Safety Deposit Box Access

[BullGear]

Just remember folks if something happens and the banks shut down, you will not have access to your safety deposit box(s) until they reopen. Under normal circumstances, I wouldn't raise this concern. But we are not living in normal times.

If you have any important paperwork or commodities in a SDB, I would seriously consider retrieving them and store them somewhere secure but where you have 24/7 access.

I'm not talking about an FDIC closure, but during any time of emergency, businesses close. I'm sure under certain circumstances banks will close and it could take days or possibly weeks for them to reopen. Don't catch yourself short.

 

[Nik H]

I agree...

I have two such boxes and have emptied them for the time being.

Also better have some cash in your possession just in case.

 

[W54/XM-388]

Months ago my bank sent me a letter letting me know that for "Covid Safety" the bank branch with my safety deposit box in it was closed mostly (along with like lots of other banks), but if I put in a request with about a week or so notice, They could schedule a time where somebody could be there to let me into my box.

People are going on and on about what if the banks close....
They haven't looked around here much as most of the banks are already closed because... Covid.

 

[deersniper]

What kind of idiot uses a safe that they don’t have control of???

 

[Redmanss]

I keep my safe deposit box key right next to my checkbook and cash deposit bag.

 

[jrhtx]

April 5, 1933 the President signed an order that citizens could no longer own gold coins/bullion. When people went to the bank to retrieve items in their safety deposit box an IRS agent was there to inspect the box to be sure there was no gold in the box. My grandparents told me this story many times.

Acquaintance stored his Class 3 items in a safety deposit box while he was working in another non class 3 state. Paid the bill for like a year plus. He received a letter from the bank that he had not paid the box rent, they opened the box, found the weapons, and had AFT confiscate the weapons. It took him a while to get everything back. The bank was at fault but they never took responsibility for it.

Be careful what you keep in a safety deposit box.

 

[HeavyAssault]

Remember people came out of WWII with certain mentalities. If it's free to them what's the issue. For those who HAVE moved on from a SDB please provide the positives so others may learn.

 

[deersniper]

r those who HAVE moved on from a SDB please provide the positives so others may learn.

Um

Your stuff is in your control.

And no .gov gun thug or banister can steal or access it. (At least can’t easily )

 

[BullGear]

Also, remember that a Search Warrant can be exercised without your knowledge on your SDB.

First, in order to get a search warrant for a safe deposit box the police usually must already know of its' existence and where it is located. With the warrant in hand the police will show up at the bank, (almost certainly unannounced), serve the warrant and be brought to the safe deposit box, where at that point in time the bank manager, etc. will use their master key to open the box for the police. Once the box is opened the police can search for, and seize any and all items listed in the "items to be searched for" section of the warrant, as well as anything that they see which would be clearly contraband to them.

 

[TheHorta]

Also know that all SDBs and their owners are kept in a national database. If your personal name is on the box, BIG.GOV knows about it.

If you must use a SDB, best to have it under a commercial name or a trust and not individually.

 

[W54/XM-388]

If the government is showing up with a warrant to search your SDB, you have bigger problems than worrying about just your SDB...

 

[Missalot]

I used to work for a bank in a former life. One of my jobs was to inventory safe deposit boxes where the bill had not been paid for a couple of years and the owner could not be located. We would inventory the box (in dual custody) and then send the contents in a sealed container to the state where the owner could later claim the contents. We were unable to open the boxes as we only had the bank key. The owner of the box had the only other keys. Two were issued. For us to get in, we had to drill the lock which was done by the manufacturer, Diebold in this case. All the stuff we found was mostly junk. We never had a warrant served for a box while I was there, but if we had it would have had to be drilled. Things may have changed over the last 30 yrs.