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(Some Guy)   The next thing going the way of the buggy whip and the typewriter: Safe deposit boxes   (thehustle.co) divider line
    More: Interesting, Safe deposit box, safe deposit box, Bank, safe deposit boxes, big banks, pivotal safe deposit box scenes, Banking terms and equipment, New York businessman  
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1250 clicks; posted to Business » on 04 Dec 2022 at 10:48 AM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



43 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-12-04 10:49:55 AM  
Well that link was not kind to my phone. Constant reloading while the browser kept shutting down what the site was trying to load.
 
2022-12-04 11:07:13 AM  
Because you can get a floor mounted fireproof box for $800 if you legitimately have things you need to keep safe. It won't stop a determined burglar, but it can annoy/delay them enough to say "screw it" and that's just as good as being unbreakable.

As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.
 
2022-12-04 11:15:34 AM  
Weird because the picture in the article is a stack of cash in a safe deposit box. Most safe deposit boxes specifically disallow cash to be stored in them, though I don't think the bank does any checks on that. It's just that any cash is literally excluded from the bank covering that as a loss for any reason.
 
2022-12-04 11:18:25 AM  

Snarcoleptic_Hoosier: As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.


That's exactly what I was tempted to get a safe deposit box for a few years ago. Full backups are too big to manage online, and for a few years a big bank with local branches held my mortgage. That got me some kind of special status that included free use of a safe deposit box.

But, I never actually bothered. I'd already heard that boxes were scarce and wait lists were common. And I didn't expect my mortgage to last with them and they didn't have any other appealing services. My backups include offline storage, and I do stash a portion of the important stuff online (my main password database + family photos). I get fresh full backups twice a year and store a drive & usb stick in a small home safe, and that feels like plenty to me. We've evacuated for fires a couple of times in an abundance of caution, and knowing to grab those was plenty of security for me.
 
2022-12-04 12:10:38 PM  

OccamsWhiskers: Snarcoleptic_Hoosier: As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.

That's exactly what I was tempted to get a safe deposit box for a few years ago. Full backups are too big to manage online, and for a few years a big bank with local branches held my mortgage. That got me some kind of special status that included free use of a safe deposit box.

But, I never actually bothered. I'd already heard that boxes were scarce and wait lists were common. And I didn't expect my mortgage to last with them and they didn't have any other appealing services. My backups include offline storage, and I do stash a portion of the important stuff online (my main password database + family photos). I get fresh full backups twice a year and store a drive & usb stick in a small home safe, and that feels like plenty to me. We've evacuated for fires a couple of times in an abundance of caution, and knowing to grab those was plenty of security for me.


Digital copies don't work when selling your car or applying for a passport.
 
2022-12-04 12:11:44 PM  

OccamsWhiskers: Snarcoleptic_Hoosier: As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.

That's exactly what I was tempted to get a safe deposit box for a few years ago. Full backups are too big to manage online, and for a few years a big bank with local branches held my mortgage. That got me some kind of special status that included free use of a safe deposit box.

But, I never actually bothered. I'd already heard that boxes were scarce and wait lists were common. And I didn't expect my mortgage to last with them and they didn't have any other appealing services. My backups include offline storage, and I do stash a portion of the important stuff online (my main password database + family photos). I get fresh full backups twice a year and store a drive & usb stick in a small home safe, and that feels like plenty to me. We've evacuated for fires a couple of times in an abundance of caution, and knowing to grab those was plenty of security for me.


"Full backups are too big to manage online..."

Huh? I have 2TB stored online. I'm a DSLR enthusiast (now mirrorless), and I backup all of my photos, which go back like 15 years.

Then I backup my photos locally every day through a daily clone of the photo drive.

Then everything else is backed up through Time Machine and online.

And finally, important docs are in Dropbox.
 
2022-12-04 12:13:28 PM  
Only thing I've used a bank vault for was the abstract to my first home.  After diligently caring for its safe keeping for 9 years, I went to sell the home and proudly informed the title company I had the abstract only to be told they just get a copy of it themselves and mine isn't needed.

