RIP: safe deposit box. Alternatives?

[Texas Proud]

I have a fire resistant 'safe' that can store a number of items... they are made in different sizes...


Have it located at the back of a closet... only have papers and a few other items but nothing of monetary value...

 

[ExFlyBoy5]

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.

While not wrong, the fact of the matter is that most burglars don't have the time or inclination to sort through your entire house. They are going to grab the easy/accessible items and get out of dodge.

DW is in R/E rentals and has seen where a couple of houses were robbed. The thieves would show up one day and bust open a door or window and immediately leave. They would watch/time the police response. A few days later, they would show up and break-in "for real" knowing generally how much time they have. Not saying this is a general practice, but it has happened.

We have an alarm for OUR situational awareness. I don't want to walk in on any robbery in progress. IF I get an alarm notification (by text/push notification), I can quickly check the cameras to see what's going usually before the alarm company calls.

 

[Act2]

I still have a bank safe deposit box for now. But I also had an experience where my parents’ bank safe deposit box was broken into at the bank. The burglars cut through the roof of the bank and entered from the roof into the safe deposit vault room and broke apart the safe deposit boxes. Ours was boring, mostly papers, and I don’t think we lost anything. But I’m sure that is not the case for anyone who kept jewelry, money, guns, or contraband in their box. Apparently law enforcement was called, but looking into the bank they would not have known burglars were at work behind the locked vault door.

I don’t use the safe boxes from that same bank anymore.

 

[W2R]

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

Me, either. In fact, I have never used one.

Being a (retired) career oceanographer, I have never had nor worn jewelry or expensive watches.

I keep important papers like my marriage and divorce papers, in my file cabinet and also scanned into a PDF. I back up my computer weekly and take the backup disk (including the scanned PDFs) with me when evacuating for hurricanes.

I guess the demise of safe deposit box availability hasn't really affected me very much. It's nice to not have to pay for one.

About 10 years ago, when I was living in my previous home, burglars broke in and "tossed" every drawer and closet shelf in my house. The place was a mess. The only thing they took was the $35 cash that I had put out for my lawn guy.

I tried not to be insulted. Police said they probably were interested only in drugs, guns, or cash. I am not the type to have drugs or guns in my house so I lucked out.

 

[ExFlyBoy5]

I still have a bank safe deposit box for now. But I also had an experience where my parents’ bank safe deposit box was broken into at the bank. The burglars cut through the roof of the bank and entered from the roof into the safe deposit vault room and broke apart the safe deposit boxes. Ours was boring, mostly papers, and I don’t think we lost anything. But I’m sure that is not the case for anyone who kept jewelry, money, guns, or contraband in their box. Apparently law enforcement was called, but looking into the bank they would not have known burglars were at work behind the locked vault door.

I don’t use the safe boxes from that same bank anymore.

Wow. A quick Google search came up with the following article on the subject of safe deposit boxes not being so safe.

https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html

In Conroe, Tex., someone cut through the roof of a bank last year and looted its safe deposit vault. Robbers took a similar route three years ago into two banks in Brooklyn and Queens, where they left empty boxes scattered in their wake. (Four men were convicted of the crime, which netted them more than $20 million in cash and goods.) But such capers are rare. Of the 19,000 bank robberies reported to the F.B.I. in the last five years, only 44 involved safe-deposit heists.

No regulator formally tallies customer losses in safe deposit boxes. Mr. Pluard, who tracks legal filings and news reports, estimates that around 33,000 boxes a year are harmed by accidents, natural disasters and thefts.

 

[brett]

We use our bank box for documents, for a backup disk of our digital photos, and for jewelry when we travel twice a year for two months at a time.

 

[JoeWras]

About 10 years ago, when I was living in my previous home, burglars broke in and "tossed" every drawer and closet shelf in my house. The place was a mess. The only thing they took was the $35 cash that I had put out for my lawn guy.

Yes, "tossing" is the word. The article had some good ideas, but the ones like fake books, false drawer bottoms, stuff behind drawers are bad. That's why they toss. Most of the good stuff pops out on the toss.

 

[daylatedollarshort]

There was a local news story here last year where a couple had a 300 pound safe with $500K worth of valuables inside stolen. It was even located on the second floor of the house.

 

[Exchme]

We went around to the local banks and found one that offered safe deposit boxes, opened an account with the minimum the required and use that.

Recently we went in to look through it and found we weren't really keeping much valuable stuff in it, mostly just old papers for cars and houses we no longer own, mortgages long since paid off, etc. We did find some old EE savings bonds given to the kids when they were little, I think the bonds long since quit paying interest, but the (now grown) kids liked the free money anyway.

 

[rk911]

our PNC branch closed and the neext closest has no vault boxes...just lock boxes in the lobby (single key). our Chase branch has vault boxes. but they are not renting any vacant boxes. seems they are getting out of the SD box business. we have not queried other local banks since all we have are a bunch of Series EE bonds, personal papers (car titles, passports, etc) and sentimental mementos.

