topic Re: Safety Deposit Box-Safe? in Among Friends

Safety Deposit Box-Safe?

HouseMouse — Sat, 22 Oct 2016 13:55:57 GMT

Does anyone know if it is safe to keep cash in a safety deposit box at the bank?

There are reasons that I cannot keep money in an account in the bank, but a small amount.

Seems like no place around the house would be safe to hide/keep cash.

Thank you!

Re: Safety Deposit Box-Safe?

Mistreatedbycs — Sat, 22 Oct 2016 14:15:34 GMT

Now, why would you spend money for a safety deposit box? What would be the advantage? Your access would be only when the bank is open.

I would buy a safe, have someone secure it to the floor (they make one's like that), keep it covered and know that all your important papers, money, jewelry (if any) are fire proofed and secure so make sure you buy one that's fire proof too.

Search your home improvement stores and stay away from the office supply stores, Sam's has a nice one if you are a member.

Re: Safety Deposit Box-Safe?

HouseMouse — Sat, 22 Oct 2016 14:20:19 GMT

Well we have the safety deposit box aleady and have had it for a long time.

A safe wouldnt work since we are in an apartment and cant bolt anything down. But thank you!

Re: Safety Deposit Box-Safe?

jlkz — Sat, 22 Oct 2016 14:39:03 GMT

@HouseMouse

We were robbed many years ago. When we came home, the front door was slightly cracked so we saw a sliver of light where there shouldn't have been any.

Of all the places that they ( several, it was a ring operating ) looked, we were surprised to find that they had searched the freezer / refrigerator and the bathroom / linen closets. The police said that was usual.

I used to " hide " jewelry in unique locations: after spending hours, sometimes weeks looking for stuff, I finally started to use a safety deposit box. The bank we use is open on Saturdays so we can access it 6 days a week. Just make sure of their access procedure: not all banks have " checkpoints. "

E.g. Of a hiding problem: spent weeks looking for a double strand of opera-length pearls. Found it next season as I was taking out sweaters....there they were tucked inside a sweater !

Good luck with your safety deposit box !

Re: Safety Deposit Box-Safe?

Abrowneyegirl — Sat, 22 Oct 2016 14:49:08 GMT

Yes, you can store cash in your deposit box.

Fire proof boxes you keep in your home are a misnomer , yes the box is fire-proof but is acts as an insinuator. In a fire the box gets hot and everything inside is destroyed.

After a friends house fire they located the box, all the cash, photos and documents were ash. Jewelry was melted! But the box was in good shape :-D

Re: Safety Deposit Box-Safe?

Lilysmom — Sat, 22 Oct 2016 14:53:41 GMT

@HouseMouse et al. Best to check if you have a home safe. I checked to see if I could get a better rate for insurance if some items were in a fireproof home safe. The answer is no for us. We keep all of our important papers (wills, powers of attorney, etc) in a safety deposit box at the bank. LM

Re: Safety Deposit Box-Safe?

Bird mama — Sat, 22 Oct 2016 15:01:48 GMT

@HouseMouse

I look at it this way. If a safe deposit box is safe for important papers or jewelry, then why not for currency?

Re: Safety Deposit Box-Safe?

henderson — Sat, 22 Oct 2016 15:12:02 GMT

Yes, why? If people keep wills, important papers and jewelry in a safe deposit box, your cash should be safe.

Re: Safety Deposit Box-Safe?

sidsmom — Sat, 22 Oct 2016 15:24:39 GMT

Safe? Most likely, but cash is not covered by any insurance, FDIC or private insurance, if something DID happen. Bank safe deposit boxes are NOT fireproof, so damage can still occur for all items.

If anything, it's just bad financial management....no return on your money.

https://www.fdic.gov/consumers/consumer/news/cnfall09/five_things.html

"No safe deposit box or home safe is completely protected from theft, fire, flood or other loss or damage. Consider taking precautions, such as protecting against water damage by placing items in plastic containers or zip-lock bags. And, don't keep identifying information on or near your safe deposit box key, such as the box number and the bank's name, in case of loss or theft.

Remember that, by law, FDIC insurance covers only deposit accounts. Also, don't expect the bank to reimburse you for theft of or damage to the contents of your safe deposit box.

If you want protection for the valuables in your safe deposit box or home safe, talk to your insurance agent."

Re: Safety Deposit Box-Safe?

Havarti — Sat, 22 Oct 2016 15:53:15 GMT

If you keep things like cash, gold, expensive jewelry, family treasures, etc. in a safety deposit box consider keeping those things in a sealed envelope or box marked “property of (insert the name of the person you would want to have it if you died)". It is my understanding that sealed envelopes/boxed would be handed over to the person named unopened (because you were storing their property in your box). It is my understanding it would avoid probate and go immediately to the person you named as owner of that property because you were simply storing it for them. Unless things have changed recently, it is a good tip. Unauthorized people can't gain access to your box until your death, so you can change those names as often as you wish while you are alive no one can take your property away just because their name is on it while you are alive. Just something to consider.

Re: Safety Deposit Box-Safe?

Abrowneyegirl — Sat, 22 Oct 2016 15:57:34 GMT

@sidsmom Some bank safe deposit boxes are fire-proof some are not, you must ask, not assume.

Ours are fire-proof with a fire suppression system.

If your bank vaults safety deposits boxes in cement lined basements, etc you also have greater layers of protection against natural disasters,etc.

The level of protection and the price vary widely.

