Safety Deposit box - in banks
- Thread starter dindu5585
- Start date
(p/s what if you lived in apartments)
That linked thread is a discussion on safes, not safe deposit boxes.
A number of banks offer proper safe deposit box facilities (two keys, ID to be admitted), and there are several private providers in Melbourne, ranging from keyed deposit boxes through to biometric security etc. Been a number of discussions on the pros and cons of this type of storage. I'm pro- safe deposit box in the current political climate.
Plenty of scaremongering of the web - you need to weigh up the risk profile of storing PMs at home versus in a SDB.
A number of banks offer proper safe deposit box facilities (two keys, ID to be admitted), and there are several private providers in Melbourne, ranging from keyed deposit boxes through to biometric security etc. Been a number of discussions on the pros and cons of this type of storage. I'm pro- safe deposit box in the current political climate.
Plenty of scaremongering of the web - you need to weigh up the risk profile of storing PMs at home versus in a SDB.
yeah certain commentators say you should have minimal physical barriers between you and your PM's, but I agree with GP we are no where near SHTF scenario here in AUstralia, just yet, so I personally dont like keeping significant qty of PM at my house so I also use a safety deposit facility
hiho said:
+ 1
Storing valuables in a safe deposit box
Read the contract for your box carefully to understand the conditions of storage.
Photograph and seal items in individual plastic bags before storing.
Get appraisals of your valuables and keep receipts. Although banks are not liable for contents lost in a disaster or terrorist attack, if you have a bank safety deposit box and can show receipts they might give some compensation.
Make sure your heirs know you have a safe deposit box and where it is. Otherwise, when you die, contents could revert to the state.
Be very specific about who can access your safe deposit box in power of attorney documents.
Read the contract for your box carefully to understand the conditions of storage.
Photograph and seal items in individual plastic bags before storing.
Get appraisals of your valuables and keep receipts. Although banks are not liable for contents lost in a disaster or terrorist attack, if you have a bank safety deposit box and can show receipts they might give some compensation.
Make sure your heirs know you have a safe deposit box and where it is. Otherwise, when you die, contents could revert to the state.
Be very specific about who can access your safe deposit box in power of attorney documents.
Other than that silly sting operation in England and the police later lost millions in lawsuits over that fiasco, where exactly have the contents of the average citizen's safe deposit boxes been seized?
And where I am from, I cannot recall a single instance of theft of safe deposit box contents.
Safe deposit boxes seem like the best storege option for most people.
And where I am from, I cannot recall a single instance of theft of safe deposit box contents.
Safe deposit boxes seem like the best storege option for most people.
It's not legal in all cases to store PMs in a safety deposit box. Read the paperwork carefully.
Also, it depends on what you want to store. Put too many kilo bars in there and it's too heavy to lift. If it's a box where a bank employee has to get it out for you, you may break their back when you hit the 20kg mark! May be better for gold than silver.
Shop around, I found prices really vary a lot. Banks seemed cheaper than private companies but it depends.
Also, watch out for access charges. Some give x free visits a year, then you pay.
And decide if you want a seled in box with two keys, or are you happy to put a locked metal box or trunk into their vault and they bring it out for you.
Also, it depends on what you want to store. Put too many kilo bars in there and it's too heavy to lift. If it's a box where a bank employee has to get it out for you, you may break their back when you hit the 20kg mark! May be better for gold than silver.
Shop around, I found prices really vary a lot. Banks seemed cheaper than private companies but it depends.
Also, watch out for access charges. Some give x free visits a year, then you pay.
And decide if you want a seled in box with two keys, or are you happy to put a locked metal box or trunk into their vault and they bring it out for you.
I put this to the wifes family there from Serbia
The responce i got, if you don't burry it you deserve not to have it, might be a wog thing though
They lived through quite a bit in the old Country and as such don't trust Banks with there wages, let alone their wealth, so every thing gets burried, i'm sure its not the best way but it works for them, me personally not that i have much, goes in the cubboards, when its enough it goes to the yard
The responce i got, if you don't burry it you deserve not to have it, might be a wog thing though
They lived through quite a bit in the old Country and as such don't trust Banks with there wages, let alone their wealth, so every thing gets burried, i'm sure its not the best way but it works for them, me personally not that i have much, goes in the cubboards, when its enough it goes to the yard
dccpa said:
By accident or not it has happened
http://www.youtube.com/watch?&v=UdB2YiymmUc
[youtube]http://www.youtube.com/watch?v=UdB2YiymmUc[/youtube]
Zedsdeadbaby
New Member
Re the 4 major banks in Australia, anywhere from $150 - $750 AUD per year. The smaller ones you won't get much silver in. For about $225 per year you get a box 48.5cm long, 29cm wide and 4.8cm high.
When it comes to storage risk you have diversify. I'm not comfortable having it all in the one place regardless of where it is. For example: 1/3 stashed in a secret location, 1/3 in safe deposit box, 1/3 in allocated storage facility such as Perth Mint Depository Service or similar vault services. If you want to get serious about it you should also consider safe storage solutions on the other side of the country or world.
When it comes to storage risk you have diversify. I'm not comfortable having it all in the one place regardless of where it is. For example: 1/3 stashed in a secret location, 1/3 in safe deposit box, 1/3 in allocated storage facility such as Perth Mint Depository Service or similar vault services. If you want to get serious about it you should also consider safe storage solutions on the other side of the country or world.
Mi lao shu
Member
I am also pro SDB at the moment, but in future digging is best way i think. I prefer to have few safe deposit box in few countries with different family members have access to them.Yes it is more expensive on that way bur risk is lower. Few months ago i was with some friends back in Serbia to look around at their old house where his grand-mam hide some gold stash but she never tell anyone where is it, but high vegetation prevents us for search. We were using some average metal detector. After some time one of them suggest to look for some let say ammunition which he hide during the war, we search place perfectly and nothing. And that place is very rare populated and is on his land , nearest neighbor is few miles from there. And guy who hide it was very capable, so if u want to dig something u need to be very very careful, the best thing is to hide that activity with some common ground digging activity. Anyway i will buy some nice detector next year, if gold explode this will be fine hobby and good investment. I am just wondering how many people ont his forum can speak serbo-croatian language
aleks,
The California fiasco was news months ago, but the SDB assets weren't seized. Due to egregious errors by Bank of America, the assets were turned over to the state of California as unclaimed property. That is entirely different from seizure by the state.
Just like in the British case, Bank of America paid dearly for those errors.
In my state, if an account is inactive for 7 years, the property goes to the state as unclaimed. Our state Auditor attempts to contact the owners, publishes a list in newspapers each year and lists the information on the Auditor's web site. The Great Arkansas Treasure Hunt is also publicized on TV.
I am more worried about BHO declaring a bank holiday than I am about losing the assets in my SDB.
The California fiasco was news months ago, but the SDB assets weren't seized. Due to egregious errors by Bank of America, the assets were turned over to the state of California as unclaimed property. That is entirely different from seizure by the state.
Just like in the British case, Bank of America paid dearly for those errors.
In my state, if an account is inactive for 7 years, the property goes to the state as unclaimed. Our state Auditor attempts to contact the owners, publishes a list in newspapers each year and lists the information on the Auditor's web site. The Great Arkansas Treasure Hunt is also publicized on TV.
I am more worried about BHO declaring a bank holiday than I am about losing the assets in my SDB.
MetalMajix
Member
What happens if there are bank holidays?
How do you access your box?
How do you access your box?