 

[Lsbcal]

We went around to the local banks and found one that offered safe deposit boxes, opened an account with the minimum the required and use that.

Recently we went in to look through it and found we weren't really keeping much valuable stuff in it, mostly just old papers for cars and houses we no longer own, mortgages long since paid off, etc. We did find some old EE savings bonds given to the kids when they were little, I think the bonds long since quit paying interest, but the (now grown) kids liked the free money anyway.

When we still had a safe deposit box (assuming past tense now) I documented everything that was in it. Took pics of the iBonds too. I put that in an Excel file that is strongly password protected along with other financial info.

One should also protect all those financial docs and checks, etc if left at home. Just read about a really bad burglary around here. Here are the dudes they caught:

An excerpt from the Nixel alert I received today:

Original Residential Burglary Investigation:
In late July 2022, the Santa Rosa Police Department responded to a residential burglary in the 4300-block of Fistor Drive, Santa Rosa. A suspect broke into the residence and stole more than $30,000 worth of personal property. Some of the items stolen were electronics, jewelry, family heirlooms, personal identification information, collectibles, and financial documents. The suspect also stole the victim’s vehicle. An area resident reported seeing a door open at the residence. No one was home at the time of the burglary. Officers processed the crime scene, but no suspect was initially identified.

and:

Detectives also located personal identifying information for at least 30 different people from throughout Santa Rosa and Sonoma County.

Richardson is currently in the Sonoma County Jail with a $300,000 bail. Property Crime detectives believe that Richardson may be responsible for more identity thefts and residential burglaries. If you believe you have been a victim of a similar incident related to Richardson, police contact the Santa Rosa Police Department. The photograph attached of the suspect without tattoos is Richardson.

 

[mystang52]

We still have bank safe deposit box for important papers; we don't keep valuables there. About 2 years ago we got a home safe for documents that are less than critical but still important. We also keep $300 or so in there, for emergency cash. If my house were to burn down to the ground I presume that safe's contents would be toast. But I also believe the contents would survive a fire that was less catastrophic.

 

[Bamaman]

I have the important stuff in a credit union safe deposit box. Now if I could remember where my keys are, I'd be able to get into the box.

I do have a 500 pound safe in my house. It's the one that was broken into by one of my daughter's ex-boyfriends. And we cannot prove he cleaned us out of jewelry and 210 pieces of sterling silver flatware. All that's really in there is our will.

 

[badatmath]

This reminds me of how my grandma hid money in the house. Like in the lining of a coat or under the rug. Problem is when I die who would look there? And even if I didn't I can totally see myself donating the coat by accident.

 

[Jerry1]

This reminds me of how my grandma hid money in the house. Like in the lining of a coat or under the rug. Problem is when I die who would look there? And even if I didn't I can totally see myself donating the coat by accident.

This is the problem DW had with her mother. DMIL would put money in books. When DW had to deal with moving he mom into assisted living (Alzheimer’s), she and her sister had to go through every book before getting rid of it. Then there was the fear that in mom’s mental state, she could have put anything, anywhere. Then went through everything as best they could. They did find money. Who knows if the found everything.

 

[Koolau]

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

Yeah the only private safe deposit company on the Island recently went out of business. So far, banks still have 'em. YMMV

 

[Koolau]

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.

No, you're thinking about a gummint search of your property. They have infinite time. Also, they love that part of their job - especially if you pi$$ed them off at one time or another. Thieves try to keep their exposure to less than 15 minutes. Any self-respecting thief can find a few hundred bucks worth of stuff laying around your house. They don't have time to rip open the sofa unless they've been told that's where you keep your good stuff. YMMV

 

[Sunset]

Once the next door neighbor broken into during the night while they slept. Thieves stayed on the first floor and then took the car keys and drove off with their car.

My dog barked a bunch that night, and of course I ignored her, but that's probably why they didn't break into my place.

Of course thieves like to go for the Master bedroom immediately, as that is where people have their gun, and jewelry.

I would rather break/cut open the cement basement floor (its probably only 3" thick unless near the edge or a post) and put in a floor safe, than bury stuff in the backyard, as somebody could see you digging (and digging shows for a while) then they could dig it up when you sleep or go grocery shopping.

Even if you hire a guy to cut open the basement floor, just tell him you are going to put in a sump pump or Radon remediation, but wanted someone to cut the floor.

 

[SecondAttempt]

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?

We have been burglarized twice. The first time was over 30 years ago in a rental house. Oddly nothing seemed to have been taken and there were bicycle tracks leading to the back door so likely kids.

But that got us thinking about security. Important documents were kept in a safe deposit box. Jewelry and cash went in a can in the freezer that looked like frozen concentrated orange juice.

