Safes and Safe Deposit Boxes

applecruncher

applecruncher

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Ohio USA
I got a safe deposit box several years ago, and recently paid the yearly renewal. I keep things in it (mostly papers, legal documents, certain receipts and photos, mainly for insurance purposes) which, if lost in a robbery, fire or natural disaster would really be a problem/hassle. btw, as of January 2012 the US Treasury stopped issuing paper bonds.

But most people I know have a SD box. I know of older relatives who do, but some of them have mentioned they also keep their good jewelry and a chunk of cash in their box, just in case. (In case of what, I don’t know. It’s my understanding that rental contracts prohibit or limit cash storage in SD boxes.)

Some people keep a safe (either in the wall, floor, or freestanding). But there’s the fear that in case of a home invasion thieves try ugly ways to force you to open it.

Anyway, just wondering, are safe deposit boxes becoming a thing of the past or are they still popular?
 

We still have one, but I think they are becoming a thing of the past, many banks don't even have them anymore. We also have a full sized gun safe at home where we keep papers and other valuables also. We have a loaded gun at the ready, so if there was an invasion, we shouldn't be forced to do anything against our will.
 
I have a fireproof, waterproof safe at home for important papers.. I gave up my safety deposit box at the bank long ago.

I don't have a lot of jewlery, but what I do have, I wear... and it's insured on my homeowners policy. What's the point of owning a nice piece of jewelery and hiding it in a bank vault? It's meant to be enjoyed.
 
We have an envelope at a bank in which we keep important documents - house deeds, wills, POA etc.
Anything else the thieves are welcome to. There is nothing that we would be prepared to shed blood over.
 
I see a problem keeping those important papers at the bank... they are not immediately accessable if you need them.. And if something happens to you and your husband, does someone else have a key and authority to get to those papers? That was my concern.
 
jujube said:
I have one that I get for free at my bank. I put my good jewelry and some documents in it when we leave for the summer, just in case the house isn't here when we get back (hurricane season while we're gone). Of course, if we get a bad enough one, the bank won't be there either, so.....
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Funny you mention about the bank not being there. Back in 2006 season, we got hit hard and our bank took a bad hit. Couldn't get in it for 4-5 days, and after that, one had to escorted in to do their business. Quite a mess for some time.
 
QuickSilver said:
I see a problem keeping those important papers at the bank... they are not immediately accessable if you need them.. And if something happens to you and your husband, does someone else have a key and authority to get to those papers? That was my concern.
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No key needed. All we have to do is go to the bank and ask for the envelope. Hubby, myself and our daughter are all registered as people entitled to access it and photo ID and a signature are required. When we have finished with the envelope it is resealed and we sign the seal to make sure that it is not opened by anyone else until the next time we want to access it.

This service costs us nothing and we aren't even still customers of this bank.

We do keep copies at home but the originals are safe from fire at the bank.
 
I don't 'have a SD box any more. There's really no point. I don't own the Hope Diamond, deeds can be accessed online from the County Clerk's office, etc. Bank stuff is accessible online, and a SD box is the worst place to keep your original Will, as generally speaking the box is sealed upon your death.
 
and a SD box is the worst place to keep your original Will, as generally speaking the box is sealed upon your death
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This is true. After I signed my Will, POA, etc. my attorney gave me copies of those documents but the original Will is kept at a fireproof, waterproof storage facility which is used by law firms and even some banks and corporations to store certain documents off-site. If something happens, the executor, co-eexecutor and a few relatives know the name, address, and phone number of my attorney and also the name and phone number of my bank and life insurance company.
 
We have a safety deposit box for paperwork that is difficult (or impossible) to duplicate. Our original wills, legal documents, and legal documents (such as power of attorney) for our my dad and my wife's dad are in there. We also keep a backup of our home computers in there-it gets switched out every couple weeks.
We also have a home safe that is buried in the basement floor concrete, under the stairs. We keep some cash and valuables in there, along with copies of the documents in the safety deposit box.
 
We have a safety deposit box. Vehicle titles, birth certificates, wills, etc. are stored there. We also have an accumulation of older coins. Those are in the box. Each time we need to access the box, I warn the young ladies at the bank that I will "lift it down" for them. Most tell me "I can get it just fine!" After almost dropping it, they do ask me if I would return it to its location for them. :>)

Almost a year ago, we had both of our bathrooms remodeled. Having contractors in the home, my wife "hid" a number of valuables... including our safety deposit box key. A year later, we have never found the key. We even offered daughter and grandaughters $50 if they could find it. Finally, we paid the $140 to have the box drilled and a new lock installed!! Ain't getting old fun??!!!!????
 