/soooooo glad I spent the money to care for an irrelevant document.
 
2022-12-04 12:15:18 PM  

HempHead: OccamsWhiskers: Snarcoleptic_Hoosier: As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.

That's exactly what I was tempted to get a safe deposit box for a few years ago. Full backups are too big to manage online, and for a few years a big bank with local branches held my mortgage. That got me some kind of special status that included free use of a safe deposit box.

But, I never actually bothered. I'd already heard that boxes were scarce and wait lists were common. And I didn't expect my mortgage to last with them and they didn't have any other appealing services. My backups include offline storage, and I do stash a portion of the important stuff online (my main password database + family photos). I get fresh full backups twice a year and store a drive & usb stick in a small home safe, and that feels like plenty to me. We've evacuated for fires a couple of times in an abundance of caution, and knowing to grab those was plenty of security for me.

Digital copies don't work when selling your car or applying for a passport.


I guess it's different in every state, but replacing a vehicle title should be really easy - I've done it. Ditto with a social security card (I've also done that).

I doubt it's that difficult with a passport; but probably takes a while because everything with passports move slowly.
 
2022-12-04 12:20:17 PM  
Why? It's not all about stashing cash. People still have high-value tangible objects and important documents they prefer not to keep in their homes.
 
2022-12-04 12:23:01 PM  

Nogale: Why? It's not all about stashing cash. People still have high-value tangible objects and important documents they prefer not to keep in their homes.


I don't see anyone complaining about all the safe deposit websites that will keep all your data forever.  I know that I'm very attached to my imgur account.
 
2022-12-04 12:29:43 PM  

Nogale: Why? It's not all about stashing cash. People still have high-value tangible objects and important documents they prefer not to keep in their homes.


I think people acquire fewer high-value tangible objects these days than people did in the past.

As least, fewer they don't possess specifically for the purpose of showing off, which you can't do when they're in a vault somewhere.
 
2022-12-04 12:32:56 PM  

OccamsWhiskers: Snarcoleptic_Hoosier: As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.

That's exactly what I was tempted to get a safe deposit box for a few years ago. Full backups are too big to manage online, and for a few years a big bank with local branches held my mortgage. That got me some kind of special status that included free use of a safe deposit box.

But, I never actually bothered. I'd already heard that boxes were scarce and wait lists were common. And I didn't expect my mortgage to last with them and they didn't have any other appealing services. My backups include offline storage, and I do stash a portion of the important stuff online (my main password database + family photos). I get fresh full backups twice a year and store a drive & usb stick in a small home safe, and that feels like plenty to me. We've evacuated for fires a couple of times in an abundance of caution, and knowing to grab those was plenty of security for me.


2.5" hard drives will fit in a safe deposit box. I keep a set of backups in mine.

You won't necessarily be at home to grab stuff when your place burns down. It's important to have an off-site copy somewhere. It doesn't have to be a bank; you could ask a friend or relative to store an encrypted hard drive for you.

A home safe that's designed to preserve paper in a fire won't necessarily save other forms of media which can't handle near-burning temperatures.
 
2022-12-04 12:56:41 PM  

thornhill: I guess it's different in every state, but replacing a vehicle title should be really easy - I've done it.


The only time I tried to replace a vehicle title, California informed me they don't keep title information on file after 15 years. Ended up giving the car to a charity.
 
2022-12-04 1:23:05 PM  
Snarcoleptic_Hoosier:

As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.

I need to do the same. Everything else is insured.
 
2022-12-04 1:25:58 PM  

Snarcoleptic_Hoosier: Because you can get a floor mounted fireproof box for $800 if you legitimately have things you need to keep safe. It won't stop a determined burglar, but it can annoy/delay them enough to say "screw it" and that's just as good as being unbreakable.

As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.


I use the John Wick method, encased in concrete underneath my basement slab. Anyone that determined can have the 3 beanie babies with their tags removed.
 
