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rott3
·One big lesson I will take from here.....
‘Safe’ doesn’t mean ‘safe’
‘Safe’ doesn’t mean ‘safe’
Safe Deposit Boxes Aren’t Safe - NY Times
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watchknut
·I recently got a safety deposit box.
Now I am trying to figure my next move.
I need to check about my insurance premiums if they are stored in a bank.
My thought is to keep insured and in my house in my safe, and use the bank for when I travel.
It sucks that I am now worried about what option I thought was worry free.
Now I am trying to figure my next move.
I need to check about my insurance premiums if they are stored in a bank.
My thought is to keep insured and in my house in my safe, and use the bank for when I travel.
It sucks that I am now worried about what option I thought was worry free.
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Evitzee
·I recently got a safety deposit box.
Now I am trying to figure my next move.
I need to check about my insurance premiums if they are stored in a bank.
My thought is to keep insured and in my house in my safe, and use the bank for when I travel.
It sucks that I am now worried about what option I thought was worry free.
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watchknut
·Your chances of suffering the kind of losses mentioned in the NYT article are about as close to zero as you can get. They were extreme cases over a period of many years with bank closures, mergers, etc. and the owner's claiming they didn't get notices in the mail or even visiting the banks over long periods of time. Put your stuff in the SD box when travelling, the stuff will be there when you get back. No need to worry or overthink it.
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bazamu
·Yeah, this is an unfortunate story but represents an extreme outlier, in my opinion. I keep the majority of my watches in a safety deposit box and have never thought twice about it. When was the last time you read about bandits breaking into a huge bank vault, drilling all the boxes, and stealing all the loot?
[knocking on wood after writing all that]
[knocking on wood after writing all that]
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watchknut
·Well shit...
My insurance will not insure a watch that is in a bank safety deposit box!!!
So it looks like I’ll need to A) find other insurance or B) just insure and keep at my house.
This article has caused me a lot stress that I didn’t expect.
My insurance will not insure a watch that is in a bank safety deposit box!!!
So it looks like I’ll need to A) find other insurance or B) just insure and keep at my house.
This article has caused me a lot stress that I didn’t expect.
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Tony C.
··Ωf Jury memberThe safety of a SDB can vary significantly depending on where one lives, and which bank. I certainly would not assume that the contents would be safe, given a bank that has solvency issues.
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jhross98
·Well shit...
My insurance will not insure a watch that is in a bank safety deposit box!!!
So it looks like I’ll need to A) find other insurance or B) just insure and keep at my house.
This article has caused me a lot stress that I didn’t expect.
are you in the US ?
that is quite possibly the stupidest thing i have ever heard from an insurer, and that is saying something
insurance for valuable items in the US -- standard is it covers the items anywhere, in your possession or in transit. this is why its so darn expensive for jewelry and watches were are portable. art coverage is usually a fraction of this price / $ insured (similar to what a watch is in a bank vault)
for an insurer to say they'll cover it on your wrist in the dodgiest bit of any major city but not in a bank vault seems truly crazytown
i just checked--my rate in a bank vault is 1/10 what it is in my house or on my wrist
you need a new insurer. try AIG, PURE, or Chubb if you are in the US
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watchknut
·are you in the US ?
that is quite possibly the stupidest thing i have ever heard from an insurer, and that is saying something
insurance for valuable items in the US -- standard is it covers the items anywhere, in your possession or in transit. this is why its so darn expensive for jewelry and watches were are portable. art coverage is usually a fraction of this price / $ insured (similar to what a watch is in a bank vault)
for an insurer to say they'll cover it on your wrist in the dodgiest bit of any major city but not in a bank vault seems truly crazytown
i just checked--my rate in a bank vault is 1/10 what it is in my house or on my wrist
you need a new insurer. try AIG, PURE, or Chubb if you are in the US
I’ll look into others.
Agree, makes no sense.
Thanks for the tips on others.
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gemini4
··Hoarder Of Speed et aliaConsider
https://safedepositboxinsurance.com/
https://safedepositboxinsurance.com/
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watchknut
·
That is very affordable compared to what I currently pay.
I wonder how legit it is?
I wonder how legit it is?
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STANDY
··schizophrenic pizza orderer and watch collectorInsurance companies don’t like your goods being with a third party, bank or whoever.
Was chatting to a mate in the insurance game about it.
He even mentioned your car/boat insurance has grey areas when it’s at the shop with someone getting fixed as you give them the keys. ( fine print usually has something to the effect and they now most don’t even read it )
Was chatting to a mate in the insurance game about it.
He even mentioned your car/boat insurance has grey areas when it’s at the shop with someone getting fixed as you give them the keys. ( fine print usually has something to the effect and they now most don’t even read it )
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vintagemillenial
·Ill just bury everything in the backyard.
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lando
·Ill just bury everything in the backyard.
