Think twice before storing PMs in a bank vault!

[Gettintoknowsomethin]

States are getting desprate for funds these days. Look what they are doing to get your cash!. http://www.youtube.com/watch?v=UdB2YiymmUc

[shaun7]

thats shocking!

i wonder what the laws are here regarding that type of thing.

[Gettintoknowsomethin]

Just remember your Government always has your best interest at heart!. If they decide to take your stuff they figure its for your own good.

[shaun7]

Just remember your Government always has your best interest at heart!. If they decide to take your stuff they figure its for your own good.

yeah i know

i'm sure if my government don't do this, it's only because nobody has thought of it!

i suppose they've all been too busy working on thier expense claims

[cyberdan]

That is scary for two reasons.
1) I live in California and it is about ready to go bankrupt.
2) At the beginning of the month I got a safety deposit box at Bank Of America

[RON (PA)]

That is absolutely dispicable. Shredding documents, selling off family heirlooms, and going in with notifications. The person who authorized that should go to jail. Nothing is safe anymore. Bunch of common crooks and our government will do absolutely nothing to stop it.

Well, a lot of people wanted change. I hope this is the change that you wanted, because we are stuck with it now.

[Silver Stripe]

Well, a lot of people wanted change. I hope this is the change that you wanted, because we are stuck with it now.

This is small change! Wait till the real change gets here- why I say "Keep the change".
People are so concerned about security for valuables, better off donating them to charity and getting a tax write off, or if they are going to get stolen anyways may as well be from your house. Cut a few of them fake electric outlets around your house (behind furnature), you can hide alot of stuff that way.
Banks are only good for buying coin at not holding any of my $$$. HH all, Mark

[tertiaryjim]

Donations for tax wrightoffs may be out. Obama has stated that he intends to stop them.

[jim4silver]

It would seem to me that if a person had a SDB at a bank and the fee was paid for use of the box, then the bank would be subject to a lawsuit if they took the property wrongfully.

I am guessing that the cases in the video were instances where the box payments were not made over the course of time. The tone of the video is that the banks could have easily found out who owned the property and should have contacted them.

I keep my PMs in a SDB because I rent a house and somebody else has a key to access the unit. I don't like doing it, but it is the lesser of two evils I suppose. If a burglar steals it I have no recourse, if the bank steals it I do. A person needs to be diligent and make sure their box fee is paid in a timely manner and not depend on the bank to say "hey, you are late on your SDB box fees". If the bank sends your stuff off when the fees were paid, I don't see how they can get out of having to reimburse you as long as you have good records of what was in there.

Scary stuff for sure though.

Jim

[cyberdan]

It would seem to me that if a person had a SDB at a bank and the fee was paid for use of the box, then the bank would be subject to a lawsuit if they took the property wrongfully.

How many lawyers do you have? How many does your bank have?

You would never win. You would have to do what that lady did, get the media involved. The bank probably ignored her till the TV station got involved.

A person needs to be diligent and make sure their box fee is paid in a timely manner and not depend on the bank to say "hey, you are late on your SDB box fees".

My new SDB fees are paid by automatic withdrawal from my checking. They will not even send an invoice, just take it out. I sure hope they at least tell me they did it.

[jim4silver]

It would seem to me that if a person had a SDB at a bank and the fee was paid for use of the box, then the bank would be subject to a lawsuit if they took the property wrongfully.

How many lawyers do you have? How many does your bank have?

You would never win. You would have to do what that lady did, get the media involved. The bank probably ignored her till the TV station got involved.

A person needs to be diligent and make sure their box fee is paid in a timely manner and not depend on the bank to say "hey, you are late on your SDB box fees".

My new SDB fees are paid by automatic withdrawal from my checking. They will not even send an invoice, just take it out. I sure hope they at least tell me they did it.

I got the impression that the people in the story had not paid the fees (just my guess based on what I saw)?? I was just assuming that. I think contractually if the bank took the person's stuff AND the fees had been paid by the customer, the customer would have a good case for breach of contract against the bank. I again assume that a SDB contract does not give the bank the right to take your stuff if your fees are paid (absent a situation where the government seizes it pursuant to a warrant or court order, etc). If the bank wrongfully removed your SDB property when you had paid the fees (let's say it was an innocent administrative mistake by the bank in crediting your SDB fee payment), wouldn't it be much like if they took money out of your account without proper authority?

Again, I would like to know exactly what the circumstances where in the above situations. Why were these boxes seized?

Don't assume because an institution/entity has a lot of lawyers that they automatically win. If a person has a viable cause of action and a competent attorney, they can be successful. But they gotta have proof they are in the right.

Jim

[sniffer]

if you look at the video, the lady had proof with a hard copy that the lease had been paid

[jim4silver]

if you look at the video, the lady had proof with a hard copy that the lease had been paid

If the box fees were paid then hopefully her attorney that they showed on camera will be victorious in their case. Especially in light of the fact that her name and address were on documents in the box as they mentioned in the story.

Jim

[sniffer]

they also said that she had abandoned it

[strickman]

it's socialism!!!!!!!!!!! and it's getting worse!!!

[jim4silver]

they also said that she had abandoned it

If the fees are paid, how can it be abandoned? I don't understand that. I can see if you don't pay the fees, they might say it is abandoned. Growing up my parents had a SDB, and I believe they might have gone 5 to 10 years without accessing it from time to time, although they always paid the fee, and it was never considered abandoned.

I wish I knew all the facts about this story. It is very disturbing indeed if a bank can take your $hi* even if your fees are timely paid.

Jim

[strickman]

they will use any excuse they can find,especially when p.m.s are involved.

[Seamuss]

Never ever trust a bank to store anything for you.

FDIC does not protect you from anything. Especially bank vaults and crooked banks and politicians.

Haven't you been listening to the bailout plan? It's TOTALLY fictitious

[snake35]

I no longer use safe deposit boxes. My exwifes lawyer was way to quick at finding them. At one point I thought that I was going to be charged with a felony for having cash in them. Way to much hassle. Now I use p.v.c. caches to store small valuables that I do not plan on using for a while. Bigger items I keep in a gun safe at my parents house. It may sound paranoid, but not if you have been cleaned out in a nasty divorce.

[Seamuss]

Snake35, you listed another reason for why I don't trust banks. Sneaky lawyers and ex's. Their both just like the banks and the government.