2022-12-04 1:33:50 PM  

natazha: thornhill: I guess it's different in every state, but replacing a vehicle title should be really easy - I've done it.

The only time I tried to replace a vehicle title, California informed me they don't keep title information on file after 15 years. Ended up giving the car to a charity.


That doesn't really make sense -- I don't think they were being straight with you (or this was a very long time ago). The car was registered in California, right? Unless California is unique, you need the title to register the car. So as long as the car was actively registered, that should be proof enough for California that the car was titled to you -- even if the didn't keep a copy of the original title, they still had the paper trail. Plus, I assume there's a nation-wide database that they run the VIN through to verify that it's not connected to a title or registration in another state.
 
2022-12-04 1:45:12 PM  

pearls before swine: Nogale: Why? It's not all about stashing cash. People still have high-value tangible objects and important documents they prefer not to keep in their homes.

I think people acquire fewer high-value tangible objects these days than people did in the past.

As least, fewer they don't possess specifically for the purpose of showing off, which you can't do when they're in a vault somewhere.


There's a generational and cultural element.

The generational element is that the "greatest generation" folks really did have this fear about their homes being robbed, and robbers inexplicably taking documents that had no value to anyone (like brith certificates), or taking jewelry that people were sentimentally attached to -- like my grandparents thought that these rings which had been in the family for 50+ years were so important that they needed to be stored in a box. If the rings were ever lost, it would be like a member of the family died.

Culturally, some people don't trust the banking industry and tend to keep non-cash assets as a backup. Safety deposit boxes remain popular in communities with large immigrant populations for this reason. (10 years ago, TD Bank eliminated their safety deposit boxes, and then after outcry from immigrant communities in NYC, brought them back at certain NYC branches.)
 
2022-12-04 2:17:22 PM  
I wondered how much evidence was stored in safe deposit boxes, then I discovered document storage and realized you could probably hide bodies in those old mines as long as you sealed them well.
 
2022-12-04 2:52:59 PM  
My Chase branch (previously Washington Mutual, previously Pomona First Federal ?)was originally built in the 60s? with a safe deposit vault.
So my Chase business account comes with a free safe deposit box.

Whenever we take a trip, I go the day before and stash vital docs, backup drives, extra credit cards, valuable jewelry, in the safe deposit box.
When we return I retrieve it all the next day.

It's a really convenient service, makes it worth staying with Chase.
 
2022-12-04 2:54:38 PM  

Snarcoleptic_Hoosier: Because you can get a floor mounted fireproof box for $800 if you legitimately have things you need to keep safe. It won't stop a determined burglar, but it can annoy/delay them enough to say "screw it" and that's just as good as being unbreakable.

As for important documents, I scanned all my critical stuff digitally and have a couple of USB sticks away from the property. If something happens, recovery is easy.


We still have one. I keep our full backups of the home stuff there, and rotate it every 6 months or so. Yeah it would suck if i had to rely on them, but most of the important stuff would be covered minus recent pictures if for some crazy reason our on prem and cloud backups weren't available.

Also important paperwork, which not irreplaceable would be a pain in the ass to deal with.

And then a few original documents, stuff with some sentimental value etc.

Your typical home fire safe, while it won't melt or let water in if you have a good one, isn't going to fair very well when it comes to stuff on a SD card or the like in a sustained fire. Same with pictures. It may also be on the bottom of your burnt down\flooded\whatever house and could take you god knows how long to get to.

Yes, your bank could catch on fire as well, but they are designed with that in mind.
 
2022-12-04 2:58:54 PM  

natazha: The only time I tried to replace a vehicle title, California informed me they don't keep title information on file after 15 years. Ended up giving the car to a charity.


How did you do that without a title to sign over to them?
 