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Larry S
··Color Commentator for the Hyperbole.Well shit...
My insurance will not insure a watch that is in a bank safety deposit box!!!
So it looks like I’ll need to A) find other insurance or B) just insure and keep at my house.
This article has caused me a lot stress that I didn’t expect.
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watchknut
·Seems like we’ve discussed this with you before. Find a new insurer.
I’ll be exploring other options, as I just found out about the possession issue yesterday when I asked about a possible price difference for storing in a bank.
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1965Speedie
·Thanks for sharing; there were several points that I hadn’t considered before. I have a heavy duty Fort Knox gun safe and keep my watches in there, but a skilled burglar with the right tools can get into those too. I guess there is no perfect security method/device.
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Alfista88
·My first job when I turned 16 back in high school was working as a bank teller at a savings & loan. The neighborhood was dotted with retirement home communities, and the majority of the safety-deposit box customers were elderly WW2 & Korea vets and/or their widows.
When escorting elderly clients to retrieve their boxes or return them to the vault, they frequently tasked me with carrying the boxes. On the walk back to the vault, all too often I was asked to raise their box lids so they can peer into the box one last time before I sealed it back into the vault. Despite frequent reminders advising against retaining cash in their boxes, it never ceased to amaze me how large a percentage of the clientele kept plastic bags full of cash in their boxes... I guess memories/parents' memories of the 1930's bank failures aren't easily forgotten.
Sadly, what does get forgotten on the onset of old age is paying the recurring fees on safety deposit boxes, for those who don't set up auto-pay. After X months of delinquency, the bank's policy was to drill an individual's chamber so it can be made available for sale again. A locksmith would need to be scheduled, and the contents of the drilled box would be secured with multiple witnesses and then sent to court. All in all, that procedure is a giant hassle and erases years' worth of profit on a box space.
I'm sure it's a redundant reminder to all the forum members who use safety deposit boxes: don't forget to sign up for autopay!
When escorting elderly clients to retrieve their boxes or return them to the vault, they frequently tasked me with carrying the boxes. On the walk back to the vault, all too often I was asked to raise their box lids so they can peer into the box one last time before I sealed it back into the vault. Despite frequent reminders advising against retaining cash in their boxes, it never ceased to amaze me how large a percentage of the clientele kept plastic bags full of cash in their boxes... I guess memories/parents' memories of the 1930's bank failures aren't easily forgotten.
Sadly, what does get forgotten on the onset of old age is paying the recurring fees on safety deposit boxes, for those who don't set up auto-pay. After X months of delinquency, the bank's policy was to drill an individual's chamber so it can be made available for sale again. A locksmith would need to be scheduled, and the contents of the drilled box would be secured with multiple witnesses and then sent to court. All in all, that procedure is a giant hassle and erases years' worth of profit on a box space.
I'm sure it's a redundant reminder to all the forum members who use safety deposit boxes: don't forget to sign up for autopay!
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Speedmasterfan88
·Hm, a sad story indeed but I would also say it‘s the extreme outlier.
Seems like this is a US problem? I have a SDB in my bank in Germany. They offer to insure it for fixed amounts. Say up to 10.000€, 50.000, 80.000 you get the point.
Of course the insurance is capped at some point (IIRC around 100-150k) and you have to pay a considerable amount more than the basic insurance that is covered in the renting fee (at my bank it‘s something around 80€ P.A. For every 5.000€ step more in insurance on top of the regular fee which is around 280€ P.A.)
Anyways, it gives me peace of mind and I believe it to be highly unlikely that anything happens to the contents there.
Also, a general question, did they drill the SDB open or how did they get ahold of the contents? My bank cant access my SDB without the second key which is in my possession. (Note: that also means shall I loose it somehow I have to pay a large sum to get the SDB opened and a new box and lock fitted.)
Cheers,
Max
Seems like this is a US problem? I have a SDB in my bank in Germany. They offer to insure it for fixed amounts. Say up to 10.000€, 50.000, 80.000 you get the point.
Of course the insurance is capped at some point (IIRC around 100-150k) and you have to pay a considerable amount more than the basic insurance that is covered in the renting fee (at my bank it‘s something around 80€ P.A. For every 5.000€ step more in insurance on top of the regular fee which is around 280€ P.A.)
Anyways, it gives me peace of mind and I believe it to be highly unlikely that anything happens to the contents there.
Also, a general question, did they drill the SDB open or how did they get ahold of the contents? My bank cant access my SDB without the second key which is in my possession. (Note: that also means shall I loose it somehow I have to pay a large sum to get the SDB opened and a new box and lock fitted.)
Cheers,
Max
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Evitzee
·My insurer has been great up until this point, I’ve never had any issues.
I’ll be exploring other options, as I just found out about the possession issue yesterday when I asked about a possible price difference for storing in a bank.
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