Are safe deposit boxes safe?

[agga40s]

After reading about people having their safe deposit boxes opened, I'm a little concerned. I haven't opened my box in a couple of years but the annual rent payments are automatically deducted from my checking account.

I know I'm probably worrying about nothing, but still....:idunno I don't have much in the box, but I can't afford to take chances with what little I do have.

Also, I've looked at home safes and can't figure out how one would mount one to a concrete foundation. I've seen the floor safes, but that would require knocking a hole in the existing foundation and digging a hole to put the safe in, right? I'm not strong enough to do that and certainly don't feel comfortable asking someone else to do it. Any suggestions?

Thanks!

[dpetty]

Yes they are BUT if the banks declare a holiday then you will not have access till they reopen whcih could be any lenght of time.

[BeNotAfraid]

No, not really. They're subject to government search/confiscation/seizure (I'm sure you've seen the articles of this already happening) and as the pp said, you're relying on someone else to give you access to YOUR box, and your interests are likely opposing.

What about a small fireproof safe buried a few feet underground? Then you could plant some rosebushes or cactuses or something on top :)

I've seen plans for hiding them in walls and such. Is your concern more theft or natural disasters? If you're tornado-prone that would require something different than just hiding it where thieves will not find it. You could always hide it under insulation in your attic or somewhere in outbuildings.

If safety deposit boxes give you peace of mind, it might be better for you to chance that than worry about it at home all the time.

[agga40s]

Yes they are BUT if the banks declare a holiday then you will not have access till they reopen whcih could be any lenght of time.

They're subject to government search/confiscation/seizure (I'm sure you've seen the articles of this already happening) and as the pp said, you're relying on someone else to give you access to YOUR box, and your interests are likely opposing.

Yeah, that's what causes me concern.

I don't think I'd feel uncomfortable having it at home if I was sure it would be safe through a fire. Of course, I'm somewhat concerned about theft, but if the safe was securely mounted to the floor, that would make theft pretty much impossible.

I'll probably just leave it in the box, but I'm gettin' paranoid these days about our government. These days, I feel like I'm living in a foreign country, where you can't take anything for granted. :twitch

Thanks for your help.

[Rondaben]

Yeah, that's what causes me concern.

I don't think I'd feel uncomfortable having it at home if I was sure it would be safe through a fire. Of course, I'm somewhat concerned about theft, but if the safe was securely mounted to the floor, that would make theft pretty much impossible.

I'll probably just leave it in the box, but I'm gettin' paranoid these days about our government. These days, I feel like I'm living in a foreign country, where you can't take anything for granted. :twitch

Thanks for your help.

Its good advice to close it and get it safe with you. Money not in your possession is not yours. Remember the last round of bank holidays in the depression...Once people were allowed access to them they had to open them in the presence of an IRS agent. They took their cut there and eventually confiscated the Gold in them.

[Heartstorm]

I bought a small fire proof safe for here at my home, Easy to hide, plus I had read somewhere to have all your papers and cash in one place that you can grab and go.

[HSmomto4]

After that article I read about people having their things taken even when they were paying rent on the boxes, I wouldn't let anyone but me hold on to my things.

[Amanda's mom]

my DH is a safe fanatic. He keeps telling me he wants to get an in-ground floor safe. It has two advantages: You can't move it and you can't get through the side of it. With regular safes, he says that he can get through the outside with a cold chissel and then a sledge hammer and he'd be inside it with no problem. Not so with a properly bedded in-ground floor safe.