2022-12-04 3:02:41 PM  

thornhill: That doesn't really make sense -- I don't think they were being straight with you (or this was a very long time ago). The car was registered in California, right? Unless California is unique, you need the title to register the car. So as long as the car was actively registered, that should be proof enough for California that the car was titled to you -- even if the didn't keep a copy of the original title, they still had the paper trail. Plus, I assume there's a nation-wide database that they run the VIN through to verify that it's not connected to a title or registration in another state.


That story doesn't seem entirely true, 15 years is too short of a time, but DMV does only care about certain stuff to a degree, and then will just say, "here is a bunch of extra forms you need to fill out, and its going to hurt the value of your car with whatever we give you in return (assuming it has value).

Case in point, My first new car i bought 20some odd years ago. Paid off the note, got the lein release, etc. Didn't bother going to dmv to get a clean title with the release, because why bother and pay the 25 bucks or whatever, its fine as it is provided i have the title and letter.

Car served as a beater, sat around on the farm, loaned it to a person or two along the way, etc.

Finally went to get rid of it like 20 years later, and its, "Hey, you have a lien on it still"

God knows what happened to my paperwork in that time. I moved probably a half dozen times, it found its way to the back of the whatever file, etc.

The bank the lien was in the name of, had changed names, hands, merged, gone bankrupt, been resurrected as an entirely new bank, you name it. Have fun getting something to say, "Yes, its been 20 years, you can clear the title" from someone, and DMV accepting it.

Eventually we landed on "Here is a title that says you can't really trust this title, but see LineNoise if you have issues, he has assumed liability for any purchases moving forward". Not a big deal for a 20 year old mercury you might get a few hundred bucks for, but if it was a classic its a different story.

I now go to DMV and get the clear title the second i get a release.

I like the thought of the safety deposit box being the, "Ok, REALLY serious stuff i may need 20 years from now goes here"
 
2022-12-04 3:14:13 PM  

LineNoise: thornhill: That doesn't really make sense -- I don't think they were being straight with you (or this was a very long time ago). The car was registered in California, right? Unless California is unique, you need the title to register the car. So as long as the car was actively registered, that should be proof enough for California that the car was titled to you -- even if the didn't keep a copy of the original title, they still had the paper trail. Plus, I assume there's a nation-wide database that they run the VIN through to verify that it's not connected to a title or registration in another state.

That story doesn't seem entirely true, 15 years is too short of a time, but DMV does only care about certain stuff to a degree, and then will just say, "here is a bunch of extra forms you need to fill out, and its going to hurt the value of your car with whatever we give you in return (assuming it has value).

Case in point, My first new car i bought 20some odd years ago. Paid off the note, got the lein release, etc. Didn't bother going to dmv to get a clean title with the release, because why bother and pay the 25 bucks or whatever, its fine as it is provided i have the title and letter.

Car served as a beater, sat around on the farm, loaned it to a person or two along the way, etc.

Finally went to get rid of it like 20 years later, and its, "Hey, you have a lien on it still"

God knows what happened to my paperwork in that time. I moved probably a half dozen times, it found its way to the back of the whatever file, etc.

The bank the lien was in the name of, had changed names, hands, merged, gone bankrupt, been resurrected as an entirely new bank, you name it. Have fun getting something to say, "Yes, its been 20 years, you can clear the title" from someone, and DMV accepting it.

Eventually we landed on "Here is a title that says you can't really trust this title, but see LineNoise if you have issues, he has assumed liability for any purchases moving forward". Not a big deal for a 20 year old mercury you might get a few hundred bucks for, but if it was a classic its a different story.

I now go to DMV and get the clear title the second i get a release.

I like the thought of the safety deposit box being the, "Ok, REALLY serious stuff i may need 20 years from now goes here"


Now try and get a copy of your birth certificate from a hospital that closed 35 years ago.
 
2022-12-04 3:30:46 PM  
Where else can I store my swastika-stamped nazi gold!??
 
2022-12-04 3:46:35 PM  

Nogale: Why? It's not all about stashing cash. People still have high-value tangible objects and important documents they prefer not to keep in their homes.


y.yarn.coView Full Size
 
2022-12-04 3:50:46 PM  
I store my important documents and wife's jewelry in TEH BLOCKCHAIN!

