
Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety.---Benjamin Franklin


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escher
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby escher » Thu Aug 09, 2018

I know security through obscurity is derided, but in cases of deposit boxes, it's just like saying "here's where I keep all my interesting valuable stuff, but please don't look".

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SilverCat
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Re: Safe Deposit Boxes May Not Be Safe After All

Postby SilverCat » Thu Aug 09, 2018

A bank is the last place I would trust with my stack, especially the so-called Bank of America. I firmly believe in keeping it very close at hand.
:wanted: Any BullionStacker bars and Rodebaugh bars #30.


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