Reply to If you have significant jewelry where do you keep it - safe deposit boxes are not safe apparently

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Reply to "If you have significant jewelry where do you keep it - safe deposit boxes are not safe apparently "

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[quote=Anonymous][quote=Anonymous]Wow I had to look up how bad they can be.

https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html

[/quote]

I was going to mention this article. People assume safe deposit boxes are insured and are the best place to put things. We use ours for back ups of paperwork.

"There are no federal laws governing the boxes; no rules require banks to compensate customers if their property is stolen or destroyed.

Every year, a few hundred customers report to the authorities that valuable items — art, memorabilia, diamonds, jewelry, rare coins, stacks of cash — have disappeared from their safe deposit boxes. "

"But even when a bank is clearly at fault, customers rarely recover more than a small fraction of what they’ve lost — if they recover anything at all. The combination of lax regulations and customers not paying attention to the fine print of their box-leasing agreements allows many banks to deflect responsibility when valuables are damaged or go missing."[/quote]

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