Getting A Safe Deposit Box

Discussion in 'Money, Investing & Precious Metals' started by Idaholady, Jun 9, 2011.

  1. Idaholady

    Idaholady Member

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    I was thinking about getting a safe deposit box at the local bank to put some of my silver coins and other valuables in; anyone think this would be a good idea?
     
  2. Elinor0987

    Elinor0987 Supporting Member

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    I don't think that would be a good idea. You would probably be better off putting your valuables in a waterproof container and hiding it in a secure place somewhere in your house or property. There are many examples throughout history of governments confiscating people's money, property, and retirement accounts to pay their debt. We are not immune to that practice and it certainly is within possibility that someday our government would resort to that. You also want to keep tham accessible so that you can get to them any time you need them. If a disaster of any kind occurs, its possible that the bank would either be closed or the street blocked off. This would prevent you from going in and retrieving your items.
     

  3. stayingthegame

    stayingthegame Well-Known Member

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    to keep or not to keep

    my mother-in-law had a safety box when she lived in New Orleans.The bank where the box was flooded. it was over six months before they released the boxes and then the bank (or who ever) had opened the box and "repackaged" the contents due to the threat of mold.:confused: or so we were told. many small things, mostly papers, were missing. when we asked about them, we were told that they were to moldy to be safe and were considered hazardous waste.:dunno: the bank had thrown them out.:gaah: some of these were photos from the family taken during the civil war.:cry:
     
  4. Frugal_Farmers

    Frugal_Farmers Good ole country folk

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    Invest in a good home safe.
     
  5. CulexPipiens

    CulexPipiens Still waiting for the zombies.

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    Keep it under your control. Doesn't matter if it's a home safe or hole in the yard or what. Just make sure it's something you can access whenever you want. Keep in mind what might happen to your house (flood, tornado, etc.) when planning where and how to store/hide it. Perhaps even split the "goods" into multiple caches in the event one is not accessible.
     
  6. Clarice

    Clarice Well-Known Member

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    I had much rather have my valuables where I could get my hands on them 24/7. Maybe split into more than one location.
     
  7. IrritatedWithUS

    IrritatedWithUS Well-Known Member

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    No, absolutely not.

    During the Depression, banks opened up the safe deposit boxes and took everything as long as the government didn't take it before them! And what if your bank shuts down? There goes your hard work, GONE!

    I'd buy a safe and attach it to my floor of your house if you have plenty of ammo and guns to defend your items :)

    Another note: Here recently, the state of California has been opening safety deposit boxes in banks for no good reason.
    This lady (WHO LIVED 6 BLOCKS FROM THE BANK) has some insane amount of jewelry in it (I want to say $82,500 worth)
    and the bank opened it without warning and auctioned it off all because of a misunderstanding for an 1/8th of its value.

    Here's a news story from ABCNews:

    http://abcnews.go.com/GMA/story?id=4832471&page=1
     
  8. Immolatus

    Immolatus Just getting started. Always.

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    Absolutely not. Too many what ifs. Get a safe. Bury the silver.
    You dont want to have to rely on the bank.
    Shtf and you are out of luck.