Safe Deposit Boxes


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cortez kid
April 9, 2005, 09:36 AM
Just reading through the forums this morn and seen more references of people having weapons in safe deposit boxes. I would never do this. It may be a fine safe place to keep weapons temporarily, but I stress temporarily. Even if you intend to keep them there forever, it's still only temp. Why? Because we have this tendency to die. When we do these items are passed along. This means they have to be removed. This is done under the watchful eye of the estate lawyer, 5% value please, who is also the watchful eyes of the state, another 5% please. Don't keep family jewery there either. It's down right insulting to pay 10% plus on the wedding of my mother, on whose finger it's been on and whose finger raised me since the early 50's. Realistically the accumlated "fees" could out weigh the actuall price of the piece. All values are determined by appraisal. How much did you pay for that Colt in 58 and how much is it worth now? What would 10% be worth to your Gov? WHAT IF YOU HAD TEN OR 20? I read about guys with 20 of the same model! My Mom's ring is worth more than any state sponsered extortion, but why put your family through it. But don't get me wrong..I'm not bitter!
good shootin
kid
PS I know that we are supposed to give over this info to the gov. as our riteful duty,but if the local gov's can have a buyback program for guns, and give you a wally world certificate for 50 bucks, than call it worth 50 bucks and keep it under the $1000 household goods alowance.
kid

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280PLUS
April 9, 2005, 02:12 PM
The bank can drill the box and remove the contents to another "secure" location if you are as little as 30 days late on the payment. THIRTY DAYS!!

I know...

:rolleyes:

TechBrute
April 9, 2005, 02:27 PM
IIRC, there's some sort of federal law against keeping guns in a SD box. It's been discussed here several times.

whm1974
April 9, 2005, 02:52 PM
IIRC, there's some sort of federal law against keeping guns in a SD box. It's been discussed here several times.

A law agaist having a gun in SD box or having one in a bank?

-Bill

Malone LaVeigh
April 9, 2005, 11:03 PM
I recently rented a sd box in Mississippi. They told me I could not keep a firearm in there.

As far as the estate implications of the contents of the box, always put the box in joint ownership with a trusted relative. Probably the beneficiary of your will. That way, it doesn't even become part of the estate. I have benefited from this arrangement twice.

Morgan
April 10, 2005, 04:54 AM
I know of no law regarding firearms in SD boxes. Laws against cash, yes.

They don't know what's in there, and my agreement doesn't say a damn thing about guns.

A joint signer you trust will eliminate any estate issues.

chaim
April 11, 2005, 01:01 AM
I had 5 1/2 years in branch level banking and yes, it is against federal law to store either cash or weapons in a safe deposit box. I don't think it was just my one employer who sold it to us as fed law when it was company policy since I worked for a few banks and one credit union in those 5 1/2 years and all said the same thing in their training.

Telperion
April 11, 2005, 01:18 AM
Does anyone have the actual law, or CFR, that says no guns or cash in a deposit box? I'm not buying it.

JohnBT
April 11, 2005, 07:36 AM
Anything goes in a safe deposit box
By Laura Bruce • Bankrate.com


Safe deposit boxes are a little like Swiss bank accounts -- it sounds so cool to say you have one.

They're alike in another way, too. Once you have one, you have to figure out what the heck you can put into it.

The answer is -- for safe deposit boxes -- just about anything. The law doesn't say, and the banks don't look.


"There are no federal laws about what can or can't be kept in a safe deposit box, and there's nothing the states can say about what you put in there," explains David McGuinn, of the Houston-based company Safe Deposit Specialists. McGuinn teaches bank employees the security and liability issues involving safe deposit boxes and the safe deposit area in the bank.

"The only restriction would be whatever is in the bank's contract or lease that people sign when they rent a box."

Most banks, in fact, do include restrictions on what can be put in the boxes. But for the most part, what you store there is between you and your conscience.

"A lot of contracts provide that renters can't put dangerous contents in there -- explosives and things of that nature," says Ted Dreyer, an attorney with Bankers Systems, a St. Cloud, Minn., company that drafts legal documents such as safe deposit lease agreements for banks.

"But as a practical matter it would be difficult to monitor what's in there."

That's because the banks don't look.

_________________________

FDIC insurance does NOT cover bank box contents. Your homeowner's or renter's MAY. A local bank flooded when Richmond got hit with 14 inches of rain in a few hours and the boxes were in the basement vault. Many of the owners were out of luck.

John

Kharn
April 11, 2005, 10:19 AM
Does anyone know if Bank of America prohibits firearms in their safe deposit boxes? I do most of my banking there and am thinking about getting a deposit box for really important documents (will, house deed, etc) and computer backups, I might as well leave my spare 1911 in there in case the place burns down or someone grabs my safe.

FDIC insurance does NOT cover bank box contents.
Sounds like a good coat of grease and a vacuum-sealed baggie would be in order.

Kharn

Snake Eyes
April 11, 2005, 10:25 AM
I have a BofA safe deposit box, and what they don't know can't hurt me.

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