Here's a problem that should be relevant to many here.
About 4 years ago my bank (a major national bank, which I also use for checking) was remodeling their safe room in my local branch office. They sent me a letter asking to 'move' my box to a new location in the safe room. No problem for me, really, even though I've had the box and number for almost 30 years. So, I went to the branch, opened and took the contents out of the old box, signed a new signature card to a new box, turned in the keys to the old box, opened and put a few of the contents into the new box using new keys to the new box (with a new box number), and locked the new box in the safe room.
Recently, I decided to close this new box (motivated by a 'no-fee' box being offered by another national bank near me). So, I went to bank No. 1, and asked to close the new box.
Long story, short: Bank No. 1 can't find my new box. They also can't find my new signature card. My keys don't open anything in the safe room--although I haven't yet asked them to try every box (among the hundreds of boxes). Fortunately, I'm pretty sure not much of economic value is in that apparently 'lost' box.
Bank No. 1 is still looking for my box after four weeks--and is apologetic (they should be!). I should mention that the bank's own billing records document the old & new box I have had for decades.
Here are some things I have learned:
PS. By the way, there is no question about my 'memory.' That might be the first thing that occurs to you reading this post--but it doesn't apply here.
About 4 years ago my bank (a major national bank, which I also use for checking) was remodeling their safe room in my local branch office. They sent me a letter asking to 'move' my box to a new location in the safe room. No problem for me, really, even though I've had the box and number for almost 30 years. So, I went to the branch, opened and took the contents out of the old box, signed a new signature card to a new box, turned in the keys to the old box, opened and put a few of the contents into the new box using new keys to the new box (with a new box number), and locked the new box in the safe room.
Recently, I decided to close this new box (motivated by a 'no-fee' box being offered by another national bank near me). So, I went to bank No. 1, and asked to close the new box.
Long story, short: Bank No. 1 can't find my new box. They also can't find my new signature card. My keys don't open anything in the safe room--although I haven't yet asked them to try every box (among the hundreds of boxes). Fortunately, I'm pretty sure not much of economic value is in that apparently 'lost' box.
Bank No. 1 is still looking for my box after four weeks--and is apologetic (they should be!). I should mention that the bank's own billing records document the old & new box I have had for decades.
Here are some things I have learned:
1. Your safe deposit box is not nearly as 'safe' as you might think.
2. You should keep a written inventory of what's in your box, in case you need to replicate a document, or to prove a loss (or, your heirs need to do that). You should consider keeping photocopies of documents outside the box (or on a flash drive, etc.).
3. I've also since read that you should keep paper documents in zip-lock bags in case of fire/water sprinkler activation in the safe room.
4. The 'agreement' you sign when you take a box doesn't offer much protection--the banks assume virtually no liability for a loss (although my situation is somewhat different because of their negligence). Banks advise you should have homeowner's insurance coverage for safe deposit held items.
Anyone have similar stories? 2. You should keep a written inventory of what's in your box, in case you need to replicate a document, or to prove a loss (or, your heirs need to do that). You should consider keeping photocopies of documents outside the box (or on a flash drive, etc.).
3. I've also since read that you should keep paper documents in zip-lock bags in case of fire/water sprinkler activation in the safe room.
4. The 'agreement' you sign when you take a box doesn't offer much protection--the banks assume virtually no liability for a loss (although my situation is somewhat different because of their negligence). Banks advise you should have homeowner's insurance coverage for safe deposit held items.
PS. By the way, there is no question about my 'memory.' That might be the first thing that occurs to you reading this post--but it doesn't apply here.