![]() Instead, he says: “I keep valuables in a large fireproof safe. ![]() Money expert Clark Howard doesn’t like safe deposit boxes for exactly the reason described in the case above. Where To Put Your Valuables Instead of a Safe Deposit Box The man spent thousands of dollars in legal fees suing the bank over his losses but, five years later, had yet to get any sort of settlement, although the bank was able to locate some of his watches and return them to him. There are no federal laws governing the boxes no rules require banks to compensate customers if their property is stolen or destroyed.” “There are an estimated 25 million safe deposit boxes in America, and they operate in a legal gray zone within the highly regulated banking industry. The total value of the items? An estimated $10 million-plus! In 2014, he opened the box to find that his watches - along with some other valuables and documents he had in the box - were missing. That bank changed ownership many times over the years, eventually becoming a Wells Fargo. Why Safe Deposit Boxes Could Be a Bad IdeaĪ New York Times article tells the story of a New Jersey man who had kept his collection of rare watches in a safe deposit box at a local bank since 1983. If you have valuables or important documents stored in a safe deposit box at a bank or credit union, you should know that your items might not have the protection you think they do.
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