Whatever You Do, Don't Put These 11 Things In A Safe Deposit Box

[MULTIZ321]

Whatever You Do, Don't Put These 11 Things In A Safe Deposit Box

Whatever You Do, Don't Put These 11 Things In A Safe Deposit Box - Money Digest

Safe deposit boxes can be a great option for storing important personal belongings, but there are many items better kept in your home.

www.moneydigest.com

Richard

 

[RX8]

Also, milk, donuts and hot dogs.

 

[Carolinian]

State laws vary when it comes to keeping a will in a safe deposit box. In North Carolina, when someone dies, the Clerk of Court, usually with a representative of the deceased inventories the box soon after death, and if they find a will, they take it and process it. There are also provisions where one can leave the will for safekeeping with the clerk prior to death.

Thanks to some of the language in the Obamacare legislation, there are a lot of American expats in Europe and probably elsewhere who keep their cash in safety deposit boxes instead of accounts. That legislation required foreign banks to make reports to the US, and many western European banks responded by closing the accounts of American expats. Many of those impacted rented safe deposit boxes to keep their cash. In eastern Europe, on the other hand, many banks took the position that the US could not tell them what to do and left the accounts of American expats open.

I had one occaision where I kept quite a large chuck of funds in an eastern European safe deposit box. I was running a 6 month program at the time funded by the State Department. The funds went through the organization I worked for, but a number of quirks meant I could not open a corporate account for the program funding nor could I put it in an account in my own name. What I could do and did was rent a safe deposit box and place the funds there until we spent them.

 

[moonstone]

When my Mom passed away a year ago last May we took Dad to the bank to get their accounts straightened out. They informed him that he and Mom had a safety deposit box which dad wasn't aware of or had forgotten about. Thankfully it was in both their names so there was no problem allowing Dad to open it. All it contained was a handwritten will from over 20 years ago that Mom made in one of her 'moments'. Thankfully both Mom and Dad had a proper and legal will made about 10 years later which did not resemble the hand written one. My Dad and the woman at the bank couldn't believe they had been paying for the box rental for all these years just for that! I think at one time Mom had my grandmother's and her own diamond rings in there but I found them hidden away in the house.


~Diane

 

[artringwald]

Our estate planner convinced us to take all the documents out of the safe deposit box and put them in a fireproof box in the house. I got one that is also waterproof. To try and make it theft proof, I attached a heavy duty cable for locking bikes to the box and two very heavy cinder blocks. Since it's in the corner in the basement, it might even be tornado proof.

 

[Cornell]

Our estate planner convinced us to take all the documents out of the safe deposit box and put them in a fireproof box in the house. I got one that is also waterproof. To try and make it theft proof, I attached a heavy duty cable for locking bikes to the box and two very heavy cinder blocks. Since it's in the corner in the basement, it might even be tornado proof.

Same. I honestly don't understand why people use SD boxes for documents.

 

[Ralph Sir Edward]

Off-site backup. Same reason all medium-to-large companies do.

 

[Brett]

Off-site backup. Same reason all medium-to-large companies do.

yes, but a lot of documents are now digital and can be "stored" anywhere.
My mother used to keep some of her jewelry in a safe deposit box

 

[Ralph Sir Edward]

Brett, "stored anywhere" is to open you to the hacking those documents. If it's important enough to back up offline, it's important enough to provide a digital "breakwater" to prevent hacking.

 

[Brett]

Brett, "stored anywhere" is to open you to the hacking those documents. If it's important enough to back up offline, it's important enough to provide a digital "breakwater" to prevent hacking.

I recognize digital documents can be hacked but I refuse to rent a safe deposit box to store my SD card
(or rent from the "cloud")

 

[Talent312]

We have two wall safes in our house behind some art.
Periodically, I test my SS's on the combination.
I assure them that there's no gold or bearer bonds.
.

 

[Luanne]

We do have documents in a safe deposit box. Both of our daughters have access. They also have copies of our trust and wills on a flash drive. Looking at the list we have a lot of things mentioned in our box. Oh well.

 

[Ralph Sir Edward]

yes, but a lot of documents are now digital and can be "stored" anywhere.
My mother used to keep some of her jewelry in a safe deposit box

I recognize digital documents can be hacked but I refuse to rent a safe deposit box to store my SD card
(or rent from the "cloud")

To each his own. I merely consider a safety deposit box as another form of insurance; fire, windstorm, digital hacking (and to a lesser extent flood and theft) insurance. I spend more than that on an umbrella policy I never expect to need. . .

