RIP: safe deposit box. Alternatives?

[Lsbcal]

Our local Chase Bank is closing and Chase corporate has decided not to offer safe deposit boxes any more if that happens to your branch. We just have documents, paper iBonds, and a few minor somewhat valuable items. Most of this can be recovered with some annoying troubles such as iBonds if destroyed.

We went through 2 evacuations in recent years due to fires in the area and it is a real worry. It's no fun putting all your stuff in a car and leaving your beloved nest. But it could happen again.

So we have these options:
1) Set up a safe deposit box at another bank like Bank of America

I talked to BOA and they require a checking account with something like $1500 in it to waive fees. Then you still have to wait 6 months to open a box. And for us I have to lift a security freeze temporarily. Plus there are a few other things to do. Adds another institutions complexity to our financial picture.

2) Keep everything at home in a place that is difficult to detect but "in plain site"

This is the easiest option to implement as I have a few ideas in mind. Would put this stuff in a "grab and go bag" and place in an innocuous location. Probably a foreign agent would find it but not likely a burglar.

I saw this articles with pretty cool ideas and pictures:
https://www.familyhandyman.com/list/the-ultimate-guide-for-secret-hiding-places-in-your-home/

3) Buy a fire proof house safe.

Well there really is no such thing as fire proof safes at the consumer level. I talked to one fire victim whose stuff was incinerated inside his safe when the house was totally destroyed. Plus it would have to be heavy and hard to carry out by a burglar.

So what are your thoughts?

 

[euro]

Well, the i-Bonds you can send back to the Treasury and convert them into an electronic account.
Depending on what the remaining stuff is, I'd probably go for option @ - if the fire risk is your main concern then yeah, a home safe will not help if your house burns to the ground.

FWIW, if your stuff is irreplaceable, then the process to get a BoA box doesn't sound THAT bad to me.

 

[easysurfer]

I haven't used a safe deposit box in years.

Probably not the most secure if my place gets robbed. But rolling the dice. If I get tied up and thieves go through my stuff and they find my watch I'll say "Oh, so that's where it is? I've misplaced that for years."

 

[PatrickA5]

I have a fireproof floor safe. I certainly wouldn't be able to carry it out in the event of a fire or flood. Not much in it that a thief would want - mainly important papers. I suppose, if I had time, I'd empty the contents into a pillow case and take it with me.

 

[Lsbcal]

Well, the i-Bonds you can send back to the Treasury and convert them into an electronic account.
...

From what I have read dealing with the Treasury Direct site is not easy or convenient. Paper iBonds apparently can be replaced if damaged. I'm all into simplifying what I can and only dealing with complexity if it is fun or makes more money.

 

[REWahoo]

Father in law used a glass casserole dish with a taped-shut glass lid. Placed it inside a couple of plastic bags and buried it in the barn. YMMV

 

[Lsbcal]

I have a fireproof floor safe. I certainly wouldn't be able to carry it out in the event of a fire or flood. Not much in it that a thief would want - mainly important papers. I suppose, if I had time, I'd empty the contents into a pillow case and take it with me.

We had to pack up in the dark (power was out) at around 1am when an evacuation alert indicated an imminent fire threat. We had to leave in the morning. Scary and so now I have a hard copy list of what to put together in the car. Plus we have some favorite old photos/albums in "grab and go" boxes. Migrated a lot of stuff to cloud storage so I can operate from anywhere.

Only in a totally extreme case would one not have time to gather up items including suitcases with several days of clothing, etc. That did happen to some in Santa Rosa in the 2017 fire where they took off in their pajamas with animals in the middle of the night. Since then emergency fire mitigation efforts in California have made such incidents much less likely.

 

[ncbill]

another bank...there are surely more than just BOA in your local area?

make sure your box is high enough not to get flooded if in an area that floods.

and never in a vault below ground level given the above.

 

[Sunset]

We had to pack up in the dark (power was out) at around 1am when an evacuation alert indicated an imminent fire threat. We had to leave in the morning. Scary and so now I have a hard copy list of what to put together in the car. Plus we have some favorite old photos/albums in "grab and go" boxes. Migrated a lot of stuff to cloud storage so I can operate from anywhere.

.....

We have many flashlights, as our cabin has no electricity. I find the headlamps are really great as it leaves your hands free to do stuff. They only cost $10 each for really bright ones.

 

[audreyh1]

We use a safe deposit box to store documents and backup drives off site.

I think some banks are trying to get rid of them. BofA has certainly made it more trouble to access.

 

[easysurfer]

From what I have read dealing with the Treasury Direct site is not easy or convenient. Paper iBonds apparently can be replaced if damaged. I'm all into simplifying what I can and only dealing with complexity if it is fun or makes more money.

