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Safe deposit boxes aren’t safe (2019)

nytimes.com

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

#101

Post by massysett »

dmoy wrote: post #88
smaili wrote: post #43

Are there any actual alternatives? Keeping your valuables at home or places like Public Storage aren't the safest of places either.

No it's like democracy - safe deposit boxes are the worst form of security for small things, except for all the others. If you have land in the middle of nowhere you can bury shit in the ground. But that's not a realistic option for most people.

Come to think of it though, burying it in the ground is an option even if you have a little city lot. Would have worked out a lot better for the guy in this article. It’s safe from many hazards and casual crooks. One problem is keeping it dry.

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

#102

Post by massysett »

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’ve had experience with three credit unions and all nickel-and-dined me with ridiculous fees. I’ve been with Bank of America for twenty years and never had any problems. I figured that if there’s a risk of BS fees at the credit union, I might as well use the bank and watch my back. At least the bank has more locations.

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

#103

Post by marcus0x62 »

_cenw wrote: post #82
TedDoesntTalk wrote: post #78

Earlier quoted context omitted.

This is unbelievable. It’s like living in a dictators regime.

https://en.m.wikipedia.org/wiki/Civil_forfeiture_in_the_Unit... It’s probably worse than you think.

Don’t forget parallel construction, whereby the government can lie in open court about the source and nature of their evidence.

https://en.wikipedia.org/wiki/Parallel_construction

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

#104

Post by [deleted] »

sam345 wrote: post #56

I can sympathize but it's odd that the article is calling for a federal law. . Shows a complete lack of research and understanding of the "United States" and the roles of the federal and state governments, or just a clear a bias toward federalizing everything. The law that governs the bank safe deposit boxes is state law. This is pure personal proprety law of bailment and has nothing to do with interstate commerce or…

[deleted]

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

#106

Post by frereubu »

Spooky23 wrote: post #33
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…

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.

Just a note that I was advised by my lawyer (in the UK) that I shouldn't give him these kinds of details for next-of-kin access after my death as they need to go through probate before they can get hold of them, and that can take a loooooong time.

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

#107

Post by rdevsrex »

This makes me wonder if simply burying what you have is a better option. One of my long standing goals is to buy some raw land for hunting and camping, like 50+ acres.

I could easily bury several caches of valuables, that only my immediate family knows about, and let nature regrow over it.

I mean, what are the chances that a rando stranger is going to be in the middle of nowhere with a metal detector?

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

#108

Post by highwaylights »

rdevsrex wrote: post #107

This makes me wonder if simply burying what you have is a better option. One of my long standing goals is to buy some raw land for hunting and camping, like 50+ acres. I could easily bury several caches of valuables, that only my immediate family knows about, and let nature regrow over it. I mean, what are the chances that a rando stranger is going to be in the middle of nowhere with a metal detector?

I would think the more likely threat would be that someone sees you making a deposit.

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

#109

Post by Ekaros »

Spooky23 wrote: post #33
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…

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.

Fire proof safes aren't that expensive. They probably don't stop physical attack, but are good enough in semi-trusted environment and cover for two of the important risks, fire and water invasion.

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

#110

Post by Ekaros »

tabulatouch wrote: post #77
drexlspivey wrote: post #76

Earlier quoted context omitted.

Someone with a gun can still force you to open it.

You need a second "honeypot" safe to handle that sotuation.

Affordable amount of cash in one seems most logical solution. And maybe some dress jewelry. Easy enough for burglar to grab and run away, without too much damage on anything else.
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