Safety Deposit Boxes

[yankees60]

Finally got this many day delayed response from my bank from an email I'd sent last Friday....I've never had a safety deposit box. How do these rates compare to your experiences? And, what size would I need to hold gold coins only?

Vinny


Good afternoon Mr. Natale,



Thank you for your recent inquiry about renting a safety deposit box. In the XXXXXX office, we currently have the following boxes available:



Extra small 3”x5”24” (3” high, 5” wide and 24” long) with an annual box rental fee of $30



Small 3”x10”24” (3” high, 10” wide and 24” long) with an annual box rental fee of $60





We do have these other sizes at the XXXXXX office but neither of these are currently available. We could put your name on a wait list if you would like:



Medium 5”x10”24” (5” high, 10” wide and 24” long) with an annual box rental fee of $80



Large 10”x10”24” (10” high, 10” wide and 24” long) with an annual box rental fee of $125

[dualstow]

Kind of hard to answer when you don't tell us how many coins you own, but I can tell you that *a lot* of gold can fit into a very small box.
{ Insert obligatory Buffett quote about all the gold in the world, in cubic feet }.
I started out with a small box because that's all the bank had and switched to the largest one when it became available.
Why, if the smallest is fine? Because every time I visited the box, the bank employee would comment that it was heavy. A bigger box makes it less obvious. I think coin shippers kind of do the same thing. The packages I've received are always bigger than they need to be.

Hopefully you're going to do a better job of consolidating your coins than the sentences in your OP. You've got like a good inch of whitespace between lines up there. I mean, would it kill ya to delete those?

Oh, and cost: The price of the smallest box was $30 or $40 when I first asked. I keep enough of a balance in my account that the bank doesn't charge me at all for the box. It's not much. At the beginning, I would still receive an occasional notice that my fee wasn't paid. I would call the bank and they would assure me that it was a mistake. They no longer send me that notice. I make sure I visit my box twice a year when there isn't a plague on for two reasons:
(1) To get my wife used to the process so that when I kick off, she can collect the gold and party use the funds.
(2) So the bank notices that I'm actively using the box and not abandoning it.

[ochotona]

I have a small box. It has $100k of gold in it. The rest of the gold I lost in a boating accident.

[Tortoise]

My safe deposit box at my credit union is the smallest size they have; sounds roughly similar to the "extra small" dimensions you listed in the OP. And I believe my annual rental fee for the box is $30, which aligns with your bank's fee. I don't currently keep much gold in it.

Like dualstow said, you can fit a lot of coins in even the extra-small box. Gold bullion coin tubes are usually what, about 2 x 2 x 4 inches? You could fit about a dozen of those in the extra-small box. But then a full box would weigh about 15 lbs, and the bank employee who removes it from its slot would know that it's filled with either lead or gold. (Gee, I wonder which one?)

Using a much larger box and only filling a small portion of it with coins (as dualstow mentioned) is definitely one way to go, but another option with a similar overall rental fee is to rent multiple extra-small boxes at different branch locations. A benefit of the latter approach is that you'd also get geographic diversification.

[dualstow]

I have a small box. It has $100k of gold in it. The rest of the gold I lost in a boating accident.

I thought you had way more than 60 coins the way you were buying them in the late teens. The bank must be your secondary storage option.

[ochotona]

I have a small box. It has $100k of gold in it. The rest of the gold I lost in a boating accident.

I thought you had way more than 60 coins the way you were buying them in the late teens. The bank must be your secondary storage option.

Half of it at GoldStar Trust IRA, at Delaware Depository.

[dualstow]

Ah. I what happened to that cool Texas storage place that invited clients to bring their guns with them when they accessed their boxes? Or was that someone else posting about that?

[yankees60]

Kind of hard to answer when you don't tell us how many coins you own, but I can tell you that *a lot* of gold can fit into a very small box.

At this point I have about four. When I finally go full Permanent Portfolio (whenever that time may be) I will own significantly more.

What do you define as both "a lot" and "very small box"?

Vinny

[yankees60]

I have a small box. It has $100k of gold in it. The rest of the gold I lost in a boating accident.

Is the above the same as your "small box"?

Small 3”x10”24” (3” high, 10” wide and 24” long) with an annual box rental fee of $60

Vinny

[yankees60]

My safe deposit box at my credit union is the smallest size they have; sounds roughly similar to the "extra small" dimensions you listed in the OP. And I believe my annual rental fee for the box is $30, which aligns with your bank's fee. I don't currently keep much gold in it.

