Safe Deposit Boxes 1 1

[MatterEaterLad]

2 minutes ago, shadroch said:

So when your bank is closed for a three day weekend like MLK Day in January, they leave the heat on all weekend

I'll ask. I would think the HVAC would be off when the bank is closed, which would be a sauna in a place like Florida. Not so much here. 

[shadroch]

It is the swings you need to worry about. A normal 70F. that goes down to 50F is just as bad as a 70F that goes up to 90F

[wilbil]

interesting comments in this thread.

1) a federal insurance deposit bank is not required to cover any contents of a safety deposit box.

2) every bank sets a limit on what is and is not covered and for how much or for how little for items in a safety box. the user may not know it, the user may not have read the lease documents, or the information documents that accompanied the opening of a bank account. 

3) there are insurance companies that specifically insure contents of a safety box, and strict requirements for same. many insurance companies will have a lower rate for items that are stored in a bank deposit box.

4) storing collectibles in a safety box is a very risky business.

a) as shad states, there is a vast swing in temperature control, without any protection at all.

b) as to paper items, moisture is of particular concern, and insurance companies recommend that such items....wills, discharge papers, dnr directives, mortgages, birth certificates, stock/bond certificates etc., be in a waterproof container. note it is never a good idea to keep documents that may be needed for immediate action in a safety box...like passports. even your re-insurer will most likely require this, and will exclude damage due to temperature/moisture/humidity changes. 

4) cash...never. cash should be in a federally insured account. 

5) gold/silver: dumb move.

6) it is never at all ever a good move to store collectible valuable coins or stamps in a safety box, wheter encapsulated or not, for any but a very temporary length of time.

7) there are wonderful all encompassing home safes on the market that are the ultimate in protection. cost? sure. worth it? personal decision.

8) i would advise a person that decides to have a safety box to check the safety box at least once a week. keep a record of the sign-in/sign out time, and what was removed or added.

but, if someone is putting even the maximum amount the bank will insure...say 10k, in the deposit box at the bank, and i can buy a great box for 3-4k, i am buying the box. that is just me.

fwiw