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.
stuper1
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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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jhogue
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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.
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Mark Leavy
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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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