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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[Brush64]

That is simply not true.

Still safer in the bank than at home.

 

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[AdDicted2Ag]

Her situation: Her entire house was washed away and she can't get to her safety deposit box.

Your response: Take silver out of safety deposit box and put it in house?

I dont live on the coast or anywhere prone to flooding, so I am not worried about that.. Fire was definitely a consideration of mine, but If you can afford it, there are solutions. Also, I am not putting all my eggs in one basket.. As cooper stated, even if the story was not completely true, she was not able to get to her valuables when she wished, which is important in my opinion.. I like the comfort of knowing I can access whenever I need to..

 

[ArkieBassMan]

This is one of those topics to which there is no correct answer. There is no perfect, zero risk location to store valuables. All that I can think of have valid strong points and weaknesses as have been covered in this thread. If I thought doomsday was evident (and I don't...yet anyway), I would diversify. I'd have some of my stash in a SDB at the bank, some in my safe, and likely some buried somewhere on my property. That way, even if one location, or even two were compromised, I'd still be left with some. With that said, at this point and time, I personally believe a house fire is more likely to happen than government confiscation, so my stash is tucked away in SDB. I do believe that is my best option for now...always subject to change of course. For condition sensitive/graded specimens, I believe a SDB is a no-brainer.

 

[Beans]

Ask the bank where you were dumping dimes, see if they would believe the story. Contact FEMA see what they say. Could be the town is still under FEMA control, with NG still patroling the streets.

 

[dejapooh]

Well, There is a bit of a fishy smell here, but lets assume what she said was true. There is no legal precedent that allows the government to keep someone from property that is identified as being theirs without due process of law. So, why would the government keep her out? Here is my theory. The physical records of the bank were probably lost in the floods, so they are relying on their computerized records. To gain access to a box, you need to show I.D. and have a Key. If you don't have a key, they check the ID, and the signature against the card when you took out the box (the card that is missing from the Flood). If your ID and signature checks, they can then use the master key to gain access to the property. In the aftermath of a disaster, I can see why they would hesitate giving access to the boxes when the records are incomplete. The odds are, she didn't have her key, and Just ID is not enough when the physical records are gone.

All in all, trusting you are being honest with your telling of this story, there is probably more to the story than you know.

 

[Red James Cash]

Well, There is a bit of a fishy smell here, but lets assume what she said was true. There is no legal precedent that allows the government to keep someone from property that is identified as being theirs without due process of law. So, why would the government keep her out? Here is my theory. The physical records of the bank were probably lost in the floods, so they are relying on their computerized records. To gain access to a box, you need to show I.D. and have a Key. If you don't have a key, they check the ID, and the signature against the card when you took out the box (the card that is missing from the Flood). If your ID and signature checks, they can then use the master key to gain access to the property. In the aftermath of a disaster, I can see why they would hesitate giving access to the boxes when the records are incomplete. The odds are, she didn't have her key, and Just ID is not enough when the physical records are gone.

All in all, trusting you are being honest with your telling of this story, there is probably more to the story than you know.

What you are asking for is a government to follow the law when they have been caught habitually breaking the law many times.

 

[sjlund]

Well, There is a bit of a fishy smell here, but lets assume what she said was true. There is no legal precedent that allows the government to keep someone from property that is identified as being theirs without due process of law. So, why would the government keep her out? Here is my theory. The physical records of the bank were probably lost in the floods, so they are relying on their computerized records. To gain access to a box, you need to show I.D. and have a Key. If you don't have a key, they check the ID, and the signature against the card when you took out the box (the card that is missing from the Flood). If your ID and signature checks, they can then use the master key to gain access to the property. In the aftermath of a disaster, I can see why they would hesitate giving access to the boxes when the records are incomplete. The odds are, she didn't have her key, and Just ID is not enough when the physical records are gone.

All in all, trusting you are being honest with your telling of this story, there is probably more to the story than you know.