Unbanked; checkmate sheeple.
 
2022-12-04 3:58:39 PM  

thornhill: robbers inexplicably taking documents that had no value to anyone (like brith certificates)


You.... ever hear of this thing called "identity theft"?

Seriously, I'd rather have literally anything else I own taken before my birth certificate, SS card, and passport.  I live at ground zero for both burglary and ID theft, and the possibility of having those stolen keeps me up at night when I travel a lot more than someone grabbing my TV or Playstation.

I've been on a waiting list for years for a box at the only bank nearby that still has them.  And since they're a Chase branch, I guess I won't be getting one.
 
2022-12-04 4:40:26 PM  

mcreadyblue: Now try and get a copy of your birth certificate from a hospital that closed 35 years ago.


Those are useless. The official copies come from the county clerk.
 
2022-12-04 6:21:07 PM  

Jclark666: thornhill: robbers inexplicably taking documents that had no value to anyone (like brith certificates)

You.... ever hear of this thing called "identity theft"?

Seriously, I'd rather have literally anything else I own taken before my birth certificate, SS card, and passport.  I live at ground zero for both burglary and ID theft, and the possibility of having those stolen keeps me up at night when I travel a lot more than someone grabbing my TV or Playstation.

I've been on a waiting list for years for a box at the only bank nearby that still has them.  And since they're a Chase branch, I guess I won't be getting one.


You don't need either to commit identity theft, and it's so uncommon to use a birth certificate for anything that I if you ever used it for something, it would raise alarms. Similarly, it's so easy to forge a social security card that nobody asks for it as a form of verification.
 
2022-12-04 6:26:57 PM  

LineNoise: thornhill: That doesn't really make sense -- I don't think they were being straight with you (or this was a very long time ago). The car was registered in California, right? Unless California is unique, you need the title to register the car. So as long as the car was actively registered, that should be proof enough for California that the car was titled to you -- even if the didn't keep a copy of the original title, they still had the paper trail. Plus, I assume there's a nation-wide database that they run the VIN through to verify that it's not connected to a title or registration in another state.

That story doesn't seem entirely true, 15 years is too short of a time, but DMV does only care about certain stuff to a degree, and then will just say, "here is a bunch of extra forms you need to fill out, and its going to hurt the value of your car with whatever we give you in return (assuming it has value).

Case in point, My first new car i bought 20some odd years ago. Paid off the note, got the lein release, etc. Didn't bother going to dmv to get a clean title with the release, because why bother and pay the 25 bucks or whatever, its fine as it is provided i have the title and letter.

Car served as a beater, sat around on the farm, loaned it to a person or two along the way, etc.

Finally went to get rid of it like 20 years later, and its, "Hey, you have a lien on it still"

God knows what happened to my paperwork in that time. I moved probably a half dozen times, it found its way to the back of the whatever file, etc.

The bank the lien was in the name of, had changed names, hands, merged, gone bankrupt, been resurrected as an entirely new bank, you name it. Have fun getting something to say, "Yes, its been 20 years, you can clear the title" from someone, and DMV accepting it.

Eventually we landed on "Here is a title that says you can't really trust this title, but see LineNoise if you have issues, he has assumed liability for any purchases moving forward". Not ...


I don't get the point of your story.

If you never had the title transferred to you when the car was paid off, problems with the title 20 years later has nothing to do with irreplaceable documents (subject of this thread) or the DMV screwing up.

And even if you had all of the original paperwork saying that the loan was paid off, the DMV probably would have been reluctant to issue you a new title based on that given that you never actually had a clean title to the car.

I'm also very surprised that over 20 years, nothing ever came up with the vehicle's registration or insurance which would have alerted someone to the fact that you didn't hold the title.
 
2022-12-04 6:29:42 PM  

thornhill: Similarly, it's so easy to forge a social security card that nobody asks for it as a form of verification.


