How “safe” are bank safety boxes?
Jun 30, 2009
in
Tornado Safety
Just wondering, can bank employees get in?
Are they fire proof?
How about storms. tornadoes etc?
I have a lot of cash in mine, getting nervous.
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7 comments
T on June 30, 2009 at 9:17 pm
You have to ask your particular bank those questions.
But they are typically fire proof and "storm" proof. And only the highest bank employees can get into them.
They are only as safe as the bank itself…again ask the bank manager these question. If you feel uneasy…buy a F.D.I.C. insured bank CD. Instead of worrying about all that cash…and getting no interest.
Da Th3 Pr0bL3m on June 30, 2009 at 9:17 pm
Are safe deposit boxes protected from fire, flood or other disasters?
The companies that manufacture safe deposit boxes and the vaults that house the boxes make them highly "resistant" to fire, flood, heat, earthquakes, hurricanes, explosions or other disastrous conditions. However, the key word here is "resistant." There is no 100 percent guarantee against damage, and substantial losses sometimes occur.
Are there extra precautions I can take to minimize damage?
Yes. Prevent water damage by sealing items in airtight, zip-lock bags or Tupperware-style containers. Also, put your name on each item, keep a list of the box’s contents, make copies of important documents and even take photos of your most prized items left in the safe deposit box. That way, if a disaster occurs, your chances of successfully identifying, claiming or recovering an item would be increased.
Does anyone insure my safe deposit box against damage or theft?
Unless your bank is found to be negligent in the way it handled or protected your safe deposit box, do not expect the bank or its private insurance to reimburse you for any damage or loss. If you are concerned about the safety or replacement of the items in your box, first check whether your own homeowner’s or tenant’s insurance policy covers your safe deposit box against damage or theft. Many do cover box contents up to a certain dollar amount, even including items lost or damaged when they are out of the box. If your home-related insurance is not sufficient, talk to your insurance agent about additional protection or find out if your bank is among those selling limited insurance coverage on safe deposit boxes. Before buying any extra coverage, carefully review the policy and do some comparison-shopping.
Can thieves rob a safe deposit box?
Yes, it happens, but fortunately not often. Safe deposit boxes are stored in concrete or steel vaults equipped with sophisticated alarms, locks, video cameras, motion sensors, heat detectors and other security devices. Most U.S. banks also have very strict access procedures, among them: verifying signatures, restricting access to the vault, never leaving anyone unattended inside the vault, and requiring two different keys (one being the bank’s "guard key") to open a safe deposit box.
Adventure on June 30, 2009 at 9:17 pm
Are safe deposit boxes protected from fire, flood or other disasters?
The companies that manufacture safe deposit boxes and the vaults that house the boxes make them highly "resistant" to fire, flood, heat, earthquakes, hurricanes, explosions or other disastrous conditions. However, the key word here is "resistant." There is no 100 percent guarantee against damage, and substantial losses sometimes occur.
Are there extra precautions I can take to minimize damage?
Yes. Prevent water damage by sealing items in airtight, zip-lock bags or Tupperware-style containers. Also, put your name on each item, keep a list of the box’s contents, make copies of important documents and even take photos of your most prized items left in the safe deposit box. That way, if a disaster occurs, your chances of successfully identifying, claiming or recovering an item would be increased.
Does FDIC insurance cover the contents of safe deposit boxes if they are damaged or stolen?
No. By law, the FDIC only insures deposits in deposit accounts at insured institutions. Although you may be putting valuables, including cash and checks, into an area of the bank that has the word deposit in its name, these are not deposits under the insurance laws that the bank can use, for example, to make loans to other customers. A safe deposit box is strictly a storage space provided by the bank.
Does anyone insure my safe deposit box against damage or theft?
Unless your bank is found to be negligent in the way it handled or protected your safe deposit box, do not expect the bank or its private insurance to reimburse you for any damage or loss. If you are concerned about the safety or replacement of the items in your box, first check whether your own homeowner’s or tenant’s insurance policy covers your safe deposit box against damage or theft. Many do cover box contents up to a certain dollar amount, even including items lost or damaged when they are out of the box. If your home-related insurance is not sufficient, talk to your insurance agent about additional protection or find out if your bank is among those selling limited insurance coverage on safe deposit boxes. Before buying any extra coverage, carefully review the policy and do some comparison-shopping.
Can thieves rob a safe deposit box?
Yes, it happens, but fortunately not often. Safe deposit boxes are stored in concrete or steel vaults equipped with sophisticated alarms, locks, video cameras, motion sensors, heat detectors and other security devices. Most U.S. banks also have very strict access procedures, among them: verifying signatures, restricting access to the vault, never leaving anyone unattended inside the vault, and requiring two different keys (one being the bank’s "guard key") to open a safe deposit box.
mande95747 on June 30, 2009 at 9:17 pm
I used to work at a bank.
The employees absolutely cannot get in.
It takes two keys, and if you lose yours, they have to have a locksmith come in, drill it out, and put in a new lock.
They’re in the vault, which is encased in solid concrete.
It would take a direct hit from a missile to do anything.
There is nothing inside there to catch on fire, because the safe door is closed after they close.
However, the government can keep you from getting in, if you owe them taxes, etc.
They send a notice to the bank, who puts a little button in the lock, and they won’t let you in.
src50 on June 30, 2009 at 9:17 pm
Pretty safe. But keeping money in one isn’t a good idea.
ibu guru on June 30, 2009 at 9:17 pm
Bank safe deposit boxes are about as safe as you can get from physical risks (fire, flood, etc), but they are not perfect protection against every possible risk. Do seal papers, documents, currency in zip-seal plastic, keep records of the contents of your box, etc, as others have outlined.
There is one major risk no one has mentioned yet. During the Depression, FDR made owning gold a crime, closed the banks, and confiscated all gold privately owned and held in safe deposit boxes. There was no compensation to anyone for whatever was taken from their safe deposit boxes.
Could this happen again? The precedent is there, the government is deeply in debt, and it is a possibility. I would be leery of holding certain valuables in a safe deposit box in a US bank. And of course, if the government claims you owe back taxes or whatever, it can confiscate everything in your bank accounts and safe deposit box. If you have a lot of cash, the government can — and has — simply confiscated it.
attorneyinmichigan on June 30, 2009 at 9:17 pm
Considering the machines are set to rise in a few years (See Terminator I, II, and III), not safe at all. The nuclear annihilation by the robots, however, will make your safe deposit box the least of your concerns. Your best bet is to try to find the corporation which will be building these machines!! We don’t have much time left!