Safe Deposit Box Location

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stuper1
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Safe Deposit Box Location

Post by stuper1 » Thu May 17, 2018 12:36 pm

Is there any reason to think that a safe deposit box in a local credit union would be better or worse than one in a regular multi-state bank? I keep my physical gold in a safe deposit box (currently at a bank but could switch to a credit union if warranted).

One scenario that concerns me is if say there is a solar flare that knocks out electricity for months on end. This means no computer servers, so no access to stock/bond holdings. Obviously, we would all be in a world of hurt just in terms of avoiding starvation. My hope would be that the provider of my safe deposit box would be able to let me in at some point even if their power were off. Is there any reason to think that this would be more/less likely for a credit union versus a bank?
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pugchief
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Re: Safe Deposit Box Location

Post by pugchief » Thu May 17, 2018 12:57 pm

If the safe deposit box is in a vault, which is usually the case, electricity may be required to open/lock it.
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Re: Safe Deposit Box Location

Post by stuper1 » Thu May 17, 2018 1:06 pm

The safe deposit box is currently in a vault, and I wouldn't have it any other way. I would hope that there is a way to manually open the vault even without electricity, but that may not be the case.
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Re: Safe Deposit Box Location

Post by jhogue » Thu May 17, 2018 1:33 pm

I think the simplest thing you might do is to ask your local bank manager to explain what their contingency plan is for the kind of emergency you described.

I had an interesting conversation somewhat along those lines with my local bank manager two years ago when they physically re-located my particular bank branch about a mile down the road from their old location to a newly constructed building. He explained in great detail how the safe deposit boxes would be removed by designated sections and transported from the old to the new location by contracted Brinks armored cars. His explanation of the details convinced me the bank had carefully planned and could successfully execute the operation.

By the way, the scenario you described is part of the reason I always keep a stash of greenbacks (Federal Reserve Notes) and bigger stash of paper I bonds (issued by the U.S. Treasury) along with some physical gold in my local bank safe deposit box. It's also another good reason to use a local bank (or credit union) and get to know the manager on a first name basis. All kinds of disasters happen all the time (eg., the hurricane in Puerto Rico) that might interfere with normal everyday banking. A local bank- particularly one that survived the bank runs of the 1929 Crash and Great Depression-- has every incentive to be prepared for the unexpected.
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Re: Safe Deposit Box Location

Post by Mark Leavy » Sat May 19, 2018 7:11 pm

Think about other secure storage options with 24 hour access. I.e. wine vaults, etc.
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Re: Safe Deposit Box Location

Post by Xan » Thu Jul 26, 2018 2:46 pm

So a bunch of people's Bank of America safe deposit boxes just... vanished. That's pretty scary from a perspective of putting your gold there.
https://sacramento.cbslocal.com/2018/07 ... n-drilled/
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Cortopassi
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Re: Safe Deposit Box Location

Post by Cortopassi » Thu Jul 26, 2018 3:14 pm

Xan wrote:
Thu Jul 26, 2018 2:46 pm
So a bunch of people's Bank of America safe deposit boxes just... vanished. That's pretty scary from a perspective of putting your gold there.
https://sacramento.cbslocal.com/2018/07 ... n-drilled/
Damn. Anyone ever consider, or have, one of those Costco (or other) 700lb+ safes installed in their house?

https://www.costco.com/Cannon-43.8-Cu-F ... 41405.html

I figure you go one of two routes 1) Get one that is so big a burglar just looks at it and goes elsewhere or 2) a smaller well hidden one.

This sure is an interesting use for one!

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Xan
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Re: Safe Deposit Box Location

Post by Xan » Thu Jul 26, 2018 3:17 pm

Cortopassi wrote:
Thu Jul 26, 2018 3:14 pm
Xan wrote:
Thu Jul 26, 2018 2:46 pm
So a bunch of people's Bank of America safe deposit boxes just... vanished. That's pretty scary from a perspective of putting your gold there.
https://sacramento.cbslocal.com/2018/07 ... n-drilled/
Damn. Anyone ever consider, or have, one of those Costco (or other) 700lb+ safes installed in their house?

