Safety Deposit Box?


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mikep99
June 16, 2005, 10:29 PM
Just out of curiousity. Can you store a weapon in a safety deposit box?

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Partyguy816
June 16, 2005, 10:33 PM
I have been told in the past that you can. Call the bank up and ask them if they have any restrictions on what you can and can not store in them. Just a thought.

Standing Wolf
June 16, 2005, 11:12 PM
Call the bank up and ask them if they have any restrictions on what you can and can not store in them.

Why make it easy for a bank to tell you, "No!"?

I've been keeping guns in bank boxes for decades. I didn't say it was cheap. For all I know, some banks might object, but a.) it's my bank box, and b.) I don't make a point of discussing what's in my box with bank people.

M2 Carbine
June 16, 2005, 11:16 PM
I don't remember ever reading what I can or can't put in my box. If I need to put a gun in it I wouldn't think twice.

heypete
June 16, 2005, 11:26 PM
As long as it's not an illegal item (say, a muder weapon, drugs, stolen money, etc.), I can't imagine there would be any restrictions.

Then again, there may have been something in the Terms and Conditions you agreed to when opening the box.

cortez kid
June 16, 2005, 11:54 PM
I had posted a reply on this before. I think it bears repeating. If you die, the box is subject to inspection by the state, and they will. They use your lawyer as an agent of the state to perform the inspection. All contents become immediately taxable by the state. All money is counted and taxed. All jewelry is appraised and taxed. All the contents will be appraised and taxed. That means the Colt you bought fo $50 in 1955 and was put away for your grandkid and is worth $2500 is taxed at that rate. Plus your lawyer gets his cut too. That could be equall to 10% or even more. Nothing insults a guy like paying tax on his mother's wedding band. Smoething to consider
kid

Kim
June 16, 2005, 11:59 PM
Is what you said true in all states? If it is then you can get around it I think. ( or know maybe). :scrutiny:

Partyguy816
June 17, 2005, 12:38 AM
Standing Wolf, I never said to ask him if you can put a gun in there. I simply said ask them what the restrictions are if there are any. If that's opening the door for them to tell you no, then you'll be told no when your there trying to set it up and read their little paper thing. So there's no difference. This way he's saving a trip down there.

Russ
June 17, 2005, 12:47 AM
Cortez Kid is correct in many instances. If one were to die intestate (without a will), I guarantee the State would be into it. If you have a taxable estate they will ask you if you had a safe deposit box and you are liable to declare the value of the property inside the box. However, lots of people lie on their tax returns. I don't think I would chance it if it was a significantly appreciated asset. I am will to bet in the PRK, there are rules against having one in a safe deposit box thanks to the toad DemocRATs who have passed so many anti gun laws over the years you can't keep up with them.

cortez kid
June 17, 2005, 07:13 AM
Just went through this in Pa. Pop had a will , everything in order. The lawyer had to be there when I opened it up. I couldn't even touch the stuff until he unloaded peice by peice and logged it down. I was given the honor of taking everything down to the jeweler for the appraisal. My wife has plenty which I keep under a claymor in the bedroom.
kid

GRB
June 17, 2005, 07:23 AM
The lawyer only opens up the box and gets to see what is inside if you die and are the only key holder. My wife has a key to my box and access to it. If I drop dead and a lawyer looks inside guess what he will see - zilch.

As far as storing weapons, like firearms in safe deposit boxes, check federal banking laws/regulations if it is a FDIC insured bank. There may well be a law against it. If you cannot imagine why, then imagine the dirty thirties.

TarpleyG
June 17, 2005, 08:22 AM
That's right folks...make sure someone else has access to that box if you plan on storing really valuable stuff in it. Also, make sure you have a will. Nothing is more insulting to me than "estate" tax. What a crock--you die so the .gov gets a cut of your worth after you have already paid tax on the stuff once more than likely, not to mention you have been paying income tax all these years. The government needs an enema.

Greg

MillCreek
June 17, 2005, 12:53 PM
I read a perhaps apocryphal story once about a man who had a dispute with a bank. He rented a safety deposit box in the branch that he felt had done him wrong. He placed a large fresh salmon in the box and then left town for three weeks. Apparently, by the time the bank got the necessary legal authority to open the box without his key, and drilled out the locks, the building smelled so bad that it had to be shut down for a week.

I always wondered if that story was true.

moa
June 17, 2005, 01:10 PM
If you have it, read the terms and conditions of your contract with the bank concerning not storing firearms in your safety deposit box. Some banks have those conditions along with storing other items.

Hawkmoon
June 17, 2005, 01:31 PM
I read a perhaps apocryphal story once about a man who had a dispute with a bank. He rented a safety deposit box in the branch that he felt had done him wrong. He placed a large fresh salmon in the box and then left town for three weeks. Apparently, by the time the bank got the necessary legal authority to open the box without his key, and drilled out the locks, the building smelled so bad that it had to be shut down for a week.

I always wondered if that story was true.
One of my classmates did that to a local bank when I was in graduate school. Being a student in a graphics-related field, he rented the box under an assumed name using phony ID so they had no clue who to go after.

westex
June 18, 2005, 02:20 AM
If you are concerned about privacy, estate taxes, etc., in the state that you want a safe deposit box then look into forming your own corporation and opening a box in the corporations name. This will eliminate those concerns cause the corp doesn't die when you do. In most states the cost or forming the corp is minimum plus it can come in handy in many ways down the road.

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