 

[Ralph Sir Edward]

Duplicate

 

[Brett]

Banks are dropping the box business
No One Can Find Safe-Deposit Boxes Anymore

Banks are ditching a traditional service they consider to be outdated
https://www.wsj.com/personal-finance/savings/no-one-can-find-safe-deposit-boxes-anymore-0bfccf88


“It’s literally going the way of landlines,” Wall said. To some banks, the boxes are becoming more trouble than they are worth. Banks say the service is an anachronism

"There are more convenient options to store valuables: A search for home safes on Amazon.com yields hundreds of results. Home security has gotten more advanced, and
burglaries have trended down over the past two decades. Yet safe-deposit box customers—who tend to be affluent and middle-aged or older — see them as a bread-and-butter bank service. They stash important paper documents in them, such as the title to a house or car

"As banks get out of this business, some independent companies sense an opportunity. BlueVault operates two private vaults in California with safe-deposit boxes. It is planning to open locations in Texas and Arizona

 

[TolmiePeak]

Brett, "stored anywhere" is to open you to the hacking those documents. If it's important enough to back up offline, it's important enough to provide a digital "breakwater" to prevent hacking.

Isn't your bank account open to hacking? Do you store all of your funds in your safe deposit box?

 

[Ralph Sir Edward]

Banks are dropping the box business
No One Can Find Safe-Deposit Boxes Anymore

Banks are ditching a traditional service they consider to be outdated
https://www.wsj.com/personal-finance/savings/no-one-can-find-safe-deposit-boxes-anymore-0bfccf88


“It’s literally going the way of landlines,” Wall said. To some banks, the boxes are becoming more trouble than they are worth. Banks say the service is an anachronism

"There are more convenient options to store valuables: A search for home safes on Amazon.com yields hundreds of results. Home security has gotten more advanced, and
burglaries have trended down over the past two decades. Yet safe-deposit box customers—who tend to be affluent and middle-aged or older — see them as a bread-and-butter bank service. They stash important paper documents in them, such as the title to a house or car

"As banks get out of this business, some independent companies sense an opportunity. BlueVault operates two private vaults in California with safe-deposit boxes. It is planning to open locations in Texas and Arizona

Not a safe idea. If there is some illegal activity is a few of the boxes, the US government can seize ALL the boxes' contents, making you have to prove you contents were legal, and not part of the other box renters. Not conspiracy theory; it has already happened a few years ago. Banks have the "know your customer" laws as backup for such cases; and can vouch for each customer's separate ownership.

 

[Ralph Sir Edward]

Isn't your bank account open to hacking? Do you store all of your funds in your safe deposit box?

I think this is a private matter. However I will go this far. I have no debit card, nor have I ever had one. I have no online banking of any sort authorized. I do not store any legal tender (cash) in any safe deposit box. I maintain paper backup of all accounts. I live "financially defensive". I believe I have said enough.

 

[TolmiePeak]

I think this is a private matter. However I will go this far. I have no debit card, nor have I ever had one. I have no online banking of any sort authorized. I do not store any legal tender (cash) in any safe deposit box. I maintain paper backup of all accounts. I live "financially defensive". I believe I have said enough.

There are a million of things to be worried about. Having my Microsoft OneDrive folders get hacked doesn't rank in the top 1,000. That doesn't happen enough to worry about it. Now having 40,000+ die and millions severely injured in car accidents every year does rank in the top 5.

 

[Ralph Sir Edward]

There are a million of things to be worried about. Having my Microsoft OneDrive folders get hacked doesn't rank in the top 1,000. That doesn't happen enough to worry about it. Now having 40,000+ die and millions severely injured in car accidents every year does rank in the top 5.

Then why did you bring it up in the first place?

 

[Brett]

Not a safe idea. If there is some illegal activity is a few of the boxes, the US government can seize ALL the boxes' contents, making you have to prove you contents were legal, and not part of the other box renters. Not conspiracy theory; it has already happened a few years ago. Banks have the "know your customer" laws as backup for such cases; and can vouch for each customer's separate ownership.

Maybe that's why many bank branches no longer offer safe deposit boxes

 

[Ralph Sir Edward]

No, they just can't make as much money as it can off of things like deposits.

 

[Brett]

No, they just can't make as much money as it can off of things like deposits.

sure, every product has a 'profit margin' and if it isn't profitable .....

Safe deposit boxes are still useful for the gold hoarders

 

[Ralph Sir Edward]

sure, every product has a 'profit margin' and if it isn't profitable .....

Safe deposit boxes are still useful for the gold hoarders

And for people who believe in off-site storage.