I work at a bank, and for a time worked in the safe deposit box area - I can tell you, without any doubt, we did not have a "master key" for any of the boxes. If a customer lost a key we hired a locksmith to come in and drill out the lock.

 

[AdDicted2Ag]

I work at a bank, and for a time worked in the safe deposit box area - I can tell you, without any doubt, we did not have a "master key" for any of the boxes. If a customer lost a key we hired a locksmith to come in and drill out the lock.

Since you have some first hand experience, can you tell us whether you have ever heard of anything like this, or what might have happened that would have led to this occurring without FEMA?

 

[sjlund]

Since you have some first hand experience, can you tell us whether you have ever heard of anything like this, or what might have happened that would have led to this occurring without FEMA?

Honestly, I just joined the forum (lurked for quite a while) because I've been bothered by the multiple threads over my time here talking about banks being able to open up your safe deposit box and steal your things, confiscate things, have the police come and open your box, items suddenly gone, etc. While I can't positively speak for other institutions, we do not and never have had a master key for any safe deposit boxes. The confusion might come from the two-key system boxes use. To open the box you must have one of the customers two keys, plus the bank's key, also called a guard key. The guard key by itself doesn't do anything. It cannot unlock the box by itself. All it does is allow the customer's key to turn.

We issue two keys to customers. If they loose one and come in to the bank, we can still open the box with their second key, change out the lock, and give them two new keys. If they loose both keys, we hire a locksmith to drill the lock, replace the lock, reissue two new keys, and obviously charge the customer for their carelessness. While we are drilling and replacing the lock, we have the customer, two employees, and the locksmith present at all times.

As for the story about FEMA, no, I have never heard of such a thing.

 

[AdDicted2Ag]

Honestly, I just joined the forum (lurked for quite a while) because I've been bothered by the multiple threads over my time here talking about banks being able to open up your safe deposit box and steal your things, confiscate things, have the police come and open your box, items suddenly gone, etc. While I can't positively speak for other institutions, we do not and never have had a master key for any safe deposit boxes. The confusion might come from the two-key system boxes use. To open the box you must have one of the customers two keys, plus the bank's key, also called a guard key. The guard key by itself doesn't do anything. It cannot unlock the box by itself. All it does is allow the customer's key to turn.

We issue two keys to customers. If they loose one and come in to the bank, we can still open the box with their second key, change out the lock, and give them two new keys. If they loose both keys, we hire a locksmith to drill the lock, replace the lock, reissue two new keys, and obviously charge the customer for their carelessness. While we are drilling and replacing the lock, we have the customer, two employees, and the locksmith present at all times.

As for the story about FEMA, no, I have never heard of such a thing.

Thanks for the info.. I am not sure anyone on here is arguing that the banks themselves would be able to steal or confiscate valuables, but are more concerned that government would one day take control over banks and institutions if a massive state of emergency was declared.. I am in no way shape or form a "doomsday guy" but I am a firm believer in the values our founding father's taught. mainly that "a government large enough to give you everything want, is large enough to take everything you have." Even though I use them, I have always had some hesitance when it comes to safety deposit boxes, not only because of the valuables they store but mostly because we see the government taking control of almost everything these days. I think it would be naive to think that banks would be excluded in moment of mass hysteria. I just think that simply saying it could never happen it quite a dangerous mentality. I like to prepare for all possibilities which is why I utilize multiple ways of storing my valuables.. This conversation with this woman just hit me to the core.. Perhaps she was just some crazy old lady, but after living in major cities full of nutjobs for years, I feel like I can distinguish them very well.. This one seemed very sincere.. I am most likely missing a big chunk of the story like others have stated. 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." If she wouldn't have said that, I would have assumed she was a libertarian or ultra conservative woman. Since I am a libertarian I know the extremes many people will go to, creating lies to try and sway people away from positive views on large government.. Either way, it was an interesting conversation to say the least and it just pushed me in a direction that I was inevitably headed anyway..