Like dualstow said, you can fit a lot of coins in even the extra-small box. Gold bullion coin tubes are usually what, about 2 x 2 x 4 inches? You could fit about a dozen of those in the extra-small box. But then a full box would weigh about 15 lbs, and the bank employee who removes it from its slot would know that it's filled with either lead or gold. (Gee, I wonder which one?)

Using a much larger box and only filling a small portion of it with coins (as dualstow mentioned) is definitely one way to go, but another option with a similar overall rental fee is to rent multiple extra-small boxes at different branch locations. A benefit of the latter approach is that you'd also get geographic diversification.

1) Why does the bank employee remove it? I only know what I've seen in TV shows and movies regarding safety deposit boxes. They take them out of the slot and bring them to you in some room? Are you the only person in that room with that box? If the bank employee has possession of the box in between taking it out of the slot and bringing it to you is there not an opportunity there for employee theft?

2) That bank only offered me that one location. I sent the same email to another bank on Friday and have yet to receive any response from them.

Vinny

[dualstow]

At this point I have about four. When I finally go full Permanent Portfolio (whenever that time may be) I will own significantly more.
What do you define as both "a lot" and "very small box"?

Take a look at this. Whether or not it fits in your future bank box, you can see the dimensions and the number of coins it holds.
https://www.apmex.com/product/102924/10 ... mpty-white

[Maddy]

You could take a ruler and measure.

[Tortoise]

Safe deposit boxes typically require two keys — one owned by you, and one owned by the bank.

They typically unlock the box in your presence as you watch, they pull it out of the slot, and walk with you to a private room where you can open the box alone.

[yankees60]

After I received that email I requested to see the terms of rental.

Is this typical:

21. Prohibited Contents You shall not use the Safe Deposit Box, or permit it to be used, to hold any explosive, hazardous liquid, or offensive property, any property whose possession is prohibited by law or public regulation, or any property which may become a nuisance to the Bank or its other Renters. If we have reason to believe that such material is being stored in the Safe Deposit Box, we may forcibly open the Safe Deposit Box, remove and dispose of that material, with or without notice, at your expense.

This says that if we have another Franklin Roosevelt edict then the bank has the rights to take your gold?

Vinny

[yankees60]

Safe deposit boxes typically require two keys — one owned by you, and one owned by the bank.

They typically unlock the box in your presence as you watch, they pull it out of the slot, and walk with you to a private room where you can open the box alone.

Thanks for the brief response which explained A LOT prior unknown to me.

Vinny

[dualstow]

This says that if we have another Franklin Roosevelt edict then the bank has the rights to take your gold?

Vinny, at the end of the day you pays your money and you takes your chances. Many of us went out on a limb and got boxes.

I hope you took a look at the link on the first page and that you found it useful.

[yankees60]

This says that if we have another Franklin Roosevelt edict then the bank has the rights to take your gold?

Vinny, at the end of the day you pays your money and you takes your chances. Many of us went out on a limb and got boxes.

I hope you took a look at the link on the first page and that you found it useful.

Did not see it until now! That is distressing because I always rely upon the "first unread" feature. It seems several times it's jumping me over posts that I've not prior seen?

Vinny

[dualstow]

No wonder you think my quote-pruning goes too far

[Kriegsspiel]

I always rely upon the "first unread" feature. It seems several times it's jumping me over posts that I've not prior seen?

FYI that feature has never worked properly for me.

[yankees60]

I always rely upon the "first unread" feature. It seems several times it's jumping me over posts that I've not prior seen?

FYI that feature has never worked properly for me.

This is the first I'm hearing that anyone else has also experienced this and that it may be a flawed feature. Anyone else experiencing the same?

Vinny

[yankees60]

I always rely upon the "first unread" feature. It seems several times it's jumping me over posts that I've not prior seen?

FYI that feature has never worked properly for me.

This is the first I'm hearing that anyone else has also experienced this and that it may be a flawed feature. Anyone else experiencing the same?

Vinny

Literally always works for me. Hamburger icon in the upper left corner -> unread posts. I have that bookmarked as my starting page. Click on the red circle to the left of any topic and you go to the first unread post in that thread.

The one on the top right ("First unread post 21 posts") is the one I have been describing. Different than what you described.

Vinny

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