Experiences with Bank Safety Deposit Boxes?

[Jambalaya]

Related to my insurance question, I'm thinking of putting some of my better items in a bank safety deposit box. The bank is a few mins' walk down the street, so the goods would be quite near.

It's $71 per year for a box the size of a small shallow shoebox - easily big enough for a lot of jewelry.

What are your experiences of safety deposit boxes? Secure? Pain-in-the-ass? I've read the horror stories on line, but horror stories are usually the exception that proves the rule. My bank is a nationally known bank, vault is fireproof, etc.

Would be interested to know your experiences of these boxes. Thanks!

 

[kenny]

I've had one for 30 years.
$60/year.
I like it.
I keep my 85-carat Fancy Vivid Blues, Greens and Fancy Reds in there.

I like that nobody knows what's in there.
I show ID.
They let me in.
I present my key and they use it and theirs to unlock the door.
Slide out the box and hand it and my key to me.
I go into a supposedly private little room to open my box.
When done I and the employee open the box's door again and slide box back in.
Simple.

I hear banks are considering discontinuing boxes since they don't make much money for how much real estate and employee time they take up.

I recently lost my key and they had to 'drill out' the old lock and replace it.
Cost to me: $100.
I had to be present and sign things.

Don't lose your key.

 

[VRBeauty]

I've had one before. I rarely accessed the stuff in there because it wasn't that convenient - not just down the street as with your bank! Plus I was concerned about the coming and going (this was not a suburban bank, and it wasn't like I could park right next to the front door or something). Then I lost the key and the box had to be drilled out - which I think cost more like $150 than Kenny's $100.

Anyhow, if you're living in a home you own, consider getting a good in-home safe.

 

[Jambalaya]

Thanks both! Good advice re. key, Kenny. If I get one I'll be extra careful.

VR, unless you're going to spend some really serious money on a home safe, burglars can jimmy them out with ease.

 

[VRBeauty]

Thanks both!

VR, unless you're going to spend some really serious money on a home safe, burglars can jimmy them out with ease.

I did.

 

[Jambalaya]

You're a burglar? Wow, so that's how you've got all your Pricescope loot!

 

[Calliecake]

Jambalaya, We have one and a very large safe. I keep jewelry I don't wear often in the safety deposit box. For some reason I feel the safety deposit box is safer. When we I go out of town I always place jewelry in the safety deposit box or the safe.

 

[kenny]

IMO the most unsafe place you can keep valuables is in a home safe.

It screams .... "YOO HOO MS. BURGLAR LADY, HERE'S ALL THE GOOD STUFF!"

 

[azstonie]

My safe is 5-1/2' tall and pretty much un-moveable. It stays with the house when we sell it!!!!

 

[boerumbiddy]

I have a safe deposit box which comes free with one of my business bank accounts.Same bank for nearly 45 years. I keep it partly because of the experience of going down to a grand Romanesque hall with the vault at one end and nicely appointed little offices around it for signing papers and such. Oddly, I have kept mostly papers there over the years, though I used to store my silver there while I was on vacation. Have never used it for jewelry at all, but do think it would be safer than a small home safe. I have just a little "good" jewelry and believe in hiding it in plain sight.

 

[chrono]

I keep most of my jewellery and important documents in a shoe box size (but twice as long) safety box at my local bank, which is 10 minutes away from my home. Easy access, no hassle and hardly any wait. It is around $50 per annum. Kenny's description of the security and experience getting in/out is the same as mine. I go so often that the employees recognize me by face.

 

[azstonie]

I've been told that safety deposit boxes are being phased out by banks for a multitude of reasons, so if you have one, hang on to it! The bank I go told me the waiting list for one is unbelievable.

So that is why I got the safe instead. Sure, if we were robbed at gunpoint I'd open it up for them. It gives good protection though if the theft occurs when we are not at home (and statistically I think that is most situations). I also like having my jewelry at home with me, if I had to go get it out of the box I'd prolly never go

Downside to my safe: About impossible to move. It truly does stay with the house unless the new buyer doesn't want it (and then will hire movers).

 

[KaeKae]

We, too, have a safe deposit box that comes with our bank accounts. I always have something in it, for example my the ring and necklace that belonged to my grandmothers. I also will take most of my jewelry over to the bank when we are going our of town. The trouble is, though the bank is not far, I still have to go back and get what I want, so most of my "every day" jewelry just takes a vacation there for a few weeks each year. I've been thinking about getting a home safe,, but as others say, I'd have to invest a good amount of money to make it truly safe, and I have yet to make the decision to do that.

 

[distracts]

I've been told that safety deposit boxes are being phased out by banks for a multitude of reasons, so if you have one, hang on to it! The bank I go told me the waiting list for one is unbelievable.

Yeah - we've tried getting a safety deposit box several times in the last few years, but there's an outlandishly long waiting list. And ultimately I'd rather have it in a home safe for ease of access anyway.

 

[azstonie]

We've been really happy with ours, got it on sale at Costco. It weighs more than a brick * house, no one will carry it out, bwahaha.

 

[swingirl]

We've been really happy with ours, got it on sale at Costco. It weighs more than a brick * house, no one will carry it out, bwahaha.

How did you get it into your house if it is that heavy? Did they deliver it? Do you need extra support under it?

 

[ckrickett]

Ive been considering one, there have been a large amount of burglaries in the area and I am worried they might strike here. we live on a larger lot than most, and we are behind our own gate, plus all the doors and windows are made with burglary preventative glass, but I am more worried about them breaking the locks.

anyways I would want to move my paperwork, and sentimental jewelry I rarely wear to a box for safe keeping. I have a small home safe now, but no space for a larger one.

 

[VRBeauty]

We've been really happy with ours, got it on sale at Costco. It weighs more than a brick * house, no one will carry it out, bwahaha.

How did you get it into your house if it is that heavy? Did they deliver it? Do you need extra support under it?

I can't answer for aztonie, but it took three beefy men to get my safe into my house, and it's not going anywhere. I'll have to get another one if I move.

 

[Tacori E-ring]

We used to have one (came free with business accounts). I had a key and they had a key. Needed both to open the box. Also they had private viewing rooms.

 

[kenny]

I can't answer for aztonie, but it took three beefy men to get my safe into my house, and it's not going anywhere.

Mmmmm!
Three beefy men coming to the house?
Maybe I should order a safe.

 

[manderz]

I can't answer for aztonie, but it took three beefy men to get my safe into my house, and it's not going anywhere.

Mmmmm!
Three beefy men coming to the house?
Maybe I should order a safe.

My dad has two gun safes in his apartment, of the 5 1/5-6ft variety. They are not bolted in, and just he and my husband were able to move them both into place. I would like to see something a little more serious in there, but with it being his apartment, I can't see his landlord agreeing to really installing them somewhere.