https://www.costco.com/Cannon-43.8-Cu-F ... 41405.html

I figure you go one of two routes 1) Get one that is so big a burglar just looks at it and goes elsewhere or 2) a smaller well hidden one.
Maybe the real answer is one of each. For the big safe, I'd want one that was drilled into the foundation. But the big safe is always vulnerable to coercion.
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Re: Safe Deposit Box Location

Post by Cortopassi » Thu Jul 26, 2018 3:26 pm

Xan wrote:
Thu Jul 26, 2018 3:17 pm
Cortopassi wrote:
Thu Jul 26, 2018 3:14 pm
Xan wrote:
Thu Jul 26, 2018 2:46 pm
So a bunch of people's Bank of America safe deposit boxes just... vanished. That's pretty scary from a perspective of putting your gold there.
https://sacramento.cbslocal.com/2018/07 ... n-drilled/
Damn. Anyone ever consider, or have, one of those Costco (or other) 700lb+ safes installed in their house?

https://www.costco.com/Cannon-43.8-Cu-F ... 41405.html

I figure you go one of two routes 1) Get one that is so big a burglar just looks at it and goes elsewhere or 2) a smaller well hidden one.
Maybe the real answer is one of each. For the big safe, I'd want one that was drilled into the foundation. But the big safe is always vulnerable to coercion.
$1500 used ($700 to ship), 4500 pounds, TL-30 burglar rated. I want one. :)

https://www.amazon.com/King-Richard-Mod ... ords=tl-30
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Re: Safe Deposit Box Location

Post by Tyler » Thu Jul 26, 2018 5:52 pm

Xan wrote:
Thu Jul 26, 2018 2:46 pm
So a bunch of people's Bank of America safe deposit boxes just... vanished. That's pretty scary from a perspective of putting your gold there.
https://sacramento.cbslocal.com/2018/07 ... n-drilled/

Here's the closing line of the same article discussed by Zerohedge.
So for all those readers who still hold gold in a bank vault, confident it will be there come rain or shine, now may be a time to quietly take it all out and have a small boating accident...
Ok -- which one of you guys is Tyler Durden? >:D
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Re: Safe Deposit Box Location

Post by Desert » Thu Jul 26, 2018 5:54 pm

Cortopassi wrote:
Thu Jul 26, 2018 3:26 pm
Xan wrote:
Thu Jul 26, 2018 3:17 pm
Cortopassi wrote:
Thu Jul 26, 2018 3:14 pm


Damn. Anyone ever consider, or have, one of those Costco (or other) 700lb+ safes installed in their house?

https://www.costco.com/Cannon-43.8-Cu-F ... 41405.html

I figure you go one of two routes 1) Get one that is so big a burglar just looks at it and goes elsewhere or 2) a smaller well hidden one.
Maybe the real answer is one of each. For the big safe, I'd want one that was drilled into the foundation. But the big safe is always vulnerable to coercion.
$1500 used ($700 to ship), 4500 pounds, TL-30 burglar rated. I want one. :)

https://www.amazon.com/King-Richard-Mod ... ords=tl-30
That's a pretty good price for a TL30 safe of that size. One challenge is installation. I had a smaller TL30 safe at a former residence, but it still weighed about the same as my car. Experienced safe crews can move them into place, bolt them down, etc., but you have to pay for that. I wouldn't go with any rating less than a TL30 though, for a significant stash of gold.

As Xan pointed out, the biggest risk is probably robbery. The only "solution" to that is complete secrecy, which is hard when a crew of safe movers comes over to the house.
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Re: Safe Deposit Box Location

Post by hardlawjockey » Thu Jul 26, 2018 7:24 pm

When I started the PP and bought my first set of gold coins I had to decide where to store it and it all boiled down to 3 options ...

1. Bank (or some other entity) safe deposit box
2. A home safe
3. Cleverly hide where nobody will normally look.

Ultimately I chose option #3. My reasoning was that options #1 and #2 are only giving you a false sense of security. The linked article explains why option #1 doesn't work perfectly. With option #2, if burglars invade your home and find a safe they will rightly assume there is something valuable inside of it. With option #3 however, you aren't advertising the presence of your gold and it just seems far less likely that it will ever be found.

That's my logic any way. You are all free to poke holes in it.
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