Re: Safety Deposit Box-Safe?

rickiraccoon — Sat, 22 Oct 2016 15:57:57 GMT

Yes, you can use a safety deposit box for cash. My brother did just that after we got an inheritance. Evidently his ex-wife would look at his bank statements to keep an eye on his income. Besides, they are good for important documents.

Re: Safety Deposit Box-Safe?

tends2dogs — Sat, 22 Oct 2016 16:29:42 GMT

@jlkz wrote:
@HouseMouse

We were robbed many years ago. When we came home, the front door was slightly cracked so we saw a sliver of light where there shouldn't have been any.

Of all the places that they ( several, it was a ring operating ) looked, we were surprised to find that they had searched the freezer / refrigerator and the bathroom / linen closets. The police said that was usual.

I used to " hide " jewelry in unique locations: after spending hours, sometimes weeks looking for stuff, I finally started to use a safety deposit box. The bank we use is open on Saturdays so we can access it 6 days a week. Just make sure of their access procedure: not all banks have " checkpoints. "

E.g. Of a hiding problem: spent weeks looking for a double strand of opera-length pearls. Found it next season as I was taking out sweaters....there they were tucked inside a sweater !

Good luck with your safety deposit box !

@jlkz What are checkpoints?

Re: Safety Deposit Box-Safe?

sidsmom — Sat, 22 Oct 2016 16:50:40 GMT

@Abrowneyegirl wrote:
@sidsmom Some bank safe deposit boxes are fire-proof some are not, you must ask, not assume.

Ours are fire-proof with a fire suppression system.

If your bank vaults safety deposits boxes in cement lined basements, etc you also have greater layers of protection against natural disasters,etc.

The level of protection and the price vary widely.

@Abrowneyegirl

You are correct. Never assume.

Even though a safe deposit box is so elaborately lined...something that would make King Tut envious...insurance should still be purchased to protect those safe deposit box items for natural disasters.

Re: Safety Deposit Box-Safe?

Tinkrbl44 — Sat, 22 Oct 2016 17:07:29 GMT

@HouseMouse wrote:
Does anyone know if it is safe to keep cash in a safety deposit box at the bank?
There are reasons that I cannot keep money in an account in the bank, but a small amount.
Seems like no place around the house would be safe to hide/keep cash.
Thank you!

@HouseMouse

I'm not quite sure what you mean by "is it safe?" ..... from fire and flood? From theft? From what, specifically?

When my sister lived in Florida, they were robbed twice. Both times she had cash in the armadillo statue on a book shelf and a diamond ring in the inner zip pocket of a winter jacket, but the theives never found them. Safe, but if they had a fire in their home, the valuables would have been toast.

If your primary goal is to hide assets, or keep them away from family members with sticky fingers, I guess a safe deposit box can be a good place to store things, but since the bank has your SS#, in the event of a Search Warrant they would flag it, and the box would be discovered.

Did we answer your question for your specific needs?

Re: Safety Deposit Box-Safe?

151949 — Sat, 22 Oct 2016 19:50:01 GMT

We have a safety deposit box as well. We keep all our most valuable things in there. Important papers, gold bars we inherited, a little bit of jewelry and some items that are of high sentimental value.The bank assured us that the vault is both fire and flood proof assuming it is closed when those events occur.

Re: Safety Deposit Box-Safe?

sidsmom — Sat, 22 Oct 2016 20:36:50 GMT

I just asked my BFF, who was a bank branch manager for many years.

He reminded me of the Houston flooding several yrs back

and customers who lost everything in their safe deposit boxes...and trying to file claims against the bank...unsuccessfully.

Safe Deposit Boxes, old & new alike, are....

Not water proof

Not fire proof

Not bomb proof

Not tornado proof

An additional homeowners insurance rider should be set up if safe deposit box items are destroyed...and insurance would not cover cash, so under that context, no...cash would not be safe. He said that issue came up several times during his tenure as a branch manager.

Read your contract very, very carefully.

Re: Safety Deposit Box-Safe?

jlkz — Sat, 22 Oct 2016 21:38:02 GMT

@tends2dogs

At set up, each person who was to have a key had to meet with the bank official, show picture ID, give SS #, and sign a signature card.

When needing to access the box, the individual had to show his/her keys; sign the access register for that box in front of the bank person; give them the key; and, accompany them to the box where the bank key and their key would be inserted to unlock the drawer.

While the individual takes the box to the private area, they need to keep their key with them, not leave it with bank person. Reverse order to return box to secure drawer and collect the key back.

One bank I looked at simply gave you a key and you could go in at will by yourself and unlock the drawer with the box. If you lost your key....oh well.

Re: Safety Deposit Box-Safe?

YorkieonmyPillow — Sat, 22 Oct 2016 21:48:21 GMT

I wouldn't.

I know of a bank about 30 miles from me that raided a woman's safe deposit box - it even made the news, but she didn't get her stuff back.

It has happened other places.

I would trust a bank about as far as I could throw the building.

Your situation is challenging but I wouldn't use a safe deposit box......JMO.........

Re: Safety Deposit Box-Safe?

Tinkrbl44 — Sat, 22 Oct 2016 22:42:50 GMT

@YorkieonmyPillow wrote:
I wouldn't.
I know of a bank about 30 miles from me that raided a woman's safe deposit box - it even made the news, but she didn't get her stuff back.

It has happened other places.

I would trust a bank about as far as I could throw the building.

Your situation is challenging but I wouldn't use a safe deposit box......JMO.........

@YorkieonmyPillow

Okay .... I give up ..... you said the bank raided her box, not the police with a search warrant? Please elaborate ... why did the bank do this? Enquiring minds want to know!