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Safe deposit boxes unsafe?
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16 posts in this topic

For those of you who feel safe and secure knowing your prized collectibles are in a bank vault instead of at home here is an article from the NY Times saying safe deposit boxes are not safe! :ohnoez: If you find your safe deposit box empty you have limited to no recourse as nothing in that box is FDIC insured. Does anybody think this is an actual problem or is this "fake news?" ???  NY Times Linky Outside of the cited instances, has anyone ever heard of a random safe deposit box being emptied?

 

Edited by Badger
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9 minutes ago, Badger said:

For those of you who feel safe and secure knowing your prized collectibles are in a bank vault instead of at home here is an article from the NY Times saying safe deposit boxes are not safe! :ohnoez: If you find your safe deposit box empty you have limited to no recourse as nothing in that box is FDIC insured. Does anybody think this is an actual problem or is this "fake news?" ???  NY Times Linky Outside of the cited instances, has anyone ever heard of a random safe deposit box being emptied?

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Mr Bedrock can probably give us some info on this. A few years ago a hurricane hit Houston and flooded many safe deposit boxes. We had a mutual friend adversely affected by this

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If you have "stuff" you need to insure your stuff. If you put your stuff in someone else's hands you need to make sure they are insured or financially able and legally responsible for it.

We mail our "stuff" all over and are able to understand that insurance costs extra so that article sounds like "old news".

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There are viable alternatives to Safe Deposit boxes for those preferring to maintain valued collection closer to home...

https://www.keystoneoffice.com/safes/phoenix-media-safe-4622.php?gclid=EAIaIQobChMIwI26n7_B4wIVgrfsCh0EcQL-EAQYASABEgIyB_D_BwE

phoenix-4622-3.jpg

The added expense may seem daunting at first, but data grade safes are a one time expense in contrast to bank fees, and good ones aren’t prone to negative storage issues.   Note: This topic has been the subject of controversy for years based on horror stories from a few folks who stored their prized comics in sub-standard fire resistant safes (internal temperature/humidity control is essential).  (thumbsu

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3 hours ago, GreatCaesarsGhost said:

Mr Bedrock can probably give us some info on this. A few years ago a hurricane hit Houston and flooded many safe deposit boxes. We had a mutual friend adversely affected by this

 

3 hours ago, GreatCaesarsGhost said:

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Looks like the Titanic Hallway hm

Titanic Hallway.jpg

Edited by woowoo
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3 hours ago, Badger said:

For those of you who feel safe and secure knowing your prized collectibles are in a bank vault instead of at home here is an article from the NY Times saying safe deposit boxes are not safe! :ohnoez: If you find your safe deposit box empty you have limited to no recourse as nothing in that box is FDIC insured. Does anybody think this is an actual problem or is this "fake news?" ???  NY Times Linky Outside of the cited instances, has anyone ever heard of a random safe deposit box being emptied?

 

There is Nothing 100% safe but this is as safe as you can get unless you have lot's of Burgers :whistle:

money burger.jpg

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7 hours ago, adamstrange said:

If you have "stuff" you need to insure your stuff. If you put your stuff in someone else's hands you need to make sure they are insured or financially able and legally responsible for it.

We mail our "stuff" all over and are able to understand that insurance costs extra so that article sounds like "old news".

What this wise man said. I've been using safety deposit boxes for years ... but I also have insurance in case of theft or weather disaster or whatever.

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