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anyone has a safe deposit box at the bank?
Posted by: space-time
Date: February 15, 2014 11:19AM
my friend mentioned that he buys gold and keeps it in the safe deposit box at BoA, and since he always has more that 10k in his account, BoA gives him a free deposit box (small). That was in CA

I stopped by at my BoA branch today in NJ and they said all boxes are taken, the waiting list is so long that they don't even take any people on the waiting list anymore. I asked OK, assuming there was one available, how much would it cost me? no freebies, no matter how much you have. The only discount they were willing to give me was 1/2 off for the first year, if I were a BoA Preferred Customer (over $50K in all accounts combined). After that full price, $45/month for a 2" x 5" box (apparently about 20" deep or so)

is there any better options? do credit unions offer safe deposit boxes? besides gold and jewelry, what else do people keep in the deposit box? I don't think I would put my passport or green card in there since if some emergency comes up and I need to fly on a Saturday afternoon, and the bank is closed, and Monday is some holiday, that means I would have to wait 3 days till Tuesday to get my documents. I don't want that. besides these documents can be replaced in case of loss or theft.
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Re: anyone has a safe deposit box at the bank?
Posted by: Chakravartin
Date: February 15, 2014 11:29AM
A survey of rates:
[origin.bankrate.com]
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Re: anyone has a safe deposit box at the bank?
Posted by: Gareth
Date: February 15, 2014 11:32AM
Quote
space-time
After that full price, $45/month for a 2" x 5" box (apparently about 20" deep or so)

Ouch. I had a medium sized box (the front dimension was probably about 4x8 ish) at Citibank in Los Angeles and it was $113 per YEAR (had it for about 10 years so not sure if I had legacy pricing). But I closed that last year when I closed my Citi account and haven't looked into getting another one.
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Re: anyone has a safe deposit box at the bank?
Posted by: onthedownlow
Date: February 15, 2014 11:50AM
Just go to a local bank or small branch - perhaps even a bank in a smaller town that is close.

You can usually get the 'standard' size for $25/yr.



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Re: anyone has a safe deposit box at the bank?
Posted by: Acer
Date: February 15, 2014 11:52AM
You can put copies of important documents, too, but keep the originals at home. That way you have an offsite record which might facilitate replacement. Copies won't get you on a 5:00 flight, of course.

Lists of what to put in the box are easy to find. Here's one: [allfinancialmatters.com]
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Re: anyone has a safe deposit box at the bank?
Posted by: Ombligo
Date: February 15, 2014 11:56AM
Some larger cities have private safe deposit places that are open 24/7/365. The cost is usually in the $30/yr range.

Check to inure the protection is the same as a bank (behind vault doors, halon (not water or foam) fire extinguishing, etc...



“No persons are more frequently wrong, than those who will not admit they are wrong.”
-- François de La Rochefoucauld

"WE CALL BS!" -- Emma Gonzalez
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Re: anyone has a safe deposit box at the bank?
Posted by: rgG
Date: February 15, 2014 11:58AM
I have a safe deposit box. I have had it for decades. It used to be free, because of the type of accounts I had, but when we got a larger box, they applied the cost of the smaller box, like a discount. I think it is $45-$55 a year now. Jewelry, important papers, etc. are kept there.





Roswell, GA (Atlanta suburb)
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Re: anyone has a safe deposit box at the bank?
Posted by: Robert M
Date: February 15, 2014 12:08PM
On,

$25 per year for a small box? I checked rates at banks both small and large and none were anywhere close to that price. Despite what I saw on the bankrate link.

Space, are you sure about the BoA numbers$ I've never heard of a bank charging $45 per month for a box. Thea's just crazy!

If you need access on weekends, check out TD Bank. Th branch I use is open 7 days per week including access to the Safety Deposit boxes. The boxes aren't cheap -$200 per year if I remember correctly - but the ease of access is worth it.