The second time was a few years later in a house we owned. The only thing taken was a pair of emerald earrings my wife's father had gotten her in high school. So, no receipt, just a not-great photo of her wearing them. I doubt dad paid $200 in the early 70s. When we filed an insurance claim we got $2400 based on their estimate of size and quality from the photo. No real sentimental value so win! The theives did bust the front door and dump out a lot of drawers but they did not have time to find the prized OJ!

I now live in a fairly remote area in Hawaii. No alarm but if we had one the neighbors would never hear it. Theives would have a LOT of time (30-45 minutes) to work. So I am looking at basically all three of your options - safe deposit box, home safe, strange hiding places, and so forth. The safe deposit box is the most elusive! We are also potentially on the path of a lava flow from Mauna Loa so "fireproof" is meaningless if the house is buried under 100 feet of new rock.

 

[JoeWras]

If they have time, they'll toss the freezer. This is well known. It least have a secure top on it and make sure it doesn't rattle.

 

[Car-Guy]

I've had SDB's in the past but about 20 years ago, I opt'd for a home safe instead and actually feel more comfortable... It's big, heavy, fire resistant, bolted to the slab, has no annual fees, and most of all, it's easily accessible for me 7x24x365.

 

[Qs Laptop]

No, you're thinking about a gummint search of your property. They have infinite time. Also, they love that part of their job - especially if you pi$$ed them off at one time or another. Thieves try to keep their exposure to less than 15 minutes. Any self-respecting thief can find a few hundred bucks worth of stuff laying around your house. They don't have time to rip open the sofa unless they've been told that's where you keep your good stuff. YMMV

Sure, if it's a random grab and go done by a drug addict looking for stuff to fence in order to feed his habit.

But if it's a thief that somehow knows you're wealthy and also knows you're away on vacation they will take their time, checking the most obvious spots first and then moving on from there.

 

[Lsbcal]

...
I now live in a fairly remote area in Hawaii. No alarm but if we had one the neighbors would never hear it. Theives would have a LOT of time (30-45 minutes) to work. So I am looking at basically all three of your options - safe deposit box, home safe, strange hiding places, and so forth. The safe deposit box is the most elusive! We are also potentially on the path of a lava flow from Mauna Loa so "fireproof" is meaningless if the house is buried under 100 feet of new rock.

I suppose the only good thing I can think of is lava flows move slowly, I think. Looking at Amazon and typing in "hide valuables" brings up some items for hiding valuables. I plan to have one place our heirs know about and that will document where other items might be in the house or elsewhere.

 

[ExFlyBoy5]

This reminds me of how my grandma hid money in the house. Like in the lining of a coat or under the rug. Problem is when I die who would look there? And even if I didn't I can totally see myself donating the coat by accident.

My parents used to keep some stuff at the bottom of the dirty laundry basket. At least I knew about it when it was needed!

And cash? They had that stuff stashed in all sorts of places. They also had a decent amount in a safe (buried in the garage floor) that was very moist. I had a lot of cash hanging up for a few days trying to dry them out...I'm sure it would have looked quite suspicious if an outsider saw it. Thankfully, Dad did business with the same banker for 20+ years because even with the "drying session", it still took a couple of hours to get all the bills scanned/counted for deposit. The bank was VERY patient.

 

[mountainsoft]

We have had a safe deposit box for many years at our local bank. The primary reason we have it is for an offsite location for my computer backup, though we also keep our passports, and some old photo negatives there. That's it. If something should happen to my computer or backup at home (fire, theft, tornado, etc.), I have the backup at the bank I can recover our important data from. Since they are on the other side of town in a different environment, it's unlikely they would suffer the same disaster scenario as us.

We currently pay about $60 per year for the safe deposit box. It started out around $20/yr and seems to creep up a bit more each year. It's getting to the point where it would be nice to find a cheaper alternative, but I haven't been comfortable with the friend/family option yet. I don't like leaving my stuff at someone else's house, and it would be awkward when I need to swap my backup drives. I generate too much data each day (videos, etc.) for online backups to be useful (too slow, too costly).

We also have a small "fire proof" file cabinet that I keep under my desk. For the most part it's just documents like wedding and birth certificates, wills, and that sort of thing. I have digital copies of most of these, but still try to protect the originals. I think it only has about a one hour rating, so I'm not sure how well it would hold up in a roaring forest fire, but it's better than nothing.

Otherwise, I try to digitize everything I can so I can have multiple backups for the worst case scenarios. We don't really own anything of significant value, such as jewelry, guns, or collectibles. Mostly just sentimental items that have more meaning than monetary value.

We had a break-in about 25-30 years ago and all they really took was a camera and my wife's jewelry. No significant monetary value, but it was sad to lose some of the sentimental jewelry items from our dating years. Ironically, we had several bags of items (CD's, electronics, etc.) in our living room in preparation for a garage sale and they didn't touch those at all.