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

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. 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.

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


Depends on what you want the box to contain. The boxes are not totally safe
from destruction - think 9-11 or Katrina. The Treasury Department will not
reimburse you for currency destroyed in a bank box.

That said, safety deposit boxes are very secure. They are surrounded by
almost impenetrable concrete and steel and are monitored by sophisticated
alarms. The only people who can open the box are you and one other person,
plus virtually anybody associated with the government armed with an
appropriate warrant; from a deputy sheriff up to the Attorney General of the
United States.

The idea of a box is okay for things you may not need immediately but are,
nevertheless, valuable. Coin collections or passports come to mind.

"HeyBub" wrote in message
news
Depends on what you want the box to contain. The boxes are not totally
safe from destruction - think 9-11 or Katrina. The Treasury Department
will not reimburse you for currency destroyed in a bank box.

They're unlikely to reimburse you for currency *destroyed* anywhere, but
they'll reimburse you for damaged currency apparently regardless of where
the damage occurred provided you have identifiable remains to send them.

http://www.fema.gov/hazard/flood/fixdrls.shtm

The Treasury Department will not
reimburse you for currency destroyed in a bank box.

Depends. Total destruction, nothing, partial destruction, partial
compensation.

Steve

On 3/2/2011 3:15 PM, SteveB wrote:
The Treasury Department will not
reimburse you for currency destroyed in a bank box.

Depends. Total destruction, nothing, partial destruction, partial
compensation.

Steve


They have some discretion, but as a rule of thumb, if they can recover
enough of both serial numbers to verify bill wasn't cut in half, they
replace it. If they can recover one, you get half. And it isn't a
straight mechanical process- they also read the cover letter and judge
the situation. (Leastways, according to the sequence on the TV on
'modern marvels' or one of those shows, where they showed footage of the
lab where they do the work.)

I don't think it is significant fraud vector for the feds. It's not like
anyone is gonna burn money to get a dollar-for-dollar replacement.

--
aem sends...