I got cleaned out

[MrSteve]

Have a chat to your local watering hole manager and ask them to keep an ear out for you... you'd be surprised what people talk about after a few, especially if they were local crooks or someone that's known to you...

 

[goanna]

robertc400 says, "but the bank only wants them to weigh 10kgs each so as not too heavy for the staff to handle."

What the hell are the bank staff doing handling your box????

 

[bigcountry]

Cash Converters has an online store too, Check that regularly. Today I found a 10oz gold lunar pig coin! Seems legit!

 

[Midnight Man]

Another factor is we thought we had a higher level of cover with our insurance, as my wife was adamant she'd told them about the PM's, but again, another mistake that we didn't verify it in our policy. Another one in the what-if pile.

Sorry to hear of your loss Mickroy

One note on insurance policies - the moment an insurer hears you're storing precious metals at home, and want any sort of contents coverage at all, they'll just hang up the phone on you (such has been my experience in the past)

 

[robertc400]

robertc400 says, "but the bank only wants them to weigh 10kgs each so as not too heavy for the staff to handle."

What the hell are the bank staff doing handling your box????

It is not like a safety deposite box like you see in the movies, where you go into a room full of safety deposite boxes, you open yours and take it out and add, subtract or swap the contents with no one around. I was told by the bank that very few of those types of vaults in banks actually exist. They said one in Melbourne and one in Sydney but thats all. (The person was not exactly sure but thought that was the case). they are more common in USA but still only a few over there too, certainly not in every branch. It is only private business vaults like some of the dealers on this site (which are available) where you see this style more often.

No-one is allowed behind the teller area of any branch except staff for obvious reasons. I am not allowed to put my own cash tins in the vault. The staff have to do it. Not sure if any other banks have different protocals.

 

[hiho]

robertc400 says, "but the bank only wants them to weigh 10kgs each so as not too heavy for the staff to handle."

What the hell are the bank staff doing handling your box????

It is not like a safety deposite box like you see in the movies, where you go into a room full of safety deposite boxes, you open yours and take it out and add, subtract or swap the contents with no one around. I was told by the bank that very few of those types of vaults in banks actually exist. They said one in Melbourne and one in Sydney but thats all. (The person was not exactly sure but thought that was the case). they are more common in USA but still only a few over there too, certainly not in every branch. It is only private business vaults like some of the dealers on this site (which are available) where you see this style more often.

No-one is allowed behind the teller area of any branch except staff for obvious reasons. I am not allowed to put my own cash tins in the vault. The staff have to do it. Not sure if any other banks have different protocals.

Well there is one in Brisbane that I know of?

 

[Clawhammer]

Mine is just a toolbox with a padlock on it. It sits in the bank's strongroom. When I want it, a teller collects it and delivers it to me in a closed alcove within the branch.

They are not allowed to be present when the box is open. Its quite strict.

 

[goldpelican]

There's a number of banks in Melbourne alone that have safe deposit box rooms where you need two keys to get access, and you pull your own box out and put it back.

 

[robertc400]

^^^^

I wonder if there were bail-ins in Australia, would any of these types of safety deposit boxes be confiscated. Would you have a better chance of getting the the content of one of the above types back (because of the two keys - of which one you have yourself) or your own box in a strongroom or vault? Either way is Tassy there are no such safety deposit box rooms that I am aware of. Pitty. I like the idea of two keys needed to open, the bank having one and you the other. Not sure of the prices of those though?

 

[Phiber]

I think a safer option would be a private vault, independent from banks.

 

[goldpelican]

^^^^

I wonder if there were bail-ins in Australia, would any of these types of safety deposit boxes be confiscated. Would you have a better chance of getting the the content of one of the above types back (because of the two keys - of which one you have yourself) or your own box in a strongroom or vault? Either way is Tassy there are no such safety deposit box rooms that I am aware of. Pitty. I like the idea of two keys needed to open, the bank having one and you the other. Not sure of the prices of those though?

Haven't heard of Cyprus style bail-ins anywhere resulting in seizure of physical goods. I'm not referring to the fraudulent/negligent actions of banks that sell off contents after not being able to contact owners for 12 months as happened to a few people in the US. Check the terms of your storage agreement. I know ANZ In Melbourne have boxes that haven't been paid for in 20 years sitting in bulk storage - not sure if it was a "can't" or "don't", but they don't dispose of the contents like they do in the US. Each bank may have a different policy for treatment of unclaimed goods.

That said - eggs, basket - don't put them all in the same one.

 

[Clawhammer]

I think a safer option would be a private vault, independent from banks.

Not if the private operator gets into financial trouble. Its happened before!!!

 

[clubman]

Bank's deposit box not always safe, check this out.

http://en.wikipedia.org/wiki/DBS_Bank_(Hong_Kong)

On October 6, 2004, DBS Bank (Hong Kong) Limited announced that, during the renovation of its branch in Mei Foo Sun Chuen, in Kowloon, when the bank attempted to remove more than 900 empty safety boxes from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged. The bank has swiftly apologised to customers and offered a minimum of HK$150,000 of compensation. It has also promised a full investigation.

 

[Phiber]

I think a safer option would be a private vault, independent from banks.

Not if the private operator gets into financial trouble. Its happened before!!!

Wouldn't that be the same for a bank though?
One would have to read the one prints on this point.