Robert
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Re: anyone has a safe deposit box at the bank?
Posted by: GGD
Date: February 15, 2014 12:15PM
Quote
Robert M
Space, are you sure about the BoA numbers$ I've never heard of a bank charging $45 per month for a box. Thea's just crazy!

I've never even heard of the rates being quoted per Month, I've always heard per Year.
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Re: anyone has a safe deposit box at the bank?
Posted by: Robert M
Date: February 15, 2014 12:19PM
GGD,

That, too!

Robert
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Re: anyone has a safe deposit box at the bank?
Posted by: Paul F.
Date: February 15, 2014 12:22PM
If rates are really $45/ MONTH.... I think I'm going to doodle up a business plan to build a Safe Deposit Box business!
Find a nice concrete built buiding... 500-ish safe deposit boxes... ( that's $22,500 revenue per month, at full capacity...).



Paul F.
-----
A sword never kills anybody; it is a tool in the killer's hand. - Lucius Annaeus Seneca c. 5 BC - 65 AD
----
Good is the enemy of Excellent. Talent is not necessary for Excellence.
Persistence is necessary for Excellence. And Persistence is a Decision.

--

--

--
Eureka, CA
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Re: anyone has a safe deposit box at the bank?
Posted by: Filliam H. Muffman
Date: February 15, 2014 12:28PM
My mom had a box at a nearby branch (edit: for over 50 years). That might have been one of the more valuable assets of the estate, a cheap safe deposit box. $100 per year, waived the fee with $10K in deposits. It looked like Chase was going to raise rates and stop waiving fees after they finished re-branding after the takeover. If you end up getting one, make sure to find a bank that is not subject to flooding.



In tha 360. MRF User Map



Edited 1 time(s). Last edit at 02/15/2014 12:32PM by Filliam H. Muffman.
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Re: anyone has a safe deposit box at the bank?
Posted by: space-time
Date: February 15, 2014 12:50PM
I am sure the said per Month. I did't get that in writing since they had none available for me. I saw a guy getting access to his box and he signed a paper (more like an index card) and they let him in.

As far as keeping copies of documents, I can keep those at the office or encrypted on a USB stick at some friends.
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Re: anyone has a safe deposit box at the bank?
Posted by: Robert M
Date: February 15, 2014 12:51PM
Filliam,

One of the reasons my wife and I chose TD Bank for one of our accounts was due to excellent accessibility and the fact that the safety deposit boxes are protected from flooding. They aren't in a basement. I know other people who chase the same branch for the same reason.

Robert
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Re: anyone has a safe deposit box at the bank?
Posted by: MarkD
Date: February 15, 2014 01:06PM
I have a safe deposit box (standard height but 9 inches wide so paper can lay flat-a big box) at a good Credit Union in suburban Houston, Tx for $28.80/year. They offer the boxes as incentives for various consumer packages. The vault is on the first floor, top of the wall. Remember to get insurance because banks are liable generally only for negligence. (Found out after flooding in Houston banks ruined the Mickey Mantle rookie card collection) Here is an excerpt from a Miami TimesHerald article:

Deposit boxes not as safe as you think

By John Hielscher
Published: Monday, May 27, 2013 at 1:00 a.m.
Last Modified: Saturday, May 25, 2013 at 4:46 p.m.
In advance of the 2013 hurricane season kicking off this week, many Southwest Florida residents are stashing valuables, heirlooms and important documents in banks' safe deposit boxes.

But they might want to reconsider just how safe and protected those prized possessions really are.

As thousands of disaster victims have recently learned -- and contrary to common belief -- the contents of safe deposit boxes are not covered by their banks or the Federal Deposit Insurance Corp.

Banks are not liable for damage to safe deposit boxes caused by storms, flooding, fire or theft. The same holds true at credit unions.

"A lot of people have that misconception," said Tish Scott, a senior vice president and retail manager at Insignia Bank in Sarasota, which rents about 1,500 boxes. "But it's still safer than leaving things at home the majority of the time."

