Safe deposit box not so safe!!

[Magdump]

Ran across this vid and was a little surprised (not really) at how easy the Feds can rob people. But what caught my ear was his statement about safe deposit boxes not being safe in general. He didn’t elaborate so I’m not sure what he meant. I’d like to know if they are indeed not safe, for whatever reason, as I’ve believed a safe deposit box at my bank was always the best place to safeguard certain things. Is that a myth? Please tell me what you know.

https://youtu.be/oy3623YRsMk

 

[pyreaux]

Ask the folks who's bank flooded in 2016...

 

[Vigilante Sniper]

Typical of government overreach. Violation of our rights and why we need to wring in government and hold them responsible. I believe all the things going one today is Treason and should be treated as so.

 

[iomg8]

If banks go bankrupt they can sell off the safe deposit boxes and not even notify you. They can also lose stuff from removing it. Look up wells fargo loses man's watch collection on google

 

[Gator 45/70]

Ran across this vid and was a little surprised (not really) at how easy the Feds can rob people. But what caught my ear was his statement about safe deposit boxes not being safe in general. He didn’t elaborate so I’m not sure what he meant. I’d like to know if they are indeed not safe, for whatever reason, as I’ve believed a safe deposit box at my bank was always the best place to safeguard certain things. Is that a myth? Please tell me what you know.

https://youtu.be/oy3623YRsMk

You rich guys always worried about your money hunh bruh, 8 inches of dirt is much more secure and safer.

 

[AustinBR]

Ran across this vid and was a little surprised (not really) at how easy the Feds can rob people. But what caught my ear was his statement about safe deposit boxes not being safe in general. He didn’t elaborate so I’m not sure what he meant. I’d like to know if they are indeed not safe, for whatever reason, as I’ve believed a safe deposit box at my bank was always the best place to safeguard certain things. Is that a myth? Please tell me what you know.

https://youtu.be/oy3623YRsMk

Safe Deposit boxes are quite safe. What specific questions about them do you have? I worked in retail banking for a hot minute and know a thing or two.

 

[RaleighReloader]

It's worth noting that these "safety deposit boxes" in the OP's video weren't in a bank, but were instead in a private business in a strip mall—where the owner of this business allowed people to rent them anonymously. Of course they were full of drugs, weapons and ill-gotten funds. Anyone with half a working brain cell should have known that this wasn't the best place to store one's valuables.

I'm not a huge fan of safety deposit boxes; after all, it is still ultimately under someone else's control. But I think that it's a fallacy to assume that what happened to this private business in Los Angeles is representative of safety deposit boxes as a whole. I've yet to hear of something like this happening at a bank, where the rules around safety deposit boxes tend to be much stricter.

Mike

 

[Magdump]

Safe Deposit boxes are quite safe. What specific questions about them do you have? I worked in retail banking for a hot minute and know a thing or two.

What caught my ear was what the attorney said about safe deposit boxes not being that safe.
Yes I know this was a private security vault here in the states. May as well been a u-store-it I guess, but still, the way the Feds went about taking everyone’s boxes is not legal and if some folks think that’s ok well it should enrage you and likely would if your valuables were involved. I know that if they get away with this, it will set the stage for mass asset forfeiture on a scale that many of you could not possibly imagine. But we’ll save that for another day. I’d like to know if what I’ve decided to lock away at my bank is indeed safe or is it at risk of being confiscated by a government entity for any nonsensical reason. I’m not talking about anything illegal or illegally acquired. Simply things of value that I felt sure would be safest in a bank vault.
I’ve never heard that a safe deposit box is not safe until now. I think my question and the info I’ve posted is ample explanation of my inquiry. Why would this guy say those words as if they are factual. What is it I don’t know about a safe deposit box?

 

[Magdump]

It's worth noting that these "safety deposit boxes" in the OP's video weren't in a bank, but were instead in a private business in a strip mall—where the owner of this business allowed people to rent them anonymously. Of course they were full of drugs, weapons and ill-gotten funds. Anyone with half a working brain cell should have known that this wasn't the best place to store one's valuables.

I'm not a huge fan of safety deposit boxes; after all, it is still ultimately under someone else's control. But I think that it's a fallacy to assume that what happened to this private business in Los Angeles is representative of safety deposit boxes as a whole. I've yet to hear of something like this happening at a bank, where the rules around safety deposit boxes tend to be much stricter.