 

[Phiber]

Bank's deposit box not always safe, check this out.

http://en.wikipedia.org/wiki/DBS_Bank_(Hong_Kong)

On October 6, 2004, DBS Bank (Hong Kong) Limited announced that, during the renovation of its branch in Mei Foo Sun Chuen, in Kowloon, when the bank attempted to remove more than 900 empty safety boxes from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged. The bank has swiftly apologised to customers and offered a minimum of HK$150,000 of compensation. It has also promised a full investigation.

Shiiiiiiit!!!

 

[Phiber]

I think a safer option would be a private vault, independent from banks.

I disagree. As Clawhammer points out, you are at risk of the private operator going bust, not that they'd have claim to your goods, however I feel more secure with my goods in a the hands of a publicly listed company whose financial situation is publicly known (not that a public company can't go bust, but you'd likely have early warning signals).

If worried about government confiscation, I highly doubt that a private vault would be exempt from the sealing of boxes, etc.

Valid points Baron, fair enough.
The private vault let you access your goods during a bank holiday however, which could be a time where you would really want to have access to your PMs.
In the end, no solution is risk free.
As you have pointed out though, the private facility would have no claim on your goods even if going bust.
And yes, in terms of confiscation,, it's about the same as the gov is made aware in the first place.

 

[thatguy]

I think a safer option would be a private vault, independent from banks.

I disagree. As Clawhammer points out, you are at risk of the private operator going bust, not that they'd have claim to your goods, however I feel more secure with my goods in a the hands of a publicly listed company whose financial situation is publicly known (not that a public company can't go bust, but you'd likely have early warning signals).

If worried about government confiscation, I highly doubt that a private vault would be exempt from the sealing of boxes, etc.

Look at Lehman Brothers just before they went bankrupt... not what you'd call early warning signs.

My bet is it is in the public's best interest to keep any news regarding Australia's big 4 banks that may financially spook the public well and truly hidden, the more dire the news the more the need for secrecy. The next financial meltdown will be just as surprising as the last but of greater magnitude

 

[Slam]

I think a safer option would be a private vault, independent from banks.

Anyone reviewed the T/Cs on the private vaults? Given they are private what happens when the company that owns the vault is insolvent? I mean anything can happen. I am a bit skeptical of private vaults at the end of the day you can still be denied access to it. What can you do in such scenarios, start going through government bodies to help you reclaim access? Going to court etc?

Wouldn't it be a better idea to have a safe deposit box in a bank vault. Yes you have the risk of confiscation. But realistically, we will either sense SHTF weeks before they announce something. We can make arrangements to move your contents earlier before they start busting up safety boxes. By the way, these are banks publically listed companies, I doubt they will go busting boxes in a hurry without Government passing legisation or reenacting existing dormant legisation. You have time to act, the banks own way more assets than any other entity in this country, if they go insolvent, we will have definitely known way more earlier to do something (bank runs provide an indication, general public awareness and sentiment, PMs rocketing up too much, Governments starting to become greedy and hints at passing certain legisation). The idea is to be up to date and if we sense something is close to giving. Well thats the time to make arrangements. If they deny access to your vault. Well, you can be dead certain to have 5000-10000 lining up outside the vault protesting. This will create media attention and may even lead to a real bank run. In contrast to a private vault would people care as much if they denied access. Look at MF Global, did the public care too much?

At the end of the day, I feel safe deposit boxes would provide adequate storage and protection. Given the entity behind that is running it, the public has some level of indirect interest in (given that they have deposits and other connections with the banks).

Sorry for off topic OP, sad to hear about your loses. I would also suggest you recall your thoughts on how you spoke to your insurance company. Did you tip off anything that may have hinted your address and what you wanted to insure? Hope the basturds get caught.

Slam

Bank's deposit box not always safe, check this out.

http://en.wikipedia.org/wiki/DBS_Bank_(Hong_Kong)

On October 6, 2004, DBS Bank (Hong Kong) Limited announced that, during the renovation of its branch in Mei Foo Sun Chuen, in Kowloon, when the bank attempted to remove more than 900 empty safety boxes from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged. The bank has swiftly apologised to customers and offered a minimum of HK$150,000 of compensation. It has also promised a full investigation.

This is an extreme case because a bunch of people screwed up and failed to check. Either way, most of the people with these boxes have negotiated independently for compensation. They will have been reimbursed in full for whatever contents they had. The bank literally f-uped.

 

[goldpelican]

Obviously the likelihood of losing your precious metals by storing them at home is *FAR* greater than the likelihood of losing them by storing in a safe deposit box.

Quite a few members now have reported losing metal because it was stored at home.

NONE have reported losing it from storing in a bank safe deposit box.

Wonder how much metal has been stolen from houses where the owners were influenced by internet alarmists over the "dangers" of safe deposit boxes.

 

[Ozboy]

Obviously the likelihood of losing your precious metals by storing them at home is *FAR* greater than the likelihood of losing them by storing in a safe deposit box.

Agree. I do understand the mindset behind keeping Gold out of the hands of others (SDP provider), but I think if Gov confiscation was to ever occur in Australia we would have some warning signals (e.g. confiscation overseas, increase in anti-gold rhetoric by government, etc).

Again, is there interest in having a private storage facility for s.s. memebrs?