"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?

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.

Thank you.

Bob

Your bank gave you false information. Boxes have two keys, one which they
put in, one which you put in, then their representative leaves the room. It
takes two keys to open them, or at least every one I've seen, and that would
be about 100.

Safe deposit boxes are safe, although some have been burglarized, and
accessed by bank employees in the past. A black plug key is put into the
decedent's keyhole upon notification of death, and access may be restricted
after that, but if someone gets there first and cleans it out
.................. Some of the prementioned bank employee accesses were on
deceased renters.

There are new things that are like safe deposit boxes that are used by all
manner of people. Mostly drug and illicit money people, and those who just
need access to lots of cash 24/7. Some have iris scans, and all are
relatively safe.

You cannot get into a bank box 24/7, only during business hours and hot on
bank holidays. They are not going to give you a receipt for a $4.6 million
diamond ring, which they then legally take custody of, by filling out any
paltry paperwork. It would have to be appraised, etc. Same for valuable
coins, artifacts, historical items, one of a kind rarities, etc.

All in all, they are a very safe, secure place, although can be seized by
the IRS or other means. If 24/7 access is an issue, then the private vaults
would be your way to go. Just remember that you have to drive to and from
there, and anyone on the street that sees you go in there at 2 AM might have
an interest in you on the way in or out. The pros will know when you're
holding, and the punks will shoot you even if they miss the call and don't
get any money anyway.

Good luck.

If it wouldn't be divulging too much, what, exactly is it you want to
secure? Be vague. Maybe the installation of a floor safe would do the same
thing.

SteveB

Heart surgery pending?
Read up and prepare.
Download the book $10
http://cabgbypasssurgery.com

"SteveB" wrote in message ...


"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?

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.

Thank you.

Bob

Your bank gave you false information. Boxes have two keys, one which they
put in, one which you put in, then their representative leaves the room. It
takes two keys to open them, or at least every one I've seen, and that would
be about 100.

Safe deposit boxes are safe, although some have been burglarized, and
accessed by bank employees in the past. A black plug key is put into the
decedent's keyhole upon notification of death, and access may be restricted
after that, but if someone gets there first and cleans it out
.................. Some of the prementioned bank employee accesses were on
deceased renters.

There are new things that are like safe deposit boxes that are used by all
manner of people. Mostly drug and illicit money people, and those who just
need access to lots of cash 24/7. Some have iris scans, and all are
relatively safe.

You cannot get into a bank box 24/7, only during business hours and hot on
bank holidays. They are not going to give you a receipt for a $4.6 million
diamond ring, which they then legally take custody of, by filling out any
paltry paperwork. It would have to be appraised, etc. Same for valuable
coins, artifacts, historical items, one of a kind rarities, etc.

All in all, they are a very safe, secure place, although can be seized by
the IRS or other means. If 24/7 access is an issue, then the private vaults
would be your way to go. Just remember that you have to drive to and from
there, and anyone on the street that sees you go in there at 2 AM might have
an interest in you on the way in or out. The pros will know when you're
holding, and the punks will shoot you even if they miss the call and don't
get any money anyway.

Good luck.

If it wouldn't be divulging too much, what, exactly is it you want to
secure? Be vague. Maybe the installation of a floor safe would do the same
thing.

SteveB

Heart surgery pending?
Read up and prepare.
Download the book $10
http://cabgbypasssurgery.com
I worked in a bank for over 40 years in California. It is true the box is
sealed upon the death of an owner. However, It is permissible for the joint
tenant or an executor to have access to the box for the purpose of removing
a will and/or burial instructions ONLY, in the presence of a bank employee.
The balance of the bank contents are only released after being inventoried
by a representative of the government-for inheritance tax purposes.
Elgy

"ELGY" lgpetersatcomcastdotnet wrote

I worked in a bank for over 40 years in California. It is true the box is
sealed upon the death of an owner. However, It is permissible for the
joint tenant or an executor to have access to the box for the purpose of
removing a will and/or burial instructions ONLY, in the presence of a bank
employee. The balance of the bank contents are only released after being
inventoried by a representative of the government-for inheritance tax
purposes.
Elgy

It may vary 49 different ways from that.

Steve

On 3/2/2011 11:52 PM, SteveB wrote:
"ELGY"lgpetersatcomcastdotnet wrote

I worked in a bank for over 40 years in California. It is true the box is
sealed upon the death of an owner. However, It is permissible for the
joint tenant or an executor to have access to the box for the purpose of
removing a will and/or burial instructions ONLY, in the presence of a bank
employee. The balance of the bank contents are only released after being
inventoried by a representative of the government-for inheritance tax
purposes.
Elgy

It may vary 49 different ways from that.
....

And, it varies even in CA ...

California Probate Code Section 331

(a) This section applies only to a safe deposit box in a
financial institution held by the decedent in the decedent's sole
name, or held by the decedent and others where all are deceased.
Nothing in this section affects the rights of a surviving coholder.
....[goes on about the limitations in the particular case]...

So again to reiterate, not only do the rules depend on the State, even
within a given state it may (and does) depend on the details of the
particular situation.

The lesson to be learned is to find out what the law is in your own
state and generally it's wise to have a coholder if one has intent that
access to the contents should be uninterrupted on one's demise although
there are places where possibly even that isn't so; in the quick perusal
I noted before into NY law (although I certainly didn't do enough to be
certain I didn't find it explicitly mentioned but I didn't actually find
the pertinent section of NY Code itself, either).

--

On 3/3/2011 9:22 AM, dpb wrote:
On 3/2/2011 11:52 PM, SteveB wrote:
"ELGY"lgpetersatcomcastdotnet wrote

I worked in a bank for over 40 years in California. It is true the
box is sealed upon the death of an owner. ...

It may vary 49 different ways from that.
...

And, it varies even in CA ...

California Probate Code Section 331

(a) This section applies only to a safe deposit box in a
financial institution held by the decedent in the decedent's sole
name, or held by the decedent and others where all are deceased.
Nothing in this section affects the rights of a surviving coholder.
...[goes on about the limitations in the particular case]...

So again to reiterate, not only do the rules depend on the State, even
within a given state it may (and does) depend on the details of the
particular situation.

The lesson to be learned is to find out what the law is in your own
state...

The second lesson is that sometimes even the institution doesn't
actually know the law and may be overly conservative as in the above
where the limitation apparently was attempted to be placed on any box
regardless of a surviving coholder or not. There may be some other
nuance/conflicting statute in CA law I didn't find, but nothing
contravening the above showed up in quick look-see that would preclude
the surviving legitimate coholder from having unfettered access to the
content of his box (think surviving spouse as most common instance).

--