Mike

See post #8

 

[Magdump]

Hmmm...


https://youtu.be/9xC3OXXO7Z8

https://youtu.be/U2JOjfGZyD0

https://youtu.be/9dIg8LE7oC0

Ok, I’ve seen enough. Found my contract. I have my answer and will act accordingly. I had no idea. Thanks for the input.

 

[RaleighReloader]

May as well been a u-store-it I guess, but still, the way the Feds went about taking everyone’s boxes is not legal and if some folks think that’s ok well it should enrage you and likely would if your valuables were involved. I know that if they get away with this, it will set the stage for mass asset forfeiture on a scale that many of you could not possibly imagine. But we’ll save that for another day. I’d like to know if what I’ve decided to lock away at my bank is indeed safe or is it at risk of being confiscated by a government entity for any nonsensical reason. I’m not talking about anything illegal or illegally acquired. Simply things of value that I felt sure would be safest in a bank vault.
I’ve never heard that a safe deposit box is not safe until now. I think my question and the info I’ve posted is ample explanation of my inquiry. Why would this guy say those words as if they are factual. What is it I don’t know about a safe deposit box?

Take a deep breath.

Storing something in a safety deposit box doesn't make it immune to a search warrant. Whatever evidence was presented was compelling enough to convince a judge that a search warrant was in order. So if you have a beef with this, it's probably the judge you need to take it up with, and not the law enforcement agency that executed the search warrant. It sounds like there might be some follow-up lawsuits to this particular case, so wrongs on the part of the government may yet be addressed.

This had nothing to do with a tin foil hat "mass asset forfeiture" conspiracy. This had to do with a lot of drug trafficking and the proceeds of crime. This particular lock box company was apparently a hive for that sort of activity. It's not good that an innocent's possessions were swept up in this, but as I said before ... some forethought and good judgment might have suggested that this wasn't the best place to keep $60,000 in cash, gold, silver, and a vehicle title.

Here's a better way to frame this: would YOU take your most valuable possessions to a private company in a strip mall for storage? I sure wouldn't.

None of this has anything to do with a more traditional safety deposit box in a financial institution—where one generally has to present ID to get a box, and the comings and goings of people into those boxes are carefully documented. It's still no guarantee that your box couldn't become the target of a search warrant, but it's also going to be a lot easier for the courts and law enforcement to narrow the focus of their investigation if a safety deposit box's contents came into question.

Mike

 

[noob]

I used to use a safe deposit box that was on a second floor of a building. It seemed safer from flood given how high up it was and would keep certain things in there. One day I received a letter stating that you shouldn’t keep cash or a gun in the box, and it had me questioning if they were looking into my box or not. So I cleaned it out and cancelled it.

 

[machinedrummer]

When I had to retrieve documents from mine I would carry a little bag and say I was there to feed my snake.

 

[Emperor]

Just keep pushing for the real "American Dream."

Make enough money to move away from undesirables, the use of banks, and insurance companies!

 

[AustinBR]

I used to use a safe deposit box that was on a second floor of a building. It seemed safer from flood given how high up it was and would keep certain things in there. One day I received a letter stating that you shouldn’t keep cash or a gun in the box, and it had me questioning if they were looking into my box or not. So I cleaned it out and cancelled it.

Two keys are required to open the box. The owner's key and the bank's key. The only way for the bank to get it open is to have the box drilled by a locksmith. This is normally done in the presence of a customer (who lost their key), the locksmith, and at least TWO bank employees.

If a judge signs a warrant to go into someone's safe, it doesn't matter if it's in a bank, in their home, in their car, or zip-tied to their person. The box will be opened by LEO (and probably a locksmith).

Banks may have rules on what you can/can't keep in the boxes, but most of those are related to insurance concerns and the bank will never ask you what is in the box or check to see what's in the box.

When I was opening the vault for customers, we would let them go in a little room to open their box in private so no one besides them could see what was in it. We didn't know what was in the box unless the customer told us. That's how most banks handle this.

 

[Magdump]

Take a deep breath.

