Among Friends

[Abrowneyegirl]

@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.

[rickiraccoon]

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.

[tends2dogs]

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@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 !

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@jlkz  What are checkpoints?

[sidsmom]

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@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.

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@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.

[Tinkrbl44]

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@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!

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@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?      

[151949]

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.

[sidsmom]

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.

[jlkz]

@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.

[YorkieonmyPillow]

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.........

[Tinkrbl44]

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@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.........

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@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!