Yes, that is the case with the site. Not easy or convenient.

I think the final few EE bonds I have are maturing in about a year. After that I should be free from the treasury direct site. I won't miss having to use their virtual keyboard to enter my password each time .

 

[Gotadimple]

A private vault company. This depends on how large a community you live in. There are vault companies that rent safe deposit boxes. The risk is that they could go out of business.

Do a search for non-bank safe deposit box

- Rita

 

[Sojourner]

Father in law used a glass casserole dish with a taped-shut glass lid. Placed it inside a couple of plastic bags and buried it in the barn.

This is sort of what I was thinking as a fairly easy, DIY solution. Find a nice spot in the yard somewhere, dig a hole, and then put a small storage bin filled with valuables/irreplaceables, all wrapped in heavy plastic tarp to keep moisture and critters out. Then put some fireproof insulation and a fireproof cover over it all for easy access. Might be kind of a fun project!

 

[Lsbcal]

We have many flashlights, as our cabin has no electricity. I find the headlamps are really great as it leaves your hands free to do stuff. They only cost $10 each for really bright ones.

Headlamps are an interesting idea. Could use occasionally around the house too for working in a dark corner. DW would probably complain it messes up her hair . We have LED lanterns. Have resisted buying a generator or whole house generator.

Here is one I found: https://smile.amazon.com/Rechargeable-Flashlights-Headlights-Lighting-Comfortable/dp/B07WP393CS/ref=sr_1_3?crid=AW6HTMZ2FIC1&keywords=head+lamps+for+adults&qid=1667491432&qu=eyJxc2MiOiIwLjAwIiwicXNhIjoiMC4wMCIsInFzcCI6IjAuMDAifQ%3D%3D&sprefix=head+lamps+for+%2Caps%2C171&sr=8-3

 

[Sunset]

Headlamps are an interesting idea. Could use occasionally around the house too for working in a dark corner. DW would probably complain it messes up her hair . We have LED lanterns. Have resisted buying a generator or whole house generator.

Here is one I found: https://smile.amazon.com/Rechargeable-Flashlights-Headlights-Lighting-Comfortable/dp/B07WP393CS/ref=sr_1_3?crid=AW6HTMZ2FIC1&keywords=head+lamps+for+adults&qid=1667491432&qu=eyJxc2MiOiIwLjAwIiwicXNhIjoiMC4wMCIsInFzcCI6IjAuMDAifQ%3D%3D&sprefix=head+lamps+for+%2Caps%2C171&sr=8-3

These are the headlamps I bought 2 years ago. They still are working great. They take regular batteries, so I just keep a pack in the house.
The have 2 modes, which does confuse a few people, white light and red light.
I normally only use the white light mode, it has 3 intensities of light.

Super handy for fixing stuff with my hands free.

https://www.amazon.com/gp/product/B07ZWK5QKM

 

[The Cosmic Avenger]

We probably need to upgrade, but in our younger years our budget solution was a small floor safe that would be very difficult for one person to maneuver, with a fire proof document lock box inside. Jewelry and nonessential papers go in the safe on top of or next to the lock box; deeds, passports, titles, cash, etc. go in the lock box. All documents are scanned, so we have all the pertinent info handy, and could probably get replacement if needed (except the cash, natch!).



My BIL had a refrigerator size floor safe for his gun collection (he really does collect them, not just amass firepower) and other valuables. It looks thick enough to be fireproof, and I'm sure it couldn't be moved by two people without a dolly and a lot of time.

 

[mpeirce]

A private vault company. This depends on how large a community you live in. There are vault companies that rent safe deposit boxes. The risk is that they could go out of business.

Another risk is that the FBI may seize your assets and you have to sue to get them back:

US Private Vaults Seizure

 

[Qs Laptop]

2) Keep everything at home in a place that is difficult to detect but "in plain site."
This is the easiest option to implement as I have a few ideas in mind. Would put this stuff in a "grab and go bag" and place in an innocuous location. Probably a foreign agent would find it but not likely a burglar.

I saw this articles with pretty cool ideas and pictures:
https://www.familyhandyman.com/list/...-in-your-home/

No, no, and NO!

I'm no thief but I've seen almost all of these hidey-holes used in TV shows, movies, or read them in books. I've even thought of some of these on my own over the years. If I can think of it, I assume a thief has already thought of it.

Why do you suppose when someone goes through a house looking for something they trash the place? Cut up pillows and upholstery? Because they know about these "secret" hiding places. What next? Should I put a house key inside one of those fake rocks and set it in my landscaping by the front door? Personally, I like the fake water pipe one, though.

