Safety Deposit Boxes/The Demise of the Banks

MrT1983

Sorry guys, I know this isn't entirely the right place to post this question but I couldn't find a specific board on the topic of safety deposit boxes.

If, out of concern that bank 'x' or country 'y' (where bank 'x' is located) were to collapse, I took my money out of the account and put my money and possessions of value into a safety deposit in bank 'x' what would happen in the event of an economic collapse? Would the contents be retained/under the control of the bank? Would I be prevented from accessing the contents? Or, as it is not a bank account which can be frozen, would it be possible/easy to access?

A curiosity question at the moment but I currently live in Spain and, who knows, I might have to start making decisions if Greece exits the Eurozone and we follow!

Many thanks

Reaper

While I don't know what the laws are in each country the general principle of security boxes is that the bank owns the box not the contents. The contents remain yours regardless of what happens to the bank.

I guess access might be delayed if the branch suddenly shut down but you would get your contents back eventually. You can also insure the contents which might be a good idea too.

jayship

If the authorities ever raided the deposit boxes as it happened a couple of years ago in the UK there is a chance that you will need to justify that the contents of the box is not money laundering.. It may be several months or more before u have access to your belongings.

shaun_from_Africa

jayship wrote: »

If the authorities ever raided the deposit boxes as it happened a couple of years ago in the UK .

This gets posted on these forums on a regular basis but one of the most important facts always gets left out which is that the places that were raided were privately owned deposit facilities and were nothing to do with any bank.

The reason that they were raided was down to the fact that the deposit centres were running illegally by not carrying out the legally required ID checks to prevent money laundering and the storage of proceeds of crime.

oldtoolie

Of course no bank would ever be involved in money laundering. Wait that's not quite right --

"Global banks are the financial services wing of the drug cartels
As HSBC executives apologise to the US Senate for laundering drugs money, the fact is that nothing changes" http://www.guardian.co.uk/world/2012/jul/21/drug-cartels-banks-hsbc-money-laundering

But not in the Uk -- uhh don't forget BCCI.

However, very few banks offer safe deposit boxes any more so it may be a moot point.

jayship

Shaun from africa
The depositories that were raided are back in business and trading as usual. They are able to check ownership but not the contents. Most major banks are in the process of closing down this facility and are asking customers to collect their boxes and others are offering the option of transferring them to G4 security services whose charges are a lot higher and you have no direct access to the box as they are stored further away plus they require a few days notice to bring over.