Pretty interesting article about the subject:
https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html

Basically if you are in the USA, there are no federal protections on your property if the bank manages to 'lose' it.

Even suing the bank will not solve the losses, basically because most have a contract that limits the amount of reimbursement to a couple times the value charged for the rental of the safe.

Generally speaking, even when a jury rules in your favor and grants an adequate compensation , odds are that the judge will overrule and follow the maximum payment set in the contract with the bank.

My suggestion is: hire insurance and keep your watches at home.

You will be safer (in case of loss) and you have your timepieces readily available.

 

An old story and quite unique. Banks in the US specifically state that there is no insurance on anything you place in your SD box, if you want insurance coverage you have to arrange that yourself. There have been a few vault break ins in larger cities where the chance of scoring big payouts are larger, but for most people they are a good way to go to store valuables. You are far more likely to have a home burglary than you are to have an intrusion at your local bank, but everyone has to make that calculation for themselves.

 

Scary. I do use mine. As a private client with my box in a stable and high performing branch, I’d expect to be notified of changes in SDB policy etc. They manage most of my investments so I’d expect not to be blind sided. To even get into the vault requires ID and pass code. I think however that I’m going to have a chat with my banker.

 

Many bank branches (those not closing) are moving to get rid of their safety deposit box services. I have had a hard time finding one near me and any new ones going up don’t have SDBs.

 

I had the same experience. In the US, Chase and Capital One aren't offering boxes anymore and are phasing out existing ones. Wells Fargo has made noises about phasing out their boxes, but Bank of America has confirmed that they will continue to offer them.

I did learn that there is a new private secure storage industry emerging to replace the bank boxes.

 

I would trust those far less than the banks.

 

And you're not wrong IMO. Banking is all about trust, so the large banks have good reasons to stand behind the products they offer.

 

Even the money in your bank account is not insured passed the FDIC limit, which is set at $250,000.

 

I would trust a bank as about as far as I could comfortably spit a rat!

 

When the imminent bank collapse happens you can lose both your money and your watches. That’s a win win.

 

That's your choice, of course, but you are clearly in a very small minority,

 

My bank branch, which is part of a regional bank based in Oklahoma with branches there and in Texas, was built in the last three years and they did put in a vault with SD boxes, it's not as big as the old bank but there is still a market for them. Not very expensive either, $35/year for a 10" x 10 box".

Back in the 1990's when I lived in New Jersey a private SD box firm opened up in the Morristown area....state of the art, 24 hour availability, serious security, etc. I used it for a couple of years but it got very little business and eventually closed. Oddest SD box I ever had was at Credit Suisse in Zurich in the 1980's, you took an elevator to the marble lined basement and you signed your name on a piece of paper and asked for the key to your numbered box (they kept the key), they would then fetch a white envelope that you had previously signed along the flap seam the last time you were there, they compared the signatures, showed you the envelope with your signature and they tore the envelope open and gave you the key. You had the vault attendant use his key and your key, as is usually done. When you left you would place the key in a new envelope and sign the seam. It worked and it all seemed very Swiss. There were acres of boxes down there, I always wondered what was in them. How much loot from WWII?

 

No most folks I know don’t trust the thieving bastards, but still have to deal with them.
Just because we have to deal with them doesn’t mean we trust them…it means we have no choice

 

If you have an SDB, you should definitely announce it on the internet.

 

I keep all of my valuables in a watertight case and sink it in the depths of my septic tank.

Haven't had any burglary attempts yet.

 

^^^

 

Changing watches can be a bit of a chore though .

 

As a collector of antique firearms, I ALWAYS advise people to avoid safe deposit boxes due to the variations in temp and humidity. They are designed for important papers...wills, contracts, money/coins perhaps, etc. As such, there is NO GUARANTEE of the environment they will exist in, unless specifically outlined and guaranteed by the bank. I have never seen such a guarantee. Why? because MOST banks turn off their climate control on weeknights and weekends, and the vast majority of older banks have no climate control at all in the safe deposit area(they count on convection currents during the day). Therefore, a safe deposit box is almost *always* a horrible place to store a rare firearm, with constant temp and humidity fluctuations. I imagine it could be quite a similar problem for rare watches, particularly older ones with minimal or worn seals.

 

I always go with home safe and vicious guard dogs.

 

x2. Except for the watertight case. I found that a case perforated with holes sinks down much easier.