11–20 of 162 posts
The Banks would prefer you to pay a fee so that you can donate your valuables to that Bank. If you don't control those assets, they are no longer yours. You doubt that? Just try to access that safety deposit box when that bank is closed for the night. One day that Bank will close for the night and not reopen for quite a while if at all. What will you do then?
Wells Fargo — which in recent years has admitted to systematically ripping off customers with fake accounts, hidden fees and a variety of unwanted and unnecessary financial products — didn’t follow that law.
The Banks would prefer you to pay a fee so that you can donate your valuables to that Bank. If you don't control those assets, they are no longer yours. You doubt that? Just try to access that safety deposit box when that bank is closed for the night. One day that Bank will close for the night and not reopen for quite a while if at all. What will you do then?
Are you talking about Fridays? Or something else?
$246 annual rent in return for a potential $10M+ liability? No wonder banks are getting out of this business.
I pay about $400/year for $1.5 million in commercial property liability insurance for a small office space. And the risk of somebody "slipping" and collecting $1.5 million is far, far more likely. Every time you drive your car or bicycle you take the risk of running over a star athlete or CEO, and facing a $10 million judgement on lost earnings. Anyhow, banks will typically require liability disclaimers from deposit…
Why would one need labor to operate a safe-deposit box business? Can't you just have a very secure warehouse full of boxes, with warehouse robots that will grab those boxes and put them into a drop slot when someone taps the appropriate smart card?
Before anyone says that that's impractical/too expensive: there are robotic parking garages that do this for cars, and that's a much higher OpEx.
Great article to show to people saying "put your backup passphrase / second hardware key into the safe deposit box" Keeping physical stuff safe is hard. Banks were specifically invented so that people didn't need to keep valuables on them.
I would not put my life savings in jewelry or something in there, but having an off-premise spot for emergency backup codes and stuff like that? Where's a better option?
$246 annual rent in return for a potential $10M+ liability? No wonder banks are getting out of this business.
I pay about $400/year for $1.5 million in commercial property liability insurance for a small office space. And the risk of somebody "slipping" and collecting $1.5 million is far, far more likely. Every time you drive your car or bicycle you take the risk of running over a star athlete or CEO, and facing a $10 million judgement on lost earnings. Anyhow, banks will typically require liability disclaimers from deposit…
[0] https://www.geico.com/living/home/home-protection/safe-keepi...
Earlier quoted context omitted.
I pay about $400/year for $1.5 million in commercial property liability insurance for a small office space. And the risk of somebody "slipping" and collecting $1.5 million is far, far more likely. Every time you drive your car or bicycle you take the risk of running over a star athlete or CEO, and facing a $10 million judgement on lost earnings. Anyhow, banks will typically require liability disclaimers from deposit…
> labor is costly Why would one need labor to operate a safe-deposit box business? Can't you just have a very secure warehouse full of boxes, with warehouse robots that will grab those boxes and put them into a drop slot when someone taps the appropriate smart card? Before anyone says that that's impractical/too expensive: there are robotic parking garages that do this for cars, and that's a much higher OpEx.
Because physical security boils down to capable men with guns, whether that's private security, the police, or godfather type arrangements.