[DGDevin]

"Bob R" wrote in message
...


Does anyone in the group have a safety deposit box at a local bank? Or
had one in the past?

Yes. We mostly keep important papers in it--deeds and similar documents, a
few pieces of jewelry.

I checked at a local bank here (Upstate N.Y.) if it matters. The one
thing I don't like about it, is you don't get any kind of receipt for
what you put in it.

That makes sense. They would need a bank employee to be with you and
confirm everything in the box before you locked it, and most people seem to
prefer privacy in that regard. And how would they know the jewelry is real
and the valuable documents are what you say they are and so on? And then
they would need to carry insurance for the contents of all the safety
deposit boxes--they seem to prefer not to know just to avoid the hassle.

Also, the bank says only the person who has the box
has a key to it. The only way the bank could get into it is if the
rental fee is not kept current.

It varies between states, but apparently most banks will try to contact the
owner for several months after the rent stops being paid, then they remove
and inventory the contents which eventually go to the state as unclaimed
property.

We had an extra key made for our box as if you lose your key the bank has to
call in a locksmith to open the box and you pay the bill for that. At our
bank you have to meet the locksmith there too, so a spare key made sense.

So, good or bad idea to get one? Any opinions and or comments will be
greatly appreciated.

Having a serious fire rated safe at home is probably a good substitute for a
safe deposit box, but not one of those cheap fire safes sold everywhere, the
trainee burglars can pop one of those. But when it comes to documents like
deeds, wills, documents proving you're heir to some European throne or
whatever, a safe deposit box isn't a bad idea.