Storing something in a safety deposit box doesn't make it immune to a search warrant. Whatever evidence was presented was compelling enough to convince a judge that a search warrant was in order. So if you have a beef with this, it's probably the judge you need to take it up with, and not the law enforcement agency that executed the search warrant. It sounds like there might be some follow-up lawsuits to this particular case, so wrongs on the part of the government may yet be addressed.

This had nothing to do with a tin foil hat "mass asset forfeiture" conspiracy. This had to do with a lot of drug trafficking and the proceeds of crime. This particular lock box company was apparently a hive for that sort of activity. It's not good that an innocent's possessions were swept up in this, but as I said before ... some forethought and good judgment might have suggested that this wasn't the best place to keep $60,000 in cash, gold, silver, and a vehicle title.

Here's a better way to frame this: would YOU take your most valuable possessions to a private company in a strip mall for storage? I sure wouldn't.

None of this has anything to do with a more traditional safety deposit box in a financial institution—where one generally has to present ID to get a box, and the comings and goings of people into those boxes are carefully documented. It's still no guarantee that your box couldn't become the target of a search warrant, but it's also going to be a lot easier for the courts and law enforcement to narrow the focus of their investigation if a safety deposit box's contents came into question.

Mike

Take a deep breath? Really?
That’s a lot of info and I appreciate the time it must have taken you but you’ve gone down the wrong street. I thought I was clear.
I wanted to know why on earth a bank owned safe deposit box was deemed unsafe by an attorney and I believe I’ve found my answer. I’ve decided that a safe deposit box in a bank is not the safest bet.

 

[Magdump]

Just keep pushing for the real "American Dream."

Make enough money to move away from undesirables, the use of banks, and insurance companies!

Smartest reply in this thread!

 

[AustinBR]

Take a deep breath? Really?
That’s a lot of info and I appreciate the time it must have taken you but you’ve gone down the wrong street. I thought I was clear.
I wanted to know why on earth a bank owned safe deposit box was deemed unsafe by an attorney and I believe I’ve found my answer. I’ve decided that a safe deposit box in a bank is not the safest bet.

I think you made up your mind before you posted this thread. The chances of you having a problem with a box in a bank are basically zero.

That being said, I personally would never use a bank box. It's a hassle to drive to the bank, wait for the box to be opened, and etc.

 

[Magdump]

I think you made up your mind before you posted this thread. The chances of you having a problem with a box in a bank are basically zero.

That being said, I personally would never use a bank box. It's a hassle to drive to the bank, wait for the box to be opened, and etc.

Sorry to disagree with you but I did not make up my mind until I watched a few more videos, which was after posting the thread. I think there are enough stories of people being ripped off in those videos to override any advice I’ve read here by a long shot. The 3 vids I posted and what I’ve said here being completely ignored is further confirmation of that. You think what you think. I think you just want to disagree. Truthfully, you have definitely contributed to my decision. Thank you.
So, how is it so many people have had problems with ‘bank boxes’ but chances are basically zero that I’d have a problem with mine? Why does my contract completely excuse the bank from any liability if something happens to my property including a disappearance? I asked if what I heard was correct, that safe deposit boxes are not exactly safe. Regardless of what you think about my mind being made up, I posed a question. What does it matter if I already have formed an opinion? Are you judging me for asking for seeking a second opinion?
Tell us more about how there are zero problems with bank safe deposit boxes tho, please. Maybe show us something credible to debunk the 3 vids I’ve posted?

 

[LACamper]

Two keys are required to open the box. The owner's key and the bank's key. The only way for the bank to get it open is to have the box drilled by a locksmith. This is normally done in the presence of a customer (who lost their key), the locksmith, and at least TWO bank employees.

If a judge signs a warrant to go into someone's safe, it doesn't matter if it's in a bank, in their home, in their car, or zip-tied to their person. The box will be opened by LEO (and probably a locksmith).

Banks may have rules on what you can/can't keep in the boxes, but most of those are related to insurance concerns and the bank will never ask you what is in the box or check to see what's in the box.

When I was opening the vault for customers, we would let them go in a little room to open their box in private so no one besides them could see what was in it. We didn't know what was in the box unless the customer told us. That's how most banks handle this.

My wife worked in banking for 20 years. This matches what she knows.

I would put everything in double ziplocks though. She worked in a branch that flooded during Katrina... it happens.