In the event of bank failure, what happens in regards to access to safe deposit boxes? I heard horror stories of the great depression but maybe things have changed. If someone has something in a safe deposit box and the bank fails, does the owner of the contents of that box still get to visit the bank and remove the contents of the box? Is there anywhere someone can go to find this in writing?
Do yourself a favor and close your safe deposit box, especially if you are keeping cash or precious metals. It is only an illusion of security and not even a good one at that. I know that in the event of a crisis the govt can prevent access to the box and potentially seize the contents until you jump through some hoops at a minimum.
My dad had a safe installed in the concrete floor of the house I grew up in. There are safes that are actually designed for this application. Unless someone is going through your house with a metal detector, it's fairly easy to hide. BTW, didn't the feds go through safe deposit boxes looking for gold in the 30's after FDR issued executive order 6102?
That's what I heard and that's why I ask. Installing a floor safe for this person will happen but not until after the first of the year. Just looking for about a 1-2 month place for them to store something.
Bank safe deposit boxes are NOT the way to go imo....there are many other secure alternatives which do not leave you helpless if odd emergency banking activities (look back in history) go on during non traditional EVENTS. I think the personal safe route is one of the better options as you always have DIRECT control over your items secured. You have to think OUT OF THE BOX for this exercise, as non standard events will cause scenarios most would never think of.
http://www.austincoins.com/confiscation.htm FDIC's take on it: http://www.fdic.gov/CONSUMERS/consumer/news/cnspr97/sfdpstbx.html
Since metal detectors cost $200 on the home shopping network, it is fairly easy to detect too. As an added bonus, if you happen to be home at the time of burglary, you might get tortured to reveal the combination. In this case they don't need the metal detector either...