Comments on: How To Use Safe Deposit Boxes

By: Edito

Edito — Fri, 11 Nov 2011 19:28:21 +0000

Let’s say the police already gain access to the safe deposit box and they got around 10 thousand dollars what could happen?

why would they have searched my safe deposit box?

By: Jim

Jim — Fri, 11 Nov 2011 14:06:59 +0000

The bank will not give access unless there is a court order to do so.

By: Edito

Edito — Fri, 11 Nov 2011 04:00:06 +0000

What if you have a business that is not legit and you want to hide your money, are there laws that will prohibit using a safe deposit box to put money away?

can the bank give the police access to my safe deposit box?

By: jerry

jerry — Fri, 11 Nov 2011 02:35:30 +0000

please be aware that most homeowners policies will not cover personal property in a safe deposit box unless you have scheduled the property and provided an appraisal. They will never insure cash in the box. Right now you can not buy insurance for the contents. Having said that, a bank SDB is far better than a home safe-did you see the footage of all the safes floating in the ocean in Japan after the tsunami.

By: Anonymous

Anonymous — Tue, 19 Apr 2011 21:04:08 +0000

same thing haapened to me..the teller was looking at all my activities ..which made me feel really uncomfortable. He handled both the keys himself..was that the right thing to do..give my keys to him to open the box !

By: lisa

lisa — Sun, 30 Jan 2011 07:25:02 +0000

thankyou…it was perfect….now im not so scared to get one…

By: george3

george3 — Sun, 12 Jul 2009 13:44:48 +0000

How do I keep the inside of my fireproof safe dry (absorbing moisture)?

Thanks in advance for any input.

By: Melissa

Melissa — Thu, 05 Feb 2009 20:25:21 +0000

I just opened a box at my bank. I was surprised that the teller not only stayed by my side the whole time but he watched as I put my things into my safe deposit box. It felt really uncomfortable. If it happens again, I don’t know if I will keep it.

By: jim

jim — Wed, 08 Oct 2008 14:56:02 +0000

Jack:
1. I don’t see why not but I also don’t see what that gets you (other than the fact that the contents of the box are secret). In other words, for 99% of the population, you don’t get much out of putting cash in a safe deposit box.
2. Not that I know of.
3. Don’t see the point, but then again I don’t need to hide money.

By: Jack Charron

Jack Charron — Wed, 08 Oct 2008 14:49:13 +0000

Thank you for your article.
I have several questions.
1. Should money be kept in a safe deposit box?
2. Are there laws that restrict or prohibit money from being stored in a safe seposit box?
3. What are your thoughts on placing money in a safe deposit box?

By: Rob

Rob — Mon, 06 Oct 2008 18:11:15 +0000

Just wanted to add “Gold” to the Don’t Put Inside list. US Gold confiscation has happened before ( FDR did it ) and could certainly happen again. If you own gold, best to keep it yourself, under the radar.

By: Eric

Eric — Sat, 27 Sep 2008 14:22:41 +0000

I looked into a safe deposit box at my bank and walked away deciding not to get one. $250 / year was too steep for a legal sized box, even if I could get one, and it sounded like there might be a 1 year waiting list. For $250 I can buy a nice fireproof lock box and hide it somewhere safe.

By: Brad

Brad — Thu, 25 Sep 2008 14:25:40 +0000

Hundreds of people learned this summer in Iowa City and Cedar Rapids that safe deposit boxes are not immune from quickly rising waters. For months now, firms have been teaching people how to dry out their contents with special materials and how to stop the mold growing inside their documents. Even high and dry boxes started growing dark mold on the documents.

Everything inside your safe deposit box needs to be placed in an envelope inside a sealed plastic bag. The envelop will keep the melted plastic off the contents in case of fire/heat.

By: Meg

Meg — Wed, 24 Sep 2008 20:36:12 +0000

I still think of safe deposit boxes as mysterious and exciting, and I work at a bank so I should know better. I’ve been wanting to get one lately for the basic reasons: I need to put my social security card, passport, and perhaps some backup documentation of insurance, etc in there.

But at the same time I imagine myself keeping inside some expensive jewelry – which would require trips to the box whenever I wanted to wear it for a party – along with a wad of cash (perhaps in different denominations). I could be that mysterious lady who comes into the bank once or twice a month – to get travelers checks, exchange money, visit my safe deposit box; all the tellers would wonder at what an exciting life I must lead!

OK back to reality.

By: CK

CK — Wed, 24 Sep 2008 20:03:26 +0000

Yes, any estate attorney will cry if you tell them you keep your will in an safe deposit box.

Buying a sweet fireproof/resistant safe seems to be the way to go.