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signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5
reply to signmeuptoo

Re: How do safe deposit boxes work?

Guys, I am just wondering, I have nothing to put in such a box, nothing so valuable. But that movie just bugs me, it's like he had the stuff in the box for years or something, so I wondered, do people pay monthly for such boxes, or can you pay for, well, like 10 years... Then again, in the scene, he is in, where, Germany or was it Switzerland, I forget... I love that movie, BTW.
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Hayward
K A R - 1 2 0 C
Premium
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Key West, FL
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1 edit

said by signmeuptoo:

Guys, I am just wondering, I have nothing to put in such a box, nothing so valuable. But that movie just bugs me, it's like he had the stuff in the box for years or something, so I wondered, do people pay monthly for such boxes, or can you pay for, well, like 10 years.

Once again ITS A MOVIE... you really think movie James Bond is REAL??? (Though Ian Flemming based it on a real person but HUGELY embellished) And actually he was in WWII Intelligence service himself.

Mine is annually deducted from my checking account so as long as money there I suppose it could go on indefinitely.

But you don't pay they can't just confiscate it either.

It not paid, then whoever would have to pay the back fees, and then there would definitely be all kinds of questions, mandated for ID besides just having the Key.

Like you are dead, and person is executor of your will, or family.
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whatevrzclvr

join:2005-11-16
Rancho Cucamonga, CA
reply to signmeuptoo

You absolutely can neglect a safe deposit box for years - decades even.

Typically you leave a deposit with the bank to cover the cost of the keys, which you get back when you eventually relinquish the box back to your bank.

Most banks will charge a yearly fee, which, depending on the size of the box and the bank, can be quite reasonable. Most banks will also discount the box depending on the relationship you have - for instance, meeting a balance requirement or having a mortgage with the bank. Every institution has their own rules.

My bank gives me a small box for free as long as I maintain a mortgage with them - yet I haven't been to my box in a couple years - the documents I store there aren't something I need access to with any regularity. When my grandmother passed away, we found that she'd had a box that her bank had charged her something like $20/year for - it just came right out of her account each fall. We estimate that she hadn't been in the box since the mid 70s.

So to answer your question, given the relative low cost, it is absolutely possible and reasonable that a safe deposit box would go unvisited for years.


Bob4
Account deleted

join:2012-07-22
New Jersey

I haven't encountered a bank that charges a deposit for the keys. They will charge a fee (say $50) if you lose one key, and even more (say, $150 or more) if you lose both keys and they need to drill the lock.



Doctor Olds
I Need A Remedy For What's Ailing Me.
Premium,VIP
join:2001-04-19
1970 442 W30
kudos:18
reply to signmeuptoo

said by signmeuptoo:

Guys, I am just wondering, I have nothing to put in such a box, nothing so valuable.

You don't own a car? Put the car title there, if you do. You don't have any jewelry or old coins from your Grandparents or Great-Grandparents? Put that there, if you do. You don't have an award letter from SSDI or SSI? Put that there if you do.

Anything that you own of any value that you cannot replace, you can put there if it fits.

You can get a 5 or 10 year rental rate on boxes and pre-pay for it, or inquire about a lifetime rate that you can pre-pay also.

Anything goes in a safe-deposit box
By Laura Bruce • Bankrate.com
»www.bankrate.com/brm/news/bank/20011023a.asp
quote:
Safe deposit do's and don'ts
So what should you keep in a safe-deposit box?

Jewelry and important papers are probably the most common items. Originals of birth, marriage and death certificates, deeds, vehicle titles, stock certificates, bonds, valuable collectibles, and insurance photos of the contents of your home are some of the things that should be in a safe-deposit box.

Things, the Federal Deposit Insurance Corp. says, you'd be in big trouble if you lost.

What shouldn't go in the box are things you would need in an emergency -- a will, a living will, originals of a "power of attorney" authorization.

Take time to read the bank's lease agreement when you rent a safe-deposit box. If you want the contents insured, check with an insurance agent to find the appropriate coverage.

Loss of safe-deposit box contents from theft, fire or flood is very rare, but it does happen. If you're concerned about it, you may want to consider insuring some items such as jewelry, coins or stamps.
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Doctor Olds
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1970 442 W30
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reply to Hayward

said by Hayward:

But you don't pay they can't just confiscate it either.

It not paid, then whoever would have to pay the back fees, and then there would definitely be all kinds of questions, mandated for ID besides just having the Key

Wrong. If not paid it is just like a storage locker and the contents are sold if you don't respond when they try to contact you depending on State Laws. Then the money goes to the State (like in Florida where you live) for use by the public school system.

»www.bankrate.com/brm/news/bank/2···23a2.asp
quote:
Better pay the rent
Many banks automatically deduct the annual safe-deposit box rental fee from your account, but if yours doesn't or if you don't have an account with the bank and you forget to pay the bill, the rules vary from state to state about what happens to the contents.

In Florida, for example, if the rent is three months past due, the bank sends registered mail to the last known address saying the box will be opened if the owner doesn't respond within 30 days.

The contents are then inventoried and stored for three years. If the contents are still unclaimed, they're sent to the state as unclaimed property.

The state also tries to contact the owner. If no one responds, the items are sold at auction and the money is put in the state's school trust fund for use by the public school system. A record of the proceeds, minus storage fees, is kept in the owner's name. The owner, or his or her heirs, can claim the proceeds at any time. There is no statute of limitations.

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What’s the point of owning a supercar if you can’t scare yourself stupid from time to time?


jester121
Premium
join:2003-08-09
Lake Zurich, IL
reply to Doctor Olds

said by Doctor Olds:

quote:
So what should you keep in a safe-deposit box?

That's easy. Gun, ammo, 6 or more fake passports from other countries, at least $250K in various denominations and currencies, a scrap of paper with seemingly random numbers written on it, and a nondescript key that might be for a locker at an unspecified airport or train station (do those lockers even exist any more?)


Hayward
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Premium
join:2000-07-13
Key West, FL
kudos:1
reply to Doctor Olds

said by Doctor Olds:

In Florida, for example, if the rent is three months past due, the bank sends registered mail to the last known address saying the box will be opened if the owner doesn't respond within 30 days.

The contents are then inventoried and stored for three years. If the contents are still unclaimed, they're sent to the state as unclaimed property.

The state also tries to contact the owner. If no one responds, the items are sold at auction and the money is put in the state's school trust fund for use by the public school system. A record of the proceeds, minus storage fees, is kept in the owner's name. The owner, or his or her heirs, can claim the proceeds at any time. There is no statute of limitations.


Well I was thinking more the short term.... you haven't paid attention for three years (And I believe the state has to wait as long after its sent to them) then likely there was nothing of real value in there, or you're dead, and no family, executor, or beneficiaries have come looking.
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Doctor Olds
I Need A Remedy For What's Ailing Me.
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1970 442 W30
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reply to jester121

said by jester121:

said by Doctor Olds:

quote:
So what should you keep in a safe-deposit box?

That's easy. Gun, ammo, 6

You quoted the article I posted, not what I typed.
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What’s the point of owning a supercar if you can’t scare yourself stupid from time to time?