Are Bank Safe Deposit Boxes Safe? No

The Market Oracle ^ | 11-2-2009 | David Vaughn

[metmom]

That's interesting.

When my dad dies over 20 years ago, my mom made the mistake of saying something to the bank people when she went to go into the safe deposit box for some papers. They told her that since he had died, someone would have to have a look in the box while she was there before she removed any contents.

Looking for something illegal, or just a stash of jewelry or money for them to confiscate tax, or something like that.

When my mom got sick just before she died, we learned that lesson and my sister, who jointly held the box, opened a new one and a new bank account and transferred everything from the box and almost all the money from the account into new ones jointly held with my other sister. That way, we still had access to what we needed and kept the government out of it as much as possible.

I've been after mr. mm to look into a fire and waterproof safe for the home. I know it'll be an expense, but it will pay for itself in a few years without a safe deposit box fee every year.

[CottonBall]

Get a good, fire-proof, home safe. Hard to trust anyone other than yourself and your family these days. I hate that I have to type that and I miss the U.S. that I knew as a younger person.

yes, it is sad. I personally am using 2 safety deposit boxes at local credit unions as a supplement to 2 gun safes. Even fireproof safes are only good for a set amount of time. And with a home invasion robbery, thought I'd want some assets spread around.

As you said, it's sad to have to think this way.

[CaliforniaCon]

Yes, get a safe and make it a good one — large enough to be really really tough to move — not those little cubes many folks have in their homes. Local police laugh about those —

Get a sturdy large safe — you’ll sleep better.

[tbw2]

Unclaimed property periods keep getting shorter, as do the notification requirements.