I do hiring paperwork as a major part of my job; and my employer requires a physical inspection of the social security card for IRS purposes.
 
2022-12-04 6:31:04 PM  

mrmopar5287: mcreadyblue: Now try and get a copy of your birth certificate from a hospital that closed 35 years ago.

Those are useless. The official copies come from the county clerk.


Yeah, the cert from the hospital is basically a souvenir.  The one from the county is the one that matters.  If it wasn't in the U.S., the consular report of birth abroad would be the legal equivalent.
 
2022-12-04 8:00:05 PM  
Aren't safe deposit boxes insecure? There have been stories of objects like Rolexes (Rolices?) somehow disappearing and the bank was just like, sorry, we don't guarantee anything, use at your own risk. Certainly you wouldn't want to keep any secret information in there like written-out passwords.
 
2022-12-04 8:25:15 PM  
I store all my NFTs in my safe deposit box.
 
2022-12-04 10:08:52 PM  

mrmopar5287: natazha: The only time I tried to replace a vehicle title, California informed me they don't keep title information on file after 15 years. Ended up giving the car to a charity.

How did you do that without a title to sign over to them?


When I got rid of a car without a title it was done by a towing company. They have legal methods of getting ownership through leins. I legit owned the car, but it was never titled in the US because I bought an American car from a GI that ordered it from the states, and I brought it back. The towing company was obligated to send official letters threatening action for fees, but the deal was to just ignore them until they officially took ownership. This was Nevada, and I'll bet many states have a similar processes.
 
2022-12-04 11:50:23 PM  

H31N0US: I store my important documents and wife's jewelry in TEH BLOCKCHAIN!

Unbanked; checkmate sheeple.


bLoCkcHaiN!
 
2022-12-05 12:06:56 AM  
We have a cheap safe at work were employees can put a hard drive, usb sticks or a folder for personal off-site backups.  We tell them photocopies, encrypted disks and memory sticks only  We keep track of who has what in the asset registry so when they leave, they take their junk with them.
 
2022-12-05 12:14:11 AM  

buckeyebrain: thornhill: Similarly, it's so easy to forge a social security card that nobody asks for it as a form of verification.

I do hiring paperwork as a major part of my job; and my employer requires a physical inspection of the social security card for IRS purposes.


Why?

By the Social Security Administration's own admission, its difficult to verify if a social security card is genuine (because the design has changed a bunch of times and it's not exactly hard to forge), which is why they have an online system for employers to verify social security numbers.
 
2022-12-05 2:34:46 AM  

pearls before swine: Nogale: Why? It's not all about stashing cash. People still have high-value tangible objects and important documents they prefer not to keep in their homes.

I think people acquire fewer high-value tangible objects these days than people did in the past.

As least, fewer they don't possess specifically for the purpose of showing off, which you can't do when they're in a vault somewhere.


A fair point. However, there are still some people who have things like family jewelry that's not worn on a regular basis but is irreplaceable because of sentimental value.
 
2022-12-05 5:38:13 AM  
Mine is full of my crypto currency
 
2022-12-05 5:38:21 AM  
The owner should store some gravity in that box along with that money.

Fark user imageView Full Size
 
2022-12-05 8:37:48 AM  

Snarcoleptic_Hoosier: Because you can get a floor mounted fireproof box for $800 if you legitimately have things you need to keep safe. It won't stop a determined burglar, but it can annoy/delay them enough to say "screw it" and that's just as good as being unbreakable.


Useless against a homeinvasion thoug.

I checked my bank, and it charges 100USD per year, which I'd prefer if I had anything special to put in it.
 
2022-12-05 12:46:01 PM  
Uh, the story explained why, for those who asked, "Why?" LOL

Long story short: They're expensive to build and the liability is not worth the cost.

In places that still have them, the wait list for one to become available is nearly a decade.

I always thought safe deposit boxes were dumb. The safest place to store something isn't in a bank or safe. It's in someplace no one will think to look. That varies depending on the size of the object and how often you need to look at it.
 
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