Why Safe Deposit Boxes May Not Be As Safe As You Think

Banks want you to believe that safe deposit boxes are the safest place for your valuable goods.  In many cases these deposit boxes are not nearly as safe as you may think.

 

Lack of Access

Do you realize that when you store your valuables in a safe deposit box that that they are unavailable 16 hours a day on weekdays and 24 hours a day on weekends.  This means that you only have access to your valuables 40 hours out of an entire week.  What happens if you need access to your money during the other 128 hours of the week?

 

Government Access To Your Valuables at Anytime

With safe deposit boxes, the government can access your valuables without a warrant and seize anything that it finds in your box.  With the passing of the Patriot Act, the government can access your safe deposit box at any time without any notice or permission from you.  This means that your valuables are not safe at all in a safe deposit box.  Hidden safes are a much better option for your valuables.

 

Not Accessible When Family Members Pass Away

According to seekingalpha.com, wills, trusts and powers of attorney should not be stored in a safe deposit box.  Hidden safes are much more practical because bank officials may deny access to safe deposit boxes for several weeks after a family member’s death.

 

Be very careful before you decide to store your valuables in a safe deposit box.  Not only are banks notorious for only being open a few hours each day, but your valuables are not protected in a safe deposit box.  It’s important to find another spot for your valuables before it is too late!

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