Safe Deposit Boxes

[amalekidad]

A while back I was reading some threads here and it seemed that the consensus was not to use Safe Deposit boxes. Now some other threads are saying different.
Should I use a safe deposit box? If so, are there any guidelines? If not, why not?
Thanks,
Amaleki's Dad

[Cu Penny Hoarder]

If/when the banking system collapes, do you think they will let you access your safety deposit box?

[Engineer]

The best bet is to avoid putting all your eggs in one basket:
A home safe is vulnerable to a home invasion
A safe deposit box is vulnerable to the IRS or other seizures
An empty lima bean can is safe from almost anyone...because nobody likes lima beans.

Having a safe deposit box is still good though. Just don't put ALL your eggs in it.

[db23]

http://www.foxnews.com/us/2010/09/14/co ... daughters/

Just because something is at the bank doesn't make it completely safe from home invasion...

[Mossy]

Engineer called it. Split your stash.

Being robbed or burglerized is much more likely than the fedgov grabbing SDB's. So are house fires and floods.

[baggerman]

When my Grandfather died in 1978 by the time my folks made it to Grandmas to help settle things (maybe 2 or 3 days) the bank had frozen the accounts and when they went to the bank to check the SDB there were "auditors" that had drilled the box and were going through the contents. I am not sure why or exactly what the details were but I remember mom fuming over it and being really pissed off for some time to come. Splitting things up is by far the best idea.

[everything]

If you really want to stay under the radar, don't own nice stuff, dress like your poor. In my neighborhood, we have home invasions, and plenty of guns, a couple of people a year are gunned down. I keep most/if not all in the safe deposit box because if they had a gun to my head, I would probably go pull my stash from hiding and give it to them. I'm not giving into paranoia, I think the SDB at this time is the safest place for my PM's. Also, consider getting two SDB with separate banks.

Still, read the contract you signed with the bank when they gave you the key, it says, do not store anything of value in this SDB, and the bank is not responsible for anything the employees steal from the SDB.