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Thursday, October 10, 2024

How safe are safety deposit boxes? They're not as protected as you may think

A Montreal-area woman believes carelessness and lack of security at her bank are to blame for the alleged theft of $20,000 in cash from her safety deposit box. 

Irina Broido said she and her father opened the box in 2009 to keep important documents, jewellery and money. She eventually became the principal user when her father became too ill to leave the house.

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I've never had one and don't know if any of this apply here in the States.

14 comments:

  1. Probably just the FBI...

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  2. To answer your question, yes it does apply in the states, like when the effbi stole millions incl. jewely and gold out of a bunch of safe deposit boxes in Los Angeles just a couple years ago. Victims there are still trying to recoup.
    You're better off stuffing your mattress.
    -lg

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    Replies
    1. ^^^THIS
      It's just a variation on carrying cash and having it taken, "Because we think it is the proceeds of drug dealing." And then it is up to you to prove it wasn't and sue to get the cash/property back. Civil forfeiture is just "legal" Gov't theft.
      Steve

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  3. Inside job by a bank employee.

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  4. I call bullshit! Ive used them for years there are two different keys needed to open the box you have two and the bank has theirs, it requires both and you have to sign a card and the signiture has to match. besides if you have one most employees already know you on sight. also try telling the bank you cant find your keys you have to have a company come by and drill the box to get it open and you pay. the problem is when two people are on the box one eventually needs money and there is the problem.

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    1. Yes it does. I hate trying to decipher an otherwise intelligent comment.

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    2. Poor format aside, basically correct. Can't be opened without BOTH keys unless you drill the lock out, so the story is a bit suspect. As far as what you can keep in them, anything (since there's no record) but that also means that all the bank is doing is renting a space, not providing insurance. You'd be better off with a fire resistant box sunk into a basement wall or floor in a hidden location - but most people don't stay in one house long enough for that to pay off.

      In passing: insurance for jewelry isn't worth it either. Most insurors will charge about 10% of the assessed value (which is usually high anyway) per year. Do the math. You've probably paid full replacement value in 7-8 years. Just self-insure.

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    3. I haven't yet met a locksmith who couldn't pick a lock or for that matter make his own key from scratch. It's actually pretty cool to watch.

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  5. Safe boxes are pretty cheap. But the bank or gov can open them if they choose. I keep one as an off site backup for a disk drive with all my files on it.

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  6. The bank investigated and to the surprise of no-one found themselves not guilty of anything.

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  7. For a reasonable amount one can buy a watertight and fireproof home safe. We upgraded last year. It's the size of a mini fridge. It's bolted to the house and has a mechanical combination dial ---no batteries or electricity needed.

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  8. My dad had a safety deposit box way back when, he's been gone 40 years now, and a bank employee would have to unlock the first lock then they would leave and he would use his key to finish unlocking it.... I don't remember a card but they may have been one..
    With all the cameras and federal snooping into our lives now I believe it's better to have a home safe, anchored to the floor or wall studs and no fucking electronic lock. A good old fashioned tumbler/dial and or key combination...
    Fuck the federal assholes
    JD

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  9. Far better to bury it in a cache. The trick is finding a place to bury something where it will never be accidentally discovered. For me, the answer is underneath power transmission towers. They are resilient landmarks where nobody digs underneath them, and they have their own service roads accessing them in remote areas. Towers will last in place for over 100 years. And creating a treasure map for others to follow directions to it (if you so choose) is pretty simple and even a moron can count how many towers in X direction from Y crossroads.

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