Security of safety deposit boxes in banks

uk_messer

From what I heard there is a waiting list for boxes. I suspect the banks don't actually like offering the service anymore as it's probably too much trouble for the money earned.

edda

How can you access the box contents if you are no longer able to get to the bank?

I know someone who is housebound and the bank say they only way to get the box back is for them to visit the bank personally and pick it up. Not good for elderly / infirm people.

Something to consider - depending on how long you are thinking of renting the box for.

eeja

tradetime wrote: »

Yes, and yes The contents of the box are yours and cannot be seized by the liquidators. Not sure what the charge for a box is nowadays.

With most banks the fees are charged based on size and location of the box. Chose and place your box in Oxford St and the fees are much higher then in say Tottenham.
By the way if you have not accessed your box for many years the bank can open the box in the presence of a solicitor and presumably sell off the contents to meet any fees.
Fees ? thats the $64000 question. Many banks in the past agreed not to charge known customers so the legal position on those boxes is a nightmare most banks will not want to get involved with. So they are likely to leave the box alone.
It is also interesting to note that the contents often provide a good source of revenue to the bank as the contents of the box of a deceased widow of 90 will often contain rare and valuable gold coins and banknotes.
A Bank of England £200 or £1000 note could be worth £50,000 and even the old white fivers can be woth several hundred pounds if in good condition.
(Read the book by Kenneth Jossett one time Head Cashier at Barclays Bank)

Blah99

edda wrote: »

How can you access the box contents if you are no longer able to get to the bank?

I know someone who is housebound and the bank say they only way to get the box back is for them to visit the bank personally and pick it up. Not good for elderly / infirm people.

Something to consider - depending on how long you are thinking of renting the box for.

Call the bank, explain the problem, write a letter of authority giving a nominated person access to your box.

cvd

Last June the police obtained a search warrant to look in every safety deposit box in three places in London.
See here:
http://www.telegraph.co.uk/news/uknews/2066470/Safety-deposit-box-raids-yield-andpound1bn-of-drugs,-cash-and-guns.html
Apparently the police opened every box and it took some months for innocent people to get their money back.

shaun_from_Africa

Don't forget that the company raided by the police was a private set up, had been under investigation for a couple of years before the raid, and they hadn't complied with the legal requirements for confirming id (and reporting anything suspicious) when people rented out a box.

This was why some of the directors were arrested, as it was believed that they were involved in illegal activities.
With the strict id checks carried out by the mainstream UK banks, I can't imagine the police ever raiding and seizing all the boxes in one branch.

edda

Blah99 wrote: »

Call the bank, explain the problem, write a letter of authority giving a nominated person access to your box.

Yes - they tried that, but the bank weren't helpful and said it would be better if the box holder could come personally.

Digitaria

If I had a safety deposit box, containing gold and silver - do banks transport to say from the UK to Israel or Egypt? How do I get my gold and silver from one place to another safely? Or do I have to sell it, turn it into cash and buy back the wanted gold and silver in the countries mentioned?
Thnx Lisa

Reaper

The bank certainly won't move the contents of your box. In fact they are not likely to be willing to even open it when you are not around.

Neither would they sell it for you. You would have to take it out physically yourself and then take it to a dealer.

You can avoid all these problems by not buying physical gold at all. Buy gold in a ETC or something instead.

PasturesNew

7sefton wrote: »

Says who?

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

Probably because they don't want everybody to have one.

While they might say there's no demand, let people know about them and that will create demand... which then creates a problem for the bank as they'd need to have/pay for space for them all.