Bankers say the no-liability policy is clearly stated in the rental agreements that customers sign for their boxes. But some consumers may not read and understand those terms.

And while the FDIC insures customer deposits at banks for up to $250,000, the agency does not maintain the same guarantee on cash nor any other valuables inside a safe deposit box. The agency won't force banks to pay for damages, either.

"Unless your bank is found to be negligent in the way it handled or protected your safe deposit box, do not expect the bank or its private insurance to reimburse you for any damage or loss," the FDIC states in a consumer news report
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Re: anyone has a safe deposit box at the bank?
Posted by: onthedownlow
Date: February 15, 2014 01:26PM
That makes sense (not being liable) because unless something is declared (e.g. a gun, if the institution allows that sort of thing - some do), then they have zero clue of the contents of a customer's box and there could be widespread fraud in the event of a disaster.







Edited 1 time(s). Last edit at 02/15/2014 01:26PM by onthedownlow.
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Re: anyone has a safe deposit box at the bank?
Posted by: space-time
Date: February 15, 2014 01:44PM
Quote
Chakravartin
A survey of rates:
[origin.bankrate.com]

-- Posted: Sept. 22, 1999

according to the link above, the 2x5 is $30/year, which was probably true in 1999. In 2014 my local branch charges $45/month and they're sold out eye popping smiley
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Re: anyone has a safe deposit box at the bank?
Posted by: davemchine
Date: February 15, 2014 01:44PM
I had a safe deposit box for about 10 years and used it frequently. Then I moved, got another box, and never used it. That box sat empty for about 8 years until I closed it last week. If I wanted to keep something locked up today I'd get a good safe. They aren't that expensive and would be more accessible. Downside is they take space.
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Re: anyone has a safe deposit box at the bank?
Posted by: Racer X
Date: February 15, 2014 02:16PM
I just have a big fire rated gun safe. If we go on vacation I stuff any laptops and cameras we aren't taking with us in there with my fire arms. I keep any important documents in it, spare checks, emergency credit cards, seldom worn jewelry, that sort of thing.
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Re: anyone has a safe deposit box at the bank?
Posted by: jims
Date: February 15, 2014 03:39PM
Current prices for Fort Smith, Ar. One of the few advantages of a small town in a rural state.

Safe Deposit Box Charges

3 x 5 $20/yr
5 x 5 $30/yr
3 x 10 $35/yr
5 x 10 $50/yr
7 x 10 $70/yr
10 x 10 $100/yr

jims
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Re: anyone has a safe deposit box at the bank?
Posted by: Racer X
Date: February 15, 2014 09:02PM
The one I had here in Seattle back in 2007 was $45 for a year. I think it was the smallest one they had.
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Re: anyone has a safe deposit box at the bank?
Posted by: Mr Downtown
Date: February 15, 2014 09:20PM
I have an account at Chase in Chicago, and was surprised when they told me a few years ago that I qualified for a free box. However, I can't think of anything to put in it. Advice I got here four years ago.
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Re: anyone has a safe deposit box at the bank?
Posted by: Michael
Date: February 15, 2014 09:33PM
We have a free one at Wells that was grandfathered in from when they bought Wachovia. I keep waiting for them to say free no more, but it hasn't happened. If it does, I'll get a home safe and bolt it to the basement floor.
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Re: anyone has a safe deposit box at the bank?
Posted by: decocritter
Date: February 15, 2014 11:00PM
Thieves dug up a large safe and drug it down a hall and thru the foyer of my moms home in Calif. The damage caused to her custom patterned stone and marble floor was more than the contents of the safe. Couple of old rolexes and some jewelry. They unlocked it later. Parents knew who did it and nothing was recovered. Contrqct workers, did it when they left town.
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Re: anyone has a safe deposit box at the bank?
Posted by: onthedownlow
Date: February 15, 2014 11:49PM
Paying by the month is ridiculous for a deposit box and is definitely the rarer business model on these. Find another bank.



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