Safety deposit boxes ring fenced?

chris_aaaaa

With an obvious nod to metro, it is a shame what is happening to them, it is quite a pleasant place to do your banking, hope the get over the current nonsense.

I have a box with metro and I see news reports of people rushing to empty their boxes, which left me wondering - why?

It is surely not possible that should a bank fall over the contents of the boxes goes in the kitty is it?

18cc

The contents of the box belong to you and will not be available to the liquidators should the bank fail.

jonesMUFCforever

Another thing to consider do you have insurance for what ever is kept in the box?
The big banks certainly did not offer insurance when they offered safe custody service.

Just finished watching Hatton Garden and it made think.....?

chris_aaaaa

jonesMUFCforever wrote: »

Another thing to consider do you have insurance for what ever is kept in the box?
The big banks certainly did not offer insurance when they offered safe custody service.

Yes, beefed up home contents covers it, so long as I have the correct locks fitted to my house

chris_aaaaa

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jonnygee2

I have a box with metro and I see news reports of people rushing to empty their boxes

Most of these people were acting on information from a WhatsApp message,which probably tells you something about their intelligence level.

To answer your question, no, banks can not sell off the contents of the safety deposit boxes if they go bankrupt. I guess if the staff all go you might lose access temporarily, although not for long as I'd think administrators would want them cleared very fast.

It is very silly to empty a safety deposit box because a bank is having liquidity problems.