Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Safe deposit boxes aren’t safe (2019)

nytimes.com

Post reply on HN
Print view View original

31–40 of 162 posts

Re: Safe deposit boxes aren’t safe (2019)

#31

Post by soupfordummies »

metadat wrote: post #26
dang wrote: post #5

Related: 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.

This same thing happened to me with a post a few months ago. Is that how it works?

Re: Safe deposit boxes aren’t safe (2019)

#32

Post by kube-system »

derefr wrote: post #14
wahern wrote: post #9

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.

Unmanned storage exists already, but it is seen as less secure, because often nobody is there to monitor it.

https://uploads.website.storedge.com/60281063-f09b-41fb-be8f...

The allure of a bank is that it’s a bank and it is seen as secure because of the self interest in the bank itself being secure.

Re: Safe deposit boxes aren’t safe (2019)

#33

Post by Spooky23 »

majormajor wrote: post #15
theamk wrote: post #10

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.

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…

Best normal option is a locked container with a relative. In scenarios where there is a particular risk or a lot of money potentially involved, store important documents with an attorney.

Re: Safe deposit boxes aren’t safe (2019)

#34

Post by metadat »

soupfordummies wrote: post #31
metadat wrote: post #26

Earlier quoted context omitted.

Is this a second chance pool post? I could've sworn I saw it in /new yesterday, but HN search turns up nothing.

This same thing happened to me with a post a few months ago. Is that how it works?

Yes, check out /pool:

https://news.ycombinator.com/lists

Re: Safe deposit boxes aren’t safe (2019)

#35

Post by twblalock »

version_five wrote: post #12

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. I normally don't like the NYT and I know it continues to get worse, but we need more of this calling our bullshit plainly. I wish we had this in the Canadian media, most of our big companies (and all our banks) a…

On the contrary, I wish the media would not present Wells Fargo as a uniquely bad actor. The only difference between them and the other big banks is that Wells Fargo got caught.

Reading an article like this, you might think you would be better off with BofA or Citibank or Chase, but that’s not the case. They are all the same — constrained by a banking culture and a regulatory regime that forces them to all be the same.

Re: Safe deposit boxes aren’t safe (2019)

#36

Post by jasonhansel »

shric wrote: post #25
majormajor wrote: post #15

Earlier 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?

Like LastPass! Oh, wait...

Re: Safe deposit boxes aren’t safe (2019)

#37

Post by jolux »

twblalock wrote: post #35
version_five wrote: post #12

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. I normally don't like the NYT and I know it continues to get worse, but we need more of this calling our bullshit plainly. I wish we had this in the Canadian media, most of our big companies (and all our banks) a…

On the contrary, I wish the media would not present Wells Fargo as a uniquely bad actor. The only difference between them and the other big banks is that Wells Fargo got caught. Reading an article like this, you might think you would be better off with BofA or Citibank or Chase, but that’s not the case. They are all the same — constrained by a banking culture and a regulatory regime that forces them to all be the sam…

> a regulatory regime

Yet somehow smaller banks and credit unions don't have this problem. I've not had any issues like this with my Schwab checking account.

Re: Safe deposit boxes aren’t safe (2019)

#38

Post by version_five »

twblalock wrote: post #35
version_five wrote: post #12

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. I normally don't like the NYT and I know it continues to get worse, but we need more of this calling our bullshit plainly. I wish we had this in the Canadian media, most of our big companies (and all our banks) a…

On the contrary, I wish the media would not present Wells Fargo as a uniquely bad actor. The only difference between them and the other big banks is that Wells Fargo got caught. Reading an article like this, you might think you would be better off with BofA or Citibank or Chase, but that’s not the case. They are all the same — constrained by a banking culture and a regulatory regime that forces them to all be the sam…

I didn't take it that way, I just thought when they were describing WF they didn't mince words, which I appreciate. I didn't see any implication that others are better. In some way, saying they all do it would dilute the criticism more.

Re: Safe deposit boxes aren’t safe (2019)

#39

Post by DangitBobby »

twblalock wrote: post #35
version_five wrote: post #12

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. I normally don't like the NYT and I know it continues to get worse, but we need more of this calling our bullshit plainly. I wish we had this in the Canadian media, most of our big companies (and all our banks) a…

On the contrary, I wish the media would not present Wells Fargo as a uniquely bad actor. The only difference between them and the other big banks is that Wells Fargo got caught. Reading an article like this, you might think you would be better off with BofA or Citibank or Chase, but that’s not the case. They are all the same — constrained by a banking culture and a regulatory regime that forces them to all be the sam…

In what way does the regulatory regime force them to defraud customers?

Re: Safe deposit boxes aren’t safe (2019)

#40

Post by twblalock »

jolux wrote: post #37
twblalock wrote: post #35

Earlier quoted context omitted.

On the contrary, I wish the media would not present Wells Fargo as a uniquely bad actor. The only difference between them and the other big banks is that Wells Fargo got caught. Reading an article like this, you might think you would be better off with BofA or Citibank or Chase, but that’s not the case. They are all the same — constrained by a banking culture and a regulatory regime that forces them to all be the sam…

> a regulatory regime Yet somehow smaller banks and credit unions don't have this problem. I've not had any issues like this with my Schwab checking account.

I didn’t have any issues like that with my Wells Fargo checking account either. But apparently they happened, so one person’s experience is not exactly useful here.
Post reply on HN