I have a death drawer in my filing cabinet that I have told my children to go to for documents to facilitate proceedings after my death or incapacity: agencies and utilities to notify, will, prepaid funeral, etc....
 
Ralphy1 said:
I have a death drawer in my filing cabinet that I have told my children to go to for documents to facilitate proceedings after my death or incapacity: agencies and utilities to notify, will, prepaid funeral, etc....
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Actually this is a good idea.

When someone dies, there are so many details and things that need to be taken care of, and things are out off or forgotten about for long periods of time. Utility shutoffs, cancellation of various insurance policies, credit cards, and autopays.

In my own family there have been at least three situations resulting from deaths which turned into a jumbled mess – even though the person had a Will. I feel the estate laws are archaic and need a complete overhaul. Then there are people who think they are experts but sit around looking baffled and don’t even know if the deceased had life insurance or an attorney. If the deceased was secretive about their benefits and didn’t tell anyone anything it makes things harder. Or maybe the deceased didn’t update their Will and beneficiary designations after a divorce or death of a previous spouse or even a child. Maybe the deceased changed attorneys/banks and didn’t tell people. These are only some of the issues which can come up and have to be dealt with.
 
I still have a Safety Deposit Box. After my wife passed away, I went to the bank with my daughter to sign her up as joint owner. Should a sole owner die, some banks are reluctant to open the box for anyone, even a probate attorney. A court order might even be required.
 
John C said:
I still have a Safety Deposit Box. After my wife passed away, I went to the bank with my daughter to sign her up as joint owner. Should a sole owner die, some banks are reluctant to open the box for anyone, even a probate attorney. A court order might even be required.
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That's good advice. We have a third party (the executor of our will) who also has access to everything, including the safety deposit box and our home safe.
Same with my dad-I have access to all his paperwork, know exactly where everything is, and have power of attorney (legal and medical).
 
I don't know where I would put legal documents and some jewelry except in a safe deposit box. Maybe I watch too much true crime which makes me not want to keep a safe at home. Just what I need to get the word around and have to deal with an home invasion. Yes, I do have an overactive imagination. 🤪 But still.......
 
applecruncher said:
Reformed burglars who now do consulting say best place to keep valuables is a floor safe, well hidden.
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No where in my house could I hide a safe. For one thing in Hawaii we have no basements or attics. And only the very rich could afford a house where one could easily hide a safe. That is probably more true on places on the mainland. But that's just my situation. The situation varies for other people and where they live, so I shouldn't be sounding like it's the same for everyone. In Hawaii I don't know what most people would do without a safe deposit box for important documents at least.
 
@Olivia

I assume you have floors in your house. A floor safe is built into the actual floor and is camouflaged and hidden by the floor itself, be it hardwood, tile, etc. It is often quite small. Floor safes are not in attics or basements, they are hidden in plain sight. The region has no relevance...(Hawaii, Iowa, Wisconsin, wherever).

I know of average, middle income people who have floor safes.
 
applecruncher said:
@Olivia

I assume you have floors in your house. A floor safe is built into the actual floor and is camouflaged and hidden by the floor itself, be it hardwood, tile, etc. It is often quite small. Floor safes are not in attics or basements, they are hidden in plain sight. The region has no relevance...(Hawaii, Iowa, Wisconsin, wherever).

I know of average, middle income people who have floor safes.
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Except that homes in Iowa, Wisconsin, wherever, are not built over lava rocks and floors in Hawaii are built on cement slabs.

Typically no homes in Hawaii have "basements" in the mainland sense of the term.
The substrate of all the islands is eventually lava rock (much of it is "blue rock", so hard and dense it
is extremely difficult to pierce through, OR the opposite problem, loose cinder or water permeated
coastal marshes or lowlands that were filled in (Waikiki was built over swamplands) . Another "underground" hazard of grading or digging into the lava is the existence of lava tubes, created when molten lava during an eruption is fast flowing and a crust forms and hardens over the lava flow. When the eruption activity through that tube ceases, it forms a hollow tube. A famous lava tube exists in Volcanoes National park, it's the size of a train tunnel. Because of these potential hazards and the expense of digging "basements" it's never been a traditional building practice in Hawaii. Homes are typically built on concrete slabs, or "post and pier" as noted in previous responses.

https://www.trulia.com/voices/General_Area/Why_are_story_homes_in_Hawaii_called_story_with_-570614

 

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