Bank Deposit Box

philliesphan · #1 08-24-2015, 04:30 PM

Quote:

Originally Posted by T206Collector

Insurance doesn't work for the one-of-a-kind cards that I collect. I started getting nervous with some of the signed cards I began to accrue about 8 years ago. The safe deposit box keeps me from sweating that. I almost prefer to look at my cards in hi-res scans anyway.

They are certainly an option. But you do realize that your items are not insured in the Bank Deposit box, and the bank assumes no liability if something happens? I've heard stories of robberies, water (humidity) damage, etc. Just something to keep in mind. It is certainly better than keeping cards under your mattress, but it is no more foolproof than other security measures.

Iron Horse · #2 08-24-2015, 04:33 PM

Safe bolted to the concrete floor, and insured. You get to look at them when you want and if stolen then you are covered.
If you have one of a kind item then i can see the bank deposit box.

glchen · #3 08-24-2015, 04:50 PM

Quote:

Originally Posted by philliesphan

They are certainly an option. But you do realize that your items are not insured in the Bank Deposit box, and the bank assumes no liability if something happens? I've heard stories of robberies, water (humidity) damage, etc. Just something to keep in mind. It is certainly better than keeping cards under your mattress, but it is no more foolproof than other security measures.

+1. Right, I was going to mention this also. I live in the SF Bay area, where we can always be at risk for flooding or earthquakes. If these events damage your safety box, the bank has no liability.

pcoz · #4 08-24-2015, 05:16 PM

I have almost all of mine in a SDB. It's temperature controlled, safe, and it gives me piece of mind. I live in Lancaster PA, not on the West Coast with natural disasters, so maybe it's a little different here. But, I see no downside in having one, as there's more risk of theft in my home than in a bank.

tschock · #5 08-24-2015, 07:48 PM

I prefer the hoarder method of collecting. There is so much 'junk' in our house that robbers wouldn't know where to start and probably just leave out of confusion after grabbing the flat screen.

Laxcat · #6 08-24-2015, 07:55 PM

My father used an old gun safe that must have weighed a ton, at least. They also had to get by the shotgun and the .45 if they wanted the safe.

frankbmd · #7 08-24-2015, 07:58 PM

The only break ins I have had or worry about are the squirrels and the bears.
The deer are only looky loos.
My bank has the same problem, except some or their squirrels are armed.

Sean · #8 08-24-2015, 08:24 PM

I prefer a safe deposit box. Insurance would get me money, but nothing can replace those cards.

ajjohnsonsoxfan · #9 08-24-2015, 11:57 PM

For rare one of a kind big $$$ items a safe deposit box makes 100% sense. For me the joy of collecting means I can see and enjoy my stuff everyday (and not just a digital scan) without having to take a ride to the bank.

Leon · #10 08-25-2015, 08:05 AM

When we built our house 15 yrs ago we built a secret room and had a 1200 lb jewelers safe put in it (by tow truck). We have a monitored alarm system too. After living here a few years and continuing to increase my collectons worth I decided to get a safe depoist box for the most valuable things.

The time to get a safe deposit box is when, no matter what, you can't afford to lose what you have at home. (that was the litmus test for me)

Exhibitman · #11 08-25-2015, 03:56 PM

SD box for the rare ones. Had one for decades. Not necessarily expensive cards, the items it took years to find. Insurance covers the rest quite adequately.

I don't like home safes. I want a robber in and out quickly, not sticking a gun in my face or my family's face to force the safe open.

If you put your wife on as a co-signatory for the SD box she can get access if you die [or sooner--better trust her before you put her name in there]. With the estate tax not kicking in until well over $5 million, however, and that number indexed for inflation my hunch is that the value of cards isn't going to impact the value and taxation of most estates.

ALR-bishop · #12 08-25-2015, 04:07 PM

Was executor on estate of guy whose box was in a bank that flooded in a major flood. It was months before I was given access. Fortunately his box was up high . When I got access you could see the flood line half way up the vault. Anything paper in the boxes below it was a total loss. I saw some folks going through some of those.

Griffins · #13 08-28-2015, 11:42 AM

Quote:

Originally Posted by Exhibitman

I don't like home safes. I want a robber in and out quickly, not sticking a gun in my face or my family's face to force the safe open.

This.

pokerplyr80 · #14 08-27-2015, 04:57 PM

Quote:

Originally Posted by ajjohnsonsoxfan

For rare one of a kind big $$$ items a safe deposit box makes 100% sense. For me the joy of collecting means I can see and enjoy my stuff everyday (and not just a digital scan) without having to take a ride to the bank.

Thanks for the responses. AJ this is the main reason I put off getting one. But Leon's reasoning was pretty much what I was thinking when I signed up. I couldn't really afford to lose my collection. And since we already had a break in I would often worry when we were away from the house more than a day or so.

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