Security of safety deposit boxes in banks

tradetime

However back to the OP, I certainly would advise against putting money in a safety deposit box!

Lol, it would seem a rather irrational act, but whatever floats their boat. Uncommon time bring about uncommon behavior.

ian-d

Anyone know roughly how much a bank charges for a safety deposit box?

tradetime

ian-d wrote: »

Anyone know roughly how much a bank charges for a safety deposit box?

LOL look up, Post 9 on this thread.

ian-d

tradetime wrote: »

LOL look up, Post 9 on this thread.

oops, must confess, did just scan quickly rather than creating a new thread

Cheers :beer:

7sefton

tibtib wrote: »

The Co-op Bank is stopping deposit boxes as there apparently isn't the demand nowadays!

Says who?

And why don't any of the bank websites seem to have a page detailing safety deposit boxes?

Aegis

7sefton wrote: »

Says who?

And why don't any of the bank websites seem to have a page detailing safety deposit boxes?

I would imagine that it's their statistics team saying that the demand is down. As it happens, I agree. I've seen maybe 3 customers with safe deposit boxes in the last year, which certainly implies that there's not much demand. On top of that, if the facility exists the bank has to allocate safe space to the deposit boxes, and that reduces the available space for business-critical functions if the space is very limits.

As for your second question, I would imagine it's because the banks don't really want people to use the service any more.

Pssst

Asheron wrote: »

Yes you are right.

Right now it is unsafe to put your money anywhere Banks, Stocks, Bonds.

In 1929 Gold and Silver was the only safe place.

But why would you buy gold and silver now as it is at a historically high price and therfore you would have to set a stop loss SELL to prevent you losing money when its price turns downward??

agsnu

Pssst wrote: »

But why would you buy gold and silver now as it is at a historically high price and therfore you would have to set a stop loss SELL to prevent you losing money when its price turns downward??

It's still a hedge against hyperinflation. The supply of any given currency is potentially unlimited, the supply of gold bullion is fairly restricted due to the small amounts mined. The theory then being that gold will retain its value better in an inflationary environment.

gozomark

agsnu wrote: »

It's still a hedge against hyperinflation. The supply of any given currency is potentially unlimited, the supply of gold bullion is fairly restricted due to the small amounts mined. The theory then being that gold will retain its value better in an inflationary environment.

that statement is broadly true, but is equally true whether the price is $900 or $9 or $9000000 per ounce - pay too much, and it won't retain its value

Blah99

Aegis wrote: »

As for your second question, I would imagine it's because the banks don't really want people to use the service any more.

I think it's that a safety deposit box doesn't appeal to the wider public so there's no need to publicise them, but certain sectors do have a need for them. I've certainly not felt as though Natwest is discouraging me from holding a box.