Keep Your Pm's In A Safe Deposit Box?

From the FDIC.


Stash the cash someplace else. Cash in a safe deposit box isn't insured by the FDIC. If the money disappears, it's just gone.

Don't put the only copy of valuable paperwork in a bank box. A bomb in a safe-deposit box would totally obliterate it.

Insure jewelry, coins and other valuables through a private insurer. The FDIC doesn't cover anything in a safety deposit box

Wrap it in plastic. Many banks put their safe-deposit boxes in the basement where they are very vulnerable to floods. The FDIC recommends putting anything vulnerable to dampness in a tightly sealed plastic container.

Don't trust bank employees. ''Don't allow a bank employee to keep your key and handle transactions for you if you're not there -- something elderly customers have done and regretted," says Carol Mesheske, chief of a section in the FDIC's Division of Supervision that monitors fraudulent activities at banks.

Hide the evidence. ''Before leaving the privacy booth, make sure all valuables are safely back inside the box," recommends Gene Seitz, also of the FDIC's anti-fraud group. ''And make sure there's nothing left behind that may indicate the contents of your box, such as a currency strap, a specially-marked envelope or an empty jewelry box."

So why do you want safe-deposit box anyway? It sounds like it might be just as safe to put your valuables under the mattress.

I'm always home. Two Dobermans and a Golden Retriever and a nice gun collection. Bring it.

A safe is nothing more than a magnet for thieves. There are much more obvious places to hide valuables that would never be noticed by intruders, especially the basic smash and grab.

Think about it...

how many thieves take apart electrical boxes
how many thieves take apart air ducts
furnaces?

I had my wife's engagement ring hidden for 6 months above a door in an attic under a piece of insulation.

You have a safe, I have a drill, or a torch, or...I take said safe with me and open it at home in my machine shop. Not many people have a vault big enough to keep me from taking it home if I wanted to.

Hey I have an outhouse.

A Safe is a good investment because it will stop most day time thefts. Most of these people are small time crooks looking for an easy steal for drug money etc.

If you have someone coming ready to move or break a safe then they know about what you have an you made mistake and told someone.

I would expect most people would secure a safe so you can't move it without extra work and time.

I like floor safes in a concrete floor.

I hear a good plastic pipe with caps in the ground is pretty good too.

I would tell you where I keep mine but I hid it so well I can't find it.

You know, guys, it IS entirely possible to get paranoid about all this PM storage stuff. I agree that most thieves are of the smash, grab, and run types who are looking for a quick and easy score. A decent safe, especially if it is hidden, will foil these guys virtually every time. A professional safe cracker on the other hand will open just about any safe. With this type of criminal, all we can do is slow him down and make him actually work for it.

Of course, having a safe does not mean that it is the only impediment that has been placed in the path of a thief. Noisy dogs, electronic security systems, video cams, etc. can also contribute to the effort. Anonymity and concealment are just as important as strength as far as PM storage is concerned.

Bottom line is this: no system is ever perfectly secure. Whatever it may be it is probably about 1,000,000 times better than the average Joe who keeps him PMs in his bedroom sock drawer or closet.

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In the 80's I moved around a lot from job to job all over the country. I worked at a job out west and every week I would cash my check, take out living expenses, and about once a month I would put my leftover cash in a safe deposit box at the bank. When the time came that I was moving on I made the mistake of telling the teller that I was closing out my SD box. They had a teller go in the vault with me to make sure that I got everything out so they could sign off on it. I only had about $13000 in cash and she insisted that I take a cashier's check for most of my stash. I refused and when I walked out of the bank I was looking for a police car to come pulling up. I had to tell three people where to go in order to get out of the bank with MY MONEY. Since that day whenever I close out a safe deposit box I wear something with pockets big enough to fit the contents in my clothing and mail them the key return receipt mail. That was twenty five years ago. I can only imagine the hoops that you would have to jump through in that same situation. In their eyes only a crook would have that much money in cash, but I was just a guy who hated red tape and waiting for checks to clear. To this day aside from a checking account shared with my wife I keep a simple passbook account with survival ( and precious metals ) money. With the FDIC having 19 billion dollars and a thousand banks per year failing I still don't trust banks or the FDIC to actually cover if the bottom fell out.