The word “Safe” is in the name of safe deposit boxes, but as it turns out, these boxes provided by your bank provide much less security and protection one would expect. In the past 3 years up to $1.3 billion worth of valuables have been destroyed or stolen because of theft, flood, fire, and tornado’s. Safe deposit boxes are not covered under standard insurance policies, which means that the majority of owners lost the entire value of their boxes content with no reimbursement available. Safe deposit boxes are also at danger from the banks themselves.
Susan Nomi, a retired Bank of America employee for 40 years, reported that her box had gone missing. “I was in shock; I was just like what happened to my box,” said Nomi, quoted by CBS Sacramento. This safe deposit box was in her possession for 16 years and held her family’s jewelry and her dad’s coin collection. When she asked Bank of America about what happened to her safe deposit box, they couldn’t explain what had happened. “They don’t have an answer. They don’t have an answer. They say thanks for letting us know,” Nomi said.
Susan Nomi is not the only one. Wendy Woo received a package from Bank of America which held all of the contents of her safe deposit box in it. The jewelry inside was tangled together, fragile pieces had broken off, and a ring had gone missing. The bank had drilled into her box, without her permission, because they were moving to another location. They claimed that they had sent letters informing Mrs. Woo that they would be drilling into her box, but the only thing she received from Bank of America was her damaged valuables.
Incompetence isn’t the only thing putting your belongings at risk either. In May of 2016, a group of experienced burglars cut a hole into the ceiling of the Maspeth Federal Savings banks in New York City. They cut the surveillance video, descended into the vault, and proceeded to empty all of the safe deposit boxes. The New York Police Department’s chief of detectives told reporters after the Maspeth burglary that the thieves were “pros” and said the job was part of a “10-case pattern.” Approximately $5 million were stolen in both April and May. In all of these stories, the owners of these boxes had done nothing wrong, and yet thousands upon millions of dollars worth of goods were lost, damaged, or stolen.
Storing your valuables in a safe deposit box is a risky endeavor. Fortunately, there are great alternatives out there. Safe Haven Private Vaults, located in South Jordan Utah is “the leading private vault facility in the country”. With state of the art technology such as iris scanning technology, motion sensors, ballistic paneling, and round the clock security personnel. We also provide features that banks cannot provide such as 24/7 access to your vault, anonymous registration, and the ability to fully insure the contents of your vault. To see how Safe Haven Private Vaults can give you the protection and privacy that you need, visit www.safehavenvaults.com or call (801)-569-3000 to schedule a tour today.
Citations:
https://sacramento.cbslocal.com/2018/07/26/safe-boxes-stolen-drilled/
https://www.newsweek.com/robbing-banks-blowtorches-safe-deposit-boxes-are-not-so-safe-484224
https://www.valuepenguin.com/2015/04/safe-deposit-box-insurance-your-valuables-arent-actually-insured-or-safe
