Safety Deposit Boxses

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Why does everyone always want to put there notes in a safety deposit box?
Why not just buy a safe and put insurance on your notes?

Wouldn't you rather be able to look at your notes any time you want then waiting for a bank to open, and then having to drive there?

Just My Opinion
Thanks

I use SDBs because they are inherently much more secure than a safe in my house, and I don't need to purchase insurance for the notes.

I have no problem keeping them offsite because I have a full record of my collection electronically including scans for most key notes.

But from time to time, I do bring some notes home, lay on the bed and throw them up in the air so it feels like it's raining money. (I'm kidding - I'd never do that with collectible notes... just circulated stuff.)

Just  for  clarification,  brent  really  does  that 

But from time to time, I do bring some notes home, lay on the bed and throw them up in the air so it feels like it's raining money.

I assume while you are wearing those PINK PJ's and fluffy slippers.

I assume while you are wearing those PINK PJ's and fluffy slippers.

No, I think he said he likes it to feel like it's raining money.  But that would be an excellent wardrobe choice for listening to "It's Raining Men".  Add a pair of fuzzy pink earmuffs if Gerri Halliwell is the one singing it! 

Why does everyone always want to put there notes in a safety deposit box?
Why not just buy a safe and put insurance on your notes?

Wouldn't you rather be able to look at your notes any time you want then waiting for a bank to open, and then having to drive there?

Just My Opinion
Thanks

My insurance company capped my insurance at $500 for numismatic materials kept in the home.  They did allow me to add a rider to my policy for the value of my collection kept in a safe deposit box (apparently the bank isn't responsible for the contents of your box if something happens to it.)  So I didn't have a choice.

If you do keep a really valuable collection at home, its probably best to keep that to your self.  Its also a good idea to not have notes bought from ebay shipped to your home address.

While I don't have it all scanned, it is documented. I was told extra insurance for coins and notes was available, but it capped out low and was expensive. Didn't know about SDB coverage added to home insurance. Is that expensive?

Seemed logical place, as we had one for other documents anyway.

I've been broke into, they did a good job in a short period of time. All that stuff was covered, but having my notes stolen would not make me a happy camper.

It's a small tax deduction too!

I just opened a SDB last week a branch of my bank.  I lucked out because the branch I got the box at had just opened a few months ago and they had boxes available.

The small and medium ones were not very useful as they were narrow.  I wanted mine to store a few documents, wedding negatives and graded notes so I got a Large Wide one.

I figure I could put about 100 graded notes in it. 

Insurance for home is expensive.   But the $90/year for SDB at the bank is not that bad a price.

The guy did say it was not insured in the SDB by the bank.  But like he said.. it was fireproof, waterproof, smoke proof...

Last time I checked I have NEVER heard of a Bank Vault Job going down in my town.. 

Plus I figure someone will hit the BOC Vault before my bank..LOL.. I live on Ottawa

So the SDB is a good place to store valued notes.  I just scanned them all at 600dpi before I put them away.

Jusy my 2cents 

I completly aggree with Gonkman

An other nice thing about a safety deposit box is that it takes all your valuable notes out of sight and out of mind so your not tempted to handle them as often.

But what if someone broke into the bank and stole all of your notes?

Would the bank pay you for them?

And does the bank know what you put in the safetey deposit box?

My Insurer makes it clear that it would cost me an additional $3.70 per $1000 appraised value of my collection and that appraisal has to be done by a THIRD PARTY appraiser (extra cost) every 5 years. Install a large safe, monitored security system and maybe a Rottwieller dog that may jump my fence and bite the kid down the street and I get sued. Is it worth it?

tink happy thots 

But what if someone broke into the bank and stole all of your notes?

Would the bank pay you for them?

And does the bank know what you put in the safetey deposit box?

No the bank does not know what you put in your box. The bank is no more responcible for stolen items than you are if it happens in your house. The one thing the bank does offer is a huge safe which someone mentioned is fire proof, water proof and almost theft proof. Your box is located with hundreds of others so there is less possiblity that if someone crasks the safe that your box wil be vandalized. Additionaly they offer a state of the art security monitoring system and they do all of this for about $90 bucks a year. In my opinion its the best bang for your buck by a long shot

Regards

Jason

I don't know about SDBs being water-proof.  There is another member of the forum who said someone who had the SDB above his stored perfume in their box, the perfume leaked out and down into his SDB, stinking up his notes.

Even though most of my collection is in an SDB, I sometimes worry about an earthquake or terrorist attack near my bank destroying my notes.  My SDB is at the downtown branch of BMO at King and Bay so if terrorists bombed the financial district I might lose my collection.  I also worry that some crackpot might rent an SDB and store a bomb in it or something to blow up the bank's vault.

Mebbe I watch too many James Bond films and Auric Goldfinger made me paranoid?

As another member said, SDBs are tax-deductible. You can claim the rental fee as a "carrying charge"

Also, consider putting packets of silica gel in your SDB to prevent any moisture or condensation causing mildew or foxing.  I can usually scoop up a few free ones in the shoes area of department stores. They put silica gel packets in the shoeboxes so you often see them lying around on the floor.

That perfume situation sounds real bad.  I mean who would store perfume in a SDB??  I know sunlight is bad for it but really..

When I meant Waterproof I meant if the Bank itself Burns to the ground and they Fire Department hoses it down the vault itself should be a secure Cube.  There should be no smoke or water that gets in the vault event of a fire.

My notes in are a new branch so the boxes are new.  I think if I remember correctly each of the Trays are in individual Confined cubes.  So no other boxes have cracks between them I don't think.   

It would only make sense that newly designed ones would be self contained in each box slot to prevent someone putting a "stinkbomb" or something worse then setting it off and causing damage to the other boxes.  But thats just my Opinion.

As for the "Terrorist" or bombing situation.... sorry but I think you watch a little to much American TV News or Movies

I don't think there are many "Bank Jobs" going down in Canada. 

And I think your own home getting Robbed is about 10,000 times more likely then your local bank branch's safe getting robbed.

But if you see Mark Walberg casing your branch.. it could be a "The Canadian Job" in the making.

But don't worry he's after the Gold Bullion.