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Safe deposit boxes aren’t safe (2019)
21–30 of 162 posts
Re: Safe deposit boxes aren’t safe (2019)
#22The idea that they can change the terms from the contract you signed is ridiculous. I don’t mind a liability cap for the banks but changing that under you? Insane.
Re: Safe deposit boxes aren’t safe (2019)
#23Earlier 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.
If there's no human involved, what stops someone coming in with a screwdriver and hammer?
Re: Safe deposit boxes aren’t safe (2019)
#24Earlier 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.
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Re: Safe deposit boxes aren’t safe (2019)
#25Great 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.
While I wouldn't put things that could single-handedly grant access in there - since you likely won't be checking on if it's been compromised that frequently - I think it's still great for things like backup 2FA codes or recovery passwords for encrypted media that's stored separately. Make breaking into the box one of the things an attacker would need to do. I would not put my life savings in jewelry or something in…
Store them in the cloud (or multiple clouds if you wish) encrypted with an extremely strong passphrase that you definitely won't forget?
Re: Safe deposit boxes aren’t safe (2019)
#26Related: Safe Deposit Boxes Aren’t Safe (2019) - https://news.ycombinator.com/item?id=27109002 - May 2021 (6 comments) Safe Deposit Boxes Aren't Safe - https://news.ycombinator.com/item?id=20545276 - July 2019 (143 comments) Safe Deposit Boxes Aren’t Safe - https://news.ycombinator.com/item?id=20482077 - July 2019 (2 comments)
Is this a second chance pool post? I could've sworn I saw it in /new yesterday, but HN search turns up nothing.
Re: Safe deposit boxes aren’t safe (2019)
#27Earlier quoted context omitted.
While I wouldn't put things that could single-handedly grant access in there - since you likely won't be checking on if it's been compromised that frequently - I think it's still great for things like backup 2FA codes or recovery passwords for encrypted media that's stored separately. Make breaking into the box one of the things an attacker would need to do. I would not put my life savings in jewelry or something in…
Store them in the cloud (or multiple clouds if you wish) encrypted with an extremely strong passphrase that you definitely won't forget?
How do you access the cloud if you lost your laptop? Or even all of your stuff burned down along with your house?
How do you remember a strong passphrase after four months in hospital recovering from a cerebral trauma?
Emergency emergencies. Off-site physical backups are important too.
Re: Safe deposit boxes aren’t safe (2019)
#28Earlier quoted context omitted.
Store them in the cloud (or multiple clouds if you wish) encrypted with an extremely strong passphrase that you definitely won't forget?
How do you access the cloud if you lost your laptop? Or even all of your stuff burned down along with your house? How do you remember a strong passphrase after four months in hospital recovering from a cerebral trauma? Emergency emergencies. Off-site physical backups are important too.
You don't need to particularly safeguard the credentials to get to your encrypted blob, they can be in a gmail email you sent to your friends and/or family. They can't read the content but they can give you a copy.
How do you remember where your safe deposit box is after four months in hospital recovering from a cerebral trauma?
There's no perfect solution.
Re: Safe deposit boxes aren’t safe (2019)
#29Related: Safe Deposit Boxes Aren’t Safe (2019) - https://news.ycombinator.com/item?id=27109002 - May 2021 (6 comments) Safe Deposit Boxes Aren't Safe - https://news.ycombinator.com/item?id=20545276 - July 2019 (143 comments) Safe Deposit Boxes Aren’t Safe - https://news.ycombinator.com/item?id=20482077 - July 2019 (2 comments)
Is this a second chance pool post? I could've sworn I saw it in /new yesterday, but HN search turns up nothing.
Yes, three hours ago I was sound asleep.
Re: Safe deposit boxes aren’t safe (2019)
#30Wells Fargo are just assholes and have been for at least 20 years. I wouldn't generalize this to all banks.
The point is there is no federal law protecting consumers of any bank.