Safe Deposit Boxes 1 1

[MatterEaterLad]

I went to get a safe deposit box at Wells Fargo and much my surprise, the lease agreement (see below) requires me to agree to NOT put anything inside worth more than $10k.

I know that the comics need their own insurance, but I didn't realize there was a cap on the value of the items stored.

For those who have safe deposit boxes, do you just give them a wink and store what you want, regardless of value?

 

 

 

 

[Lightning55]

I don't have a box, but I would suggest asking whoever is providing your insurance on the comics about this situation.  That's just to see if it's ok with them.  Meaning that they wouldn't be using this value limit as a way to avoid paying you, the insurer saying that comics of that value shouldn't have been in the box, not paying.  I don't think it would work like that, but best to know ahead. 

I think Well Fargo is just using very direct language to make you realize you have ZERO chance of collecting anything above $10k, no matter what the situation is.  Many people probably never even read these terms.  People probably put stuff in there worth over $10k, and don't even know it's worth that much.  They just know it's valuable.  Do they have an appraisal?  There are lots of possibilities. 

And where would they suggest you put stuff worth over $10k?  You would think that if they want to limit it to $10k, you would have to provide proof of private insurance if over that, and sign a waiver.  But they are saying "We don't want it."  Very odd, but things out there are making less and less sense to me.

[MatterEaterLad]

4 minutes ago, Lightning55 said:

I think Well Fargo is just using very direct language to make you realize you have ZERO chance of collecting anything above $10k, no matter what the situation is. 

Thanks. That's what I was gleaning from their disclaimer. I've heard that banks hate being in the safe deposit box business. They don't make money on them and they're a pain to deal with when someone stops paying (or dies) and they have to drill and evict a box. Speaking of, this is a nightmare scenario that definitely gives me pause--a box of valuables turned up empty. 

[shadroch]

I don't think they are saying they don't want it, just that they won't pay out more than 10K.

[Lightning55]

I thought about that situation.  You tell the insurance company your books are gone, presumably stolen.  Do they just take your word for it?  As the article stated, some things leave unknown to the box holder - forgot they already removed it, another family member removed it, etc.  Even if you had a witness as you opened the box to find it empty, there's no way to prove you hadn't previously removed it.  Except if you have never visited the box, but even then it could be that there NEVER was anything in the box from day 1.  What a mess.

[squidmo2000]

I would put your FF#1 9.4 Universal in a safe deposit box for sure,,,wink

[Lightning55]

4 minutes ago, shadroch said:

I don't think they are saying they don't want it, just that they won't pay out more than 10K.

Agree that the $10k limit is the intent, but they are stating that by signing the lease you AGREE to not put anything in there in excess of $10k aggregate.  In no uncertain terms, they are saying "We don't want it in here."  Otherwise, their later language of the max loss at $10k would have sufficed.  But they went beyond that language to say you CAN'T put it in here. 

It could also be that they don't want people to think that there are millions of dollars in treasures in the boxes, inviting a heist.

[MatterEaterLad]

5 minutes ago, Lightning55 said:

It could also be that they don't want people to think that there are millions of dollars in treasures in the boxes, inviting a heist.

Oceans 9.8

[squidmo2000]

Is it a 4.5 MP or a 9,4 ...I wanna know.....a 9.4 seems  weird....you know what I'm saying?

                                                                             

[squidmo2000]

you know...

[musicmeta]

I have a safe deposit box but my bank does not have a 10k value limit...or hasn't told me about it. 
Remember this though,  If something happens to your valuables the bank is not liable for any of it from what I read...Even if it's their fault in most cases.
You are simply making a decision that storing the valuables in a safe deposit box is safer/more secure then storing them at home or where ever else you normally store your valuables.

 

[alexgross.com]

i have boxes at several banks and dont recall anything to this effect in the paperwork i had to sign. as others have said, its more important that you have a separate insurance policy through CIS or someone else that will cover your books at the bank box location as well as at home.

[reptilekingdie]

I had a box with Wells Fargo and they never asked me that and I had books worth 100k or more.

[Lightning55]

8 minutes ago, reptilekingdie said:

I had a box with Wells Fargo and they never asked me that and I had books worth 100k or more.

Like the article said, the banks can change their policies on the box terms, and you are held to the current policy.  They may not inform you, but no one has oversight on safety deposit boxes, so they don't care.

[shadroch]

Storing paper in a non-climate controlled safety deposit box is less than ideal. 

[theCapraAegagrus]

Quote

For those who have safe deposit boxes, do you just give them a wink and store what you want, regardless of value?

[Namtak]

Cut your book in half and deposit in two storage box

[MatterEaterLad]

7 hours ago, shadroch said:

Storing paper in a non-climate controlled safety deposit box is less than ideal. 

Ordinarily I would agree but I live at 4,700' in Bozeman, so a very temperate climate with low humidity. 

[Namtak]

Never did have insurances for my books and other collection dont know where to go my appartment insurance company and car dont want to insure collection said theres no proof of value does anyone knows what to do in those sircomstance??

[shadroch]

36 minutes ago, MatterEaterLad said:

Ordinarily I would agree but I live at 4,700' in Bozeman, so a very temperate climate with low humidity. 

So when your bank is closed for a three day weekend like MLK Day in January, they leave the heat on all weekend