Safe Deposit Box (A conversation that made me start removing my items)

[AdDicted2Ag]

While waiting in line to dump my dimes today I sparked up a conversation with an older woman (in her 70s-80s). This woman actually lived her entire life in a North Jersey shore town and was telling me about how her town was completely demolished by hurricane Sandy which forced her to move into my area with her daughter. This woman's house was one of many that were completely destroyed and since she had been through many hurricanes before, she only took one suitcase with her when she evacuated the area.. Long story short, she lost EVERYTHING.. The entire house was washed away and she was left with absolutely nothing.. As a back story, I have a lot of problems with FEMA that I will not go into, but as my conversation continued with this woman I was very pleased to hear about all the positive things they did for her. They not only gave her a $1000 dollars, but also offered to cover hotel charges for her for two weeks until she found a permanent residence. When she was telling me about what they did for her, I replied by saying how nice it is to know that FEMA is actually doing some good and truly helping people.. Needless to say, this made her upset and caused her to bring something up that truly astonished me.. She said, that FEMA did something that completely overrides any help they offered her. While she was grateful that they did give her some money and offered to pay for a hotel, FEMA may have taken all of her antique jewelry and collectables that had been accumulated for generations in her family. She told me that when FEMA took control over the town and surrounding areas, all banks and assets were taken as well.. When she went to the bank to remove her collectables from her safe deposit box before she moved, she was denied entry and told to give her phone number, but was also told that "there is no guarantee she will ever be able to get her items back." this was weeks ago and she still has not heard anything. She stated that she has went back to the bank to retrieve her items numerous times and continues to be told the same thing. I could see how upset this woman was and I was completely dumbfounded that this happened to her.. I have been storing some valuables in a safe deposit box for quite some time now and have never once for a second believed that my valuables would ever have the possibility of being taken by the government. After my conversation with this woman today, I made the decision to begin removing my items.. I am well aware, that people on this forum will begin calling this woman a liar and will not believe this story, but I promise you I am not making this up. This woman also did not strike me as some nutjob crazy old lady, but someone who was just demoralized and distraught over how she was treated.. I tried searching online to find some proof of this, but couldn't find anything.. I will say though, that I do believe her.. She had nothing to gain from telling me about this. We were simply having a conversation while waiting to use the coin machine.. She only brought it up after I told her how nice it was to hear that FEMA is doing good things for people.. Either way, I figured I would post this in the forum as a warning and perhaps a wake up call to people.. Obviously you should do as you wish with your valuables and I know most people will not change anything after hearing about this, but after today my mind has certainly been changed. I will no longer be trusting my valuables in a safe deposit box.. Just something for you all to think about.. Happy Hunting everyone...

 

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[sagittarius98]

Have a fire safe container inside of a fire safe safe, double your chance of keeping important paperwork safe. As for your stash, I dont collect for collectors sake, I collect for silvers weight so if my stash melted, oh well, its still silver which is all I care about.

You would have to assay that silver then.

 

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[sjlund]

What if there is a fire in the bank?

Compare the chances of a residential building made of wood burning to the ground and a concrete and steel vault with fire suppression systems burning to the ground. It's clear that the bank vault is far more fire resistant than a house, and many fire resistant safes are just a false sense of security - they don't really resist much.

 

[sagittarius98]

Perhaps the most convincing part to me was that she at one point talked about how much she hated Romney and "thanked god Obama got elected."

Well, she got what she wanted.

 

[50cent]

They have insurance... good luck collecting.

Like they gonna believe you? "had sum valuable stuff in that box". Dawg, insurance only works if'n you got proof. Otherwise you get nada, or, maybe they'd be so mad at you for assuming such a thing, they would charge you money for wasting their time.

 

[sjlund]

They have insurance... good luck collecting.

FYI, I don't believe that banks' insurance covers customers' contents in a safe deposit box - this is no different than a landlord's insurance not covering a renter's possessions if the building burns down. If I remember correctly, my bank's lease agreement covers this information, so the customer should be eyes-open going in to the agreement.

 

[Red James Cash]

All I'll say is whoever wants to believe the words of proven liars and proven corrupt pieces of garbage,known as the gooberment,you go right ahead.Have fun,dont say you werent warned

 

[50cent]

All I'll say is whoever wants to believe the words of proven liars and proven corrupt pieces of garbage,known as the gooberment,you go right ahead.Have fun,dont say you werent warned

 

[The_EE]

You would have to assay that silver then.

That is fine. I would lose far less value than those who spend $70 for a freaking ASE.

 

[fistfulladirt]

They have insurance... good luck collecting.

The SDB is generally uninsured by the bank.

 

[fistfulladirt]

What if there is a fire in the bank?

There is a chance, but slim. I will take my chances with concrete and steel, fire alarm and sprinkler over my stick-built, unprotected dwelling. Cheap protection.

 

[50cent]

Looks like someone didn't see my post of homie, comrade, homieslice Benjamin Franklin's quote. Apply what he said, to what a safety deposit box is.

 

[jerseyben]

Looks like someone didn't see my post of homie, comrade, homieslice Benjamin Franklin's quote. Apply what he said, to what a safety deposit box is.

Here is the ACTUAL quote: "They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety".

 

[50cent]

Means the same exact thing.

 

[Silver Stripe]

I don't even keep paper in the banks- let alone metal. HH Mark

 

[TheMcs]

That is fine. I would lose far less value than those who spend $70 for a freaking ASE.

Where are these people and how can I contact them?

 

[chakra22]

Yes you are right--check this out--http://www.youtube.com/watch?v=giPkFSM-LwM ---Silver Security

 

[The_EE]

Where are these people and how can I contact them?

Go to any auction in my area. They will pay $40-$50 for ASE's in a hard case and $60-$70 for proof ASE's. I wont pay over melt. Common date Morgans go for $40-$45 around here.

 

[Ryan6060]

I am a Bank Manager in PA- there is nothing that would compel me to allow any official of any sort to enter a safe deposit box short of a court order and even then it would go to my legal department for review and verification before I would allow any access. Our Safe Deposit box holder has 1 key and I have 1 key to get into the dual key boxes. I didn't bother to read through all the posts but I will tell you 2 things- your money is safer in an FDIC insured bank account than at your house and Safe Deposit Box contents cannot be accessed by anyone but the box holder.

 

[AdDicted2Ag]

I am a Bank Manager in PA- there is nothing that would compel me to allow any official of any sort to enter a safe deposit box short of a court order and even then it would go to my legal department for review and verification before I would allow any access. Our Safe Deposit box holder has 1 key and I have 1 key to get into the dual key boxes. I didn't bother to read through all the posts but I will tell you 2 things- your money is safer in an FDIC insured bank account than at your house and Safe Deposit Box contents cannot be accessed by anyone but the box holder.

Thanks for the input Ryan.. I stated before that I began removing some items.. I don't plan on removing all of them.. Obviously I cannot prove the validity of the woman's statements. I have been hesitant, but not overly suspicious of keeping my money in a safe deposit box. This conversation just kinda hit a nerve with me..

 

[fistfulladirt]

I didn't bother to read through all the posts but I will tell you 2 things- your money is safer in an FDIC insured bank account than at your house and Safe Deposit Box contents cannot be accessed by anyone but the box holder.

Ryan, my understanding is that the FDIC has been broke for almost 3 years now. Of course, safe deposit boxes are not insured.