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I am thinking about using a Safety Deposit Box.....and...I am wondering how safe are they? What might be the pitfalls and does anyone use them anymore? Looking forward to hearing all of your input....
I think its well understood that they are VERY safe. But I have heard some people who don't recommend them. If you decide to get one, be sure you only store items in there that you will not need 24/7 access to. Also, its recommend you keep an at home safe with a copy of your Will in as well. This is because I have heard stories of people who have named an executor of the estate but forgot to add them to the safety security box, etc. Be sure you know all of the pros and cons of SDB's before moving forward.
I am thinking about using a Safety Deposit Box.....and...I am wondering how safe are they? What might be the pitfalls and does anyone use them anymore? Looking forward to hearing all of your input....
Hi noihoforus--
For documents like wills, trusts, deeds, etc., yes.
Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. PresidentFranklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $371.10 today[3]) per troy ounce. Under the Trading With the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.
The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce ($587 in 2010 dollars) resulting in an immediate loss for everyone who had been forced to surrender their gold.
Personally, I have part of my portfolio invested in precious metals - the physical metals, mind you - specifically as an inflation hedge. The minute the Federal government tries to get me to exchange them in favor of questionably-valued Bernanke's Reserve Notes, I'll tell them where to stick it.
Thank you all for the input. Primarily I am deciding if I need to buy a Home Safe that can not be walked off with or if a safety deposit box might be enough. Primarily for documents or valuables that I may not want to leave at home when traveling...although I have installed a security system on my house and property... there are still documents and valuables one would not want to loose.
Are there any rules about what you can put in one...like cash? Can they be broken into or seized? I am totally a do the right thing in life so not looking to do anything wrong. I have just never used one so looking for clarification.
If I were you, I would get a fireproof safe from libertysafe.com
Bolt it to the ground and get a security system, phone line and wireless and yur pretty close to 100% safety.
I've got a Liberty safe and I'm happy with the quality. They're expensive, but the valuables I keep in mine are worth well more than what I paid for it. They also use S&G locks that are some of the best in the industry. I would suggest you avoid those electronic locks though. I personally think they're more trouble than their worth.
Just having a safe is not going to prevent a determined criminal from getting into it though. What you're preventing is the smash and grab thug from taking your valuables. A determined thief with the right hand tools can get into a high dollar safe. They'll just knock it over and then attack the door since it's the weakest point. So they're a layer of security.
I have only heard about a bank's safety deposit boxes being broken into ONCE. And that was at a bank near Beverly Hills (likely to have expensive jewelry in some of the boxes, etc.). They did not take any paperwork.
On the other hand, about once a week, I read about a home being burglarized and a home safe being stolen. These can be carried, then broken into later. And in that case you lose your paperwork as well.
And every once and a while, I read about a heavy business safe being hauled away (cash inside). In one case they backed a tow truck through a grocery store window, then used that to lift and haul away the heavy safe.
So the best safe would be too heavy to lift, have a good U.L fire and burglary rating, and be encased in solid concrete so it could not be lifted out by a truck. And the home or business has a security system which would not allow anyone enough "time" to break into the safe. (A bank vault fits that description!)
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