Are Bank Safe Deposit Boxes Really Safe?

[Staceyy]

Not that I could ever afford it, but suppose I had precious diamonds or gold bars. Would a bank safe deposit box really be a safe place to store such items? Are there ever reports of anyone breaking into these boxes, and what recourse would a person have? If there were some sort of political, social or economic etc. upheaval, would this be a safe place to store your valuables? Just curious.

[JanH]

Good question. I do know that after Hurricane Rita, our credit union had to dismantle the main two story building and all that was left was girders and the vault. I assume the safe deposit boxes inside the entrance to the vault were intact. I do know that when I transferred mine to another branch, I had to weave in and out of construction to get to the vault area and person on the desk there. Although I didn't have anything in it at the time because we took the papers with us when we evacuated. I felt reassured that the vault would survive quite a bit. I do make sure that I get my boxes at least head high so that if it doesn't do well in floods that I would hopefully be above water lines. Our new one has glass doors and people can be seen if they were struggling to dismantle someone else's, but I don't know what other safeguards they have. Maybe I should find out more myself.

[mom-from-missouri]

I think they are safer than small home boxes, and are insured to a certain amount. But, the thing I dislike about them is that you can only get to them during bank hours.

[project15]

Haven't you ever watched the movies? Everyone knows how to steal from a safe deposit box!

[Jaun22]

I would say they are safe. They insurance is what you are buying.

[Staceyy]

Here is a link I found regarding safe deposit boxes from the FDIC:

FDIC: FDIC Consumer News - Spring 1997

[MonkeyMama]

I actually read not to use them in flood zones. They are built to be withstand water and such but for some reason many of them aren't. I wish I could find the article that explained why. It had something to do with though they were built to withstand floods, changes and repairs over time can make them less flood resistant. I Think this applies to older buildings in low lying areas mostly. OF course perhaps it would be wise to keep everything is plastic bags then.

I use a safe deposit box in another city because it is convenient enough and not a low lying area.

[cantretire]

I worked in a bank once. One Monday morning, the assistant manager opened up the vault and screamed! The ceiling of the vault was on the floor and most of the safe deposit boxes had been broken into. The cash vault was untouched. Even the manager's box was broken into - her grandmother's pearls were on the floor.

They are still much safer than keeping things in your house. Just be sure to put the items on your home insurance policy. Papers should be copied with the copies kept in a separate location. I still keep things in SDBs, so I still trust them more than keeping things in the house.

[TheTexan]

At Bank of America, where our safe deposit box is, it is really secure. Not saying that someone couldn't use a block of C4 and get in, but it is a brand new bank with some awesome technology. But, like previous postings, your valuables are locked up during non-business hours.

[mom-from-missouri]

Did anyone remember seeing the news footage after Katrina hit where it showed a bank--or what was left of it??? All that was standing was the banks sign and the vault. The rest of the bank was in rumbles.