Posted on 09/09/2013 9:59:13 AM PDT by Chickensoup
They are actually doing you a favor. They are warning you that the feral government is planning on raiding safe deposit boxes like Roosevelt did. They took all currency and gold coins. It will happen again. We have a gangster feral government.
I was in a bank and saw that all of the safety deposit boxes were open and being opened. I asked someone i knew there what was going on. They said the boxes were being audited. They walked away from me quickly and i could not find out anything since. But other people said that it happened in other banks too. This was a short time after the present crew moved into the white hut. That is all I know
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Where was this and at what bank?
Some states yes, most no.
I've found the situation at the two banks I deal with that they want to sit me down and talk about better returns than the near-zero interest rate on FDIC savings. When I pressed them on it, they are annuities "through reputable companies and absolutely safe and secured". Sure. I asked "what if they're bundled and sold to less reputable companies?" The banker did not know what I was saying.
For some reason, these banks seem to not want FDIC insured money deposited with them. Are they afraid of an audit or a run on deposits or something?
The most valuable stuff in my safety deposit box are old photos and photo negatives. Many years ago a house in our neighborhood was gutted by fire and my wife and I decided that the worse thing in a tragedy like that would be to lose all your photos. We started to gather the photo negatives of all our kids pictures and other family photos we would never want to lose and store them in our safety deposit box. I did some research and even so called home fire safes are designed only to protect paper and things like photo negatives would likely still be melted. This is also true for digital media like CDs and flash drives. Off premise storage in a bank vault is a safer option.
Your digital photos are especially vulnerable as your computer could crash or be infected with viruses or malware that could destroy your photos. Online cloud storage is cheap or even free, but copying your important photos to a flash drive that you store in your safety deposit box is cheap insurance too. Note CDs/DVDs are a dying media and backing up your photos to them might give your grand kids or great grand kids a lot of regrets as there may no longer be the computer equipment to access them in 50-100 years. Ditto for those 8mm/super8mm and VHS home movies.
I have photo negatives and memory chips for more recent photos in my safe deposit box.. Takes up the bulk of it actually.
The sad part is, criminals probably don’t keep much of their cash in safety deposit boxes. Once again, it is the law-abiding citizens who will bear the brunt of poorly thought out policies.
“For some reason, these banks seem to not want FDIC insured money deposited with them. Are they afraid of an audit or a run on deposits or something? “
They probably just make more money for themselves on the annuities. They can charge all sorts of fees on those that they cannot on a simple savings account.
For all intents and purposes, a bank safe deposit box is only good for storing vital documents, such as wills, powers of attorney, trusts, deeds and titles, etc. And *never* have just one person as owner of the box, because if they die, the box will be sealed and be very hard to get into for vital papers.
Next, for paper currency, foreign and domestic, a well built safe, sunk into concrete, with a reinforced concrete lid, is likely the best bet. Figure a 3-4 hour recovery time for anybody. Meaning they will have to insert eye bolts in the lid, lift the lid, then crack the safe right there, instead of taking it with them.
For gold coin, a PVC safe, buried at least 3’ deep, away from some also buried steel waste at 2’, figuring they will dig for the biggest metal detector signature, then give up when they find rusty auto parts.
Agree but I don’t think that safe deposit boxes in the bank, any bank, insured at all. Enter at your own risk.
probably, but the language is ‘not intended for’, not don’t do it.
I believe the bank is trying to tell you that they have been put on notice by the federal government, that the bank can be forced to go into safety deposit boxes and remove coin, currency, and bullion on the orders of the treasury department. As such, it is not recommended that you keep monetary valuables with the bank.
Your own personal safe is a much better choice.
Exactly. When you go to your box and the money is gone they will simply shrug and say — “We told you not to put it there.”
My wife, at one time worked for a bank....she came home one evening and said, why do the east Asians, need to enter their safety deposit boxes many times a day....my reply, they convert paper money to diamonds/silver/gold....
I had a colleague, who on each pay day, bought some gold...did that for years in 80s
Recently, a distant friend dies, he was a county employee. worked on roads etc etc....when his family open the SD box, something 1.25 million was recovered....
Nothing to do with money laundering. The only reason for conversion from savings to checking that bunk use your money and they want stability of the amount in your savings account. The other issue that most savings accounts have interest paid to you. Nothing stupid about it because banks are in the business to make money.
Well, they don’t want to be harsh and lose customers but on the other hand they always can claim “ we recommended not to...”
Was your banker around in the 80’s? Not saying that was incorrect, but back in the 90’s that’s how it was explained to me.
In any event, it’s nothing new.
(And really, prescription drugs are getting so expensive you are going to have to dip into that money market account!)
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