 

[sack0silver]

If you keep your stack in the bank, you cant look at it whenever you want, throw it up and make it rain painfully or more importantly, Scrooge McDuck it.

 

[maverick]

If you keep your stack in the bank, you cant look at it whenever you want, throw it up and make it rain painfully or more importantly, Scrooge McDuck it.

Lmao, this is definitely true! Nice point there Sack. HH, Maverick.

 

[sjlund]

If you keep your stack in the bank, you cant... ....throw it up and make it rain painfully...

That's called making it HAIL!

 

[Red James Cash]

Can Banks Raiding Safety Deposit Boxes Be Legal Next After they Loot their Customers Personal Accounts?
Posted by Charleston Voice
"Yes, We Can!

August 29, 2012 by The Watchdog

It appears now that the government is aiding abetting the big banks now in every criminal act.

The Politicians have adopted the strategy of saving the banks at all cost. Even if they have stolen homes they never owed legally in illegal foreclosures to taking money out of personal bank accounts to invest in risky ventures or move offshore out of reach of Federal Jurisdiction.

A Federal Judge has ruled banks can take segregated accounts and use the funds for anything without accountability. Former New Jersey Governor and Former Goldman Sachs CEO John Corzine. As the head of MF Global, he stolen over one billion dollar from private segregated accounts that were in the past hands off. He was not charged criminally for stealing other people’s money. Their Clients were left to take the loss.


Back in 1933 when FDR made it illegal for the American people to hold gold. Federal agents raided everyone’s’ safety deposit boxes.

The state of California raided the people’s safety deposit boxes to fund the government to make up for their fiscal shortfall.

Recently Bank of America drilled holes in a persons safety deposit box without a court order and seized all the property and contents in the box.

The President Obama Signed the Executive Order named the National Defense Resource Preparedness. This document can be used to seize all the gold, stocks, bonds and anything valuable out of safety deposit boxes to fund the government if congress refuses to raise the debt ceiling or for some other financial crisis in the name of National security.


Regardless what reason the government or the banks use. Theft is Theft. It is stealing if it is taken without the consent of the people. regardless what excuse the government comes up with. It is looting.

Now since a Federal Judge said the Banks can take money out of segregated private accounts for any reason. The courts gave the money junkies an inch. I believe they will take a mile using this court ruling as a legal precedent. I believe this empowers the banks now to take contents out of people’s safety deposit boxes if they feel the need to do it. Not just to take gold and silver coins.

There can be jewelry and family heirlooms stolen forever to save a failing bank. They can take stock and bonds without any consequences if the government has their back using a police state to protect the thieves from the people.

Our Government is now conquered by the mega banks. The US Government at all cost will save the zombie banks because they are too big to fail at our expense if necessary. These banks are capable of anything. Do not underestimate these bankster gangsters to rob us all completely blind. Those laws that are supposed to protect our property is now disregarded for the benefit of the money junkies.

The People should take all their valuables, gold and silver coins. Family heirlooms, stocks, bonds and anything sentimental that is valuable and priceless out of these safety deposit boxes. If we keep them at the mercy of these bankers and the government. We can lose it all that is near and dear to us.

We have no more protections from the abuses in government or the criminal banks with the blessing of the politicians to loot America. We have to protect what is ours. No one else will, not even those we are supposed to trust.

Our wealth and our property is up for grabs now. Who will steal first? Will it be the Government or the banks? Either way, We have to keep all we have out of their reach as much as possible. That means completely emptying our safety deposit boxes.

We the people are the last line of defense from the thieving hands of the bankers and the government. Do not give corruption anymore opportunity to steal what little we have left. Let us take a bite out of crime by keeping all our property as far away from the government and the bankers as possible. It is our wealth and not theirs to steal. Do not feed the beast and keep our wealth to rebuild our nation.

