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Hayward
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Key West, FL
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1 edit
reply to signmeuptoo

Re: How do safe deposit boxes work?

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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Doctor Olds
I Need A Remedy For What's Ailing Me.
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1970 442 W30
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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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Hayward
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Key West, FL
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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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