 

[Jerry1]

I think a lot of them would work in the most common theft where they grab and go. TV’s, computers, any jewelry in the master headroom . . . But, I agree with you that if they’re going to take time and ransack your house, most of those would be found. Personally, if I was to do something along those lines, I probably bury stuff in a water tight container in the back yard. I live on a slab house and I’ve thought about putting a small safe in the floor. Just seems like too much work.

 

[Lsbcal]

No, no, and NO!

I'm no thief but I've seen almost all of these hidey-holes used in TV shows, movies, or read them in books. I've even thought of some of these on my own over the years. If I can think of it, I assume a thief has already thought of it.

Why do you suppose when someone goes through a house looking for something they trash the place? Cut up pillows and upholstery? Because they know about these "secret" hiding places. What next? Should I put a house key inside one of those fake rocks and set it in my landscaping by the front door? Personally, I like the fake water pipe one, though.

I have no idea if thieves trash places. I thought it was mostly grab and go for them. We have an alarm system and it is hard to imagine the alarm sounding and guys taking their time with this. Our house is well lit even on vacations and neighbors are alerted on vacations. Except for vacations we are home at night with doors locked.

Yes, I have seen plenty of trashed places on TV crime and spy dramas. It is very dramatic and is usually connected in the story line with specific items like drugs or evidence or special circumstances.

But in real life? Have you known of actual incidents not attached to special circumstances?

 

[Telly]

We use a safe deposit box to store documents and backup drives off site.

I think some banks are trying to get rid of them. BofA has certainly made it more trouble to access.

Was talking with a bank person last week who has years in the industry. He said they, and many others, are not building new banks with Safe Deposit Box vaults in them anymore. Liability, even though we sign an agreement that the bank is not liable. I also suspect "the younger generation" (eek! I'm old!) isn't much into Safe Deposit Boxes.

 

[daylatedollarshort]

The brick and mortar banks are closing the branches around us, too, and many that remain no longer have safe deposit boxes for rent. We still have a safe deposit box for now but I suspect it won't be long before we also need to look for an alternative.

 

[youbet]

Father in law used a glass casserole dish with a taped-shut glass lid. Placed it inside a couple of plastic bags and buried it in the barn. YMMV

Well, of course! That's the routine method here too.

 

[Pointby2]

In our last house I installed an in-ground safe. Busted up the concrete in the basement, dug out a couple of feet of earth and dropped in a floor safe. Redid the concrete. It would take anyone a long time to find it and even longer to get it out. It would also be fireproof.

 

[razztazz]

Let me chime in here. My father was a policeman and I worked for ADT the alarm system company, for a few years. I've gotten a few briefings. 99% of break-ins/smash and grab burglars are not interested in spending any time in your house or busting into exotic locations and cubby holes to see what they can find. They want: A) Money or money surrogates (cards, checks etc), B) drugs, C) small things they can lift easily and quickly fence for cash (jewelry), D) A gun. Yes, they know all the normal, regular places people put these things. And that's where they look. They are not neat or careful about it and they might open drawers and run their hand through them, hence the "messed up" bedroom.

A good burglar will be in and out in 4 mins or less. Even if you have an alarm system he knows he'll be long gone before anybody gets there. Maybe the noise will put him off but maybe not. Most local PD's don't even respond to residential break-ins unless you are on the property at the time. Otherwise, call tomorrow and get an incident # for the insurance.

Now, if you are known to have something worth hauling (the guy with the stamp collection on the news last night, Tim Taylor and his power tools) they can case your house and bring the truck when you're gone.

Originally Posted by Qs Laptop
No, no, and NO!

I'm no thief but I've seen almost all of these hidey-holes used in TV shows, movies, or read them in books. I've even thought of some of these on my own over the years. If I can think of it, I assume a thief has already thought of it.

Why do you suppose when someone goes through a house looking for something they trash the place? Cut up pillows and upholstery? Because they know about these "secret" hiding places. What next? Should I put a house key inside one of those fake rocks and set it in my landscaping by the front door? Personally, I like the fake water pipe one, though.

I have no idea if thieves trash places. I thought it was mostly grab and go for them. We have an alarm system and it is hard to imagine the alarm sounding and guys taking their time with this. Our house is well lit even on vacations and neighbors are alerted on vacations. Except for vacations we are home at night with doors locked.

Yes, I have seen plenty of trashed places on TV crime and spy dramas. It is very dramatic and is usually connected in the story line with specific items like drugs or evidence or special circumstances.

But in real life? Have you known of actual incidents not attached to special circumstances?