Source: VIA WhatReallyHappened.com Can Banks Raiding Safety Deposit Boxes Be Legal Next After they Loot their Costumers Personal Accounts?

 

[fistfulladirt]

Originally Posted by fistfulladirtStill safer in the bank than at home

That is simply not true.

SDB storge

Chance of fed confiscation - slim to none
Chance of fire damage - slim to none
Chance of SDB being robbed - slim to none

Ok, gotcha

 

[The_EE]

Her situation: Her entire house was washed away and she can't get to her safety deposit box.

Your response: Take silver out of safety deposit box and put it in house?

A safe bolted down to a concrete floor will not be washed away by a flood.

 

[sjlund]

The President Obama Signed the Executive Order named the National Defense Resource Preparedness. This document can be used to seize all the gold, stocks, bonds and anything valuable out of safety deposit boxes to fund the government if congress refuses to raise the debt ceiling or for some other financial crisis in the name of National security.

This is false.

Despite claims that the executive order provided the President with unprecedented new powers such as declaring martial law, seizing private property, implementing the rationing of food, gasoline, and drugs, restarting peacetime conscription, and nationalizing America industry, merely by declaring a national emergency, the National Defense Resources Preparedness EO issued by President Obama was simply a minor updating of a similar order issued by President Bill Clinton in 1994 (which itself had decades-old predecessors) and amended several times since.

Note what this EO specifically orders: identify, assess, be prepared, improve, foster cooperation. None of these items claim authority to seize private property and place them at the personal disposal of Obama. What follows after Section 103 are the directives for implementing these rather analytical tasks, mostly in the form of explicit delegations of presidential authority to Cabinet members and others in the executive branch.

Why the update? If one takes a look at EO 12919, the big change is in the Cabinet itself. In 1994, we didn't have a Department of Homeland Security, for instance, and some of these functions would naturally fall to DHS. In EO 12919, the FEMA director had those responsibilities, and the biggest change between the two is the removal of several references to FEMA (ten in all). Otherwise, there aren’t a lot of changes between the two EOs, which looks mainly like boilerplate.

In fact, that's almost entirely what it is. The original EO dealing with national defense resources preparedness was issued in 1939 (EO 8248) according to the National Archives. It has been superseded a number of times, starting in 1951 by nearly every President through Bill Clinton, and amended twice by George W. Bush.

Obama has added to Section 201(b) the phrase "under both emergency and non-emergency conditions." In 12919, though, the duties of the Cabinet Secretaries were not limited to emergency situations in Section 201(b), either. And in both EOs, section 102 specifically notes that the EO is intended to ensure defense preparedness "in peacetime and in times of national emergency."

Now since a Federal Judge said the Banks can take money out of segregated private accounts for any reason. The courts gave the money junkies an inch. I believe they will take a mile using this court ruling as a legal precedent. I believe this empowers the banks now to take contents out of people’s safety deposit boxes if they feel the need to do it. Not just to take gold and silver coins.

Safe deposit boxes are not "accounts". Banks are leasing private physical space in their vault to customers.

 

[jerseyben]

snopes.com: Executive Order 13603 -- National Defense Resources Preparedness

Did you even read the Executive Order before posting that "fear mongering" article? It sounds like the rantings of a paranoid and delusional crazy person.

I am not afraid of big bad government or big bad banks. What I am afraid of, especially after reading this thread, are the people of this great country who are becoming radicalized based on nothing.

Not one person in this entire thread (except the guy who actually works at a real bank and sjlund) has bothered to post a shred of factual information that can be backed up by anything worth its weight. All we have is a story that the OP told based on something he heard from some panicked old woman.

People, calm down, relax. Not everything is a conspiracy theory. Enough of this nonsense already.

 

[sagittarius98]

You forget the fire factor. That's what scares me the most, and my stuff is safer at the bank.

What if there is a fire in the bank?

 

[botics]

They have insurance... good luck collecting.