It was reported in 2017 that three different Bank of America customers say they were blindsided when the bank recently drilled and emptied their safe deposit boxes without their permission or the required notice. They say the bank then lost or damaged tens of thousands of dollars worth of property that was removed from those boxes.
There’s a good group of people that dislike banks, with good reason. The issue of how to keep value without any risk of loss is a tough one to answer. Here is a few reasons why more and more American’s are losing faith in banks every day, and why you should consider doing the same.
Banks Make You Pay To Use Your Own Money
Ever paid a fee to make a withdrawal from an ATM? Isn’t it frustrating, having to pay to get access to your own money. But that’s what banks do. They do it at ATMs and they do it when they lend you money. It’s not their money they’re charging you interest on; it’s your money! A banks ultimate goal is to generate profits. The contrast is that you also want to keep as much of your personal funds as humanly possible. This brings up a conflict of interest in many cases that frequently results in banks making not completely legal or ethical decisions with their company and with your money. Whether it’s with the massive overdraft fees, late fees, maintenance fees, minimum balance fees, ATM fees, made up fees. Basically, they charge you a fee for existing.
Banks do not insure your valuables
Bank vaults are not guaranteed protection. If your area is known for flooding or fire hazards you may want to think twice before using that banks vault to store valuables. Also although it’s rare, the vault can be burglarized putting your box in jeopardy. And don’t think the bank cares enough to reimburse you for your valuables, because they don’t, and they won’t.
The bank can restrict or suspend access to your box for any reason.
Banks are urged by federal law enforcement agencies and regulators to close questionable accounts, even if a customer isn’t doing anything remotely illegal. In the United States, the U.S. Department of Homeland Security could get a warrant to access your safe deposit box if the bank tips them off due to what they might perceive as “suspicious activity”, which could literally be anything! The IRS is also able to freeze assets merely based on suspicion of probabilities.
Banks aren’t accessible at anytime
If you keep a safety deposit box at a bank with important documents inside, you have very limited access to it. Most banks are closed evenings, weekends, and holidays. You also have to have an employee present to access your belongings.
If you are looking to save yourself the time, money, and energy you will waste having to go through a bank for YOUR most precious valuables, Safe Haven Vaults has you covered. You will have complete freedom in storing whatever you please, that will be protected guaranteed. Don’t allow yourself to be taken advantage of by the government.