# Safety Deposit Boxes - How Safe Are They?



## Bintang (5 January 2011)

How safe are safety deposit boxes? Does anyone have any strong opinions or advice on this?
Also does anyone know of an insurance company that will provide insurance cover for the contents of a safety deposit box stored at a bank and more specifically for contents which are primarily gold bullion.
The reason I ask is that I recently acquired a safety deposit box at an ANZ branch and was surprised to discover that after having to  indemnify the bank against any kind of loss I was then not able to actually witness my cash box being lodged into the bank's strong room. I had to hand over the box to a customer service officer at the service desk and could not follow the officer to the storage location.


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## tothemax6 (5 January 2011)

That sounds a bit dodgy for a 'safe deposit box'. Every access of a safe deposit box I have ever seen in any movie involved the customer actually personally going to the box within the vault, which is then removed by a bank employee and presented to the customer within the vault.
Was this a 'big' ANZ? I.e a large bank rather than a smallish branch?


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## Vicki (5 January 2011)

I feel that safe deposit boxes are primarily used for privacy & discretion.
And would only be as secure as the institution & government in that region.

i.e. Some jurisdictions now have to share far more info, than they once had to.

Vicki


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## Tyler Durden (5 January 2011)

I can't remember which bank it was, but the way it worked was a bank staff would lead you to your box, then they leave you so you can take it out, walk to a private booth with it and do whatever you like.


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## Julia (5 January 2011)

Tyler Durden said:


> I can't remember which bank it was, but the way it worked was a bank staff would lead you to your box, then they leave you so you can take it out, walk to a private booth with it and do whatever you like.



 You can't remember which bank it was?   So you are not recounting a personal experience?
What experience are you quoting the above from?


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## todster (5 January 2011)

He opened the box to reveal it's contents.
3 false passports
Stick on moe
9mm pistol
assorted international currency
Prepaid mobile phone
1x pair clean underpants (mums idea)
Open ticket to Paris


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## Bintang (6 January 2011)

tothemax6 said:


> That sounds a bit dodgy for a 'safe deposit box'. Every access of a safe deposit box I have ever seen in any movie involved the customer actually personally going to the box within the vault, which is then removed by a bank employee and presented to the customer within the vault.
> Was this a 'big' ANZ? I.e a large bank rather than a smallish branch?




It is Hay Street branch in Perth.
The customer service officer told me that all ANZ branches have the same system.
I haven't had time to check this out or to check other banks yet. Was hoping someone might already know ... hence the post.


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## skc (6 January 2011)

I have a box with NAB in Brisbane CBD and I can access the box, take things out, put things in, and put the box back into the storage myself. The staff is there to verify the signature, let me into the vault and he has a second key (which works together with my key) that is needed to open the box.

The ANZ system feels wrong and unacceptable.

The indemity part is standard. As no one can verify what you've put in or removed from the box.


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## akkopower (6 January 2011)

Julia said:


> You can't remember which bank it was?   So you are not recounting a personal experience?
> What experience are you quoting the above from?




stick him to him julia, damn those movie reliving bastards


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## Tyler Durden (6 January 2011)

Julia said:


> You can't remember which bank it was?   So you are not recounting a personal experience?
> What experience are you quoting the above from?




I was watching CCTV footage.


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## Dowdy (6 January 2011)

I know Kennards has a safe deposit box option. I'd rather go with them for storing gold bullion.

Banks really just are for document storage


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## skc (6 January 2011)

Dowdy said:


> I know Kennards has a safe deposit box option. I'd rather go with them for storing gold bullion.
> 
> Banks really just are for document storage




You can't be serious! Kennards over a bank??

Name me a spy movie where the secret agent used self storage over bank strong rooms


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## nukz (6 January 2011)

I personally have a safety deposit box and did quite some research before getting one, i found the banks to be quite unprofessional in Melbourne atleast. I went to Westpac on Collins st and the women kept asking me what i wanted to put in the box which i didn't really feel comfortable telling them. I had this Same problem At NAB as well. 

In the end i went with a company called "Gaurdian Vaults" in Melbourne CBD which i have felt to be very professional and you will find there security is vastly superior to that of the banks, atleast the ones i went to. 

Due to this the insurance costs per $100,000 are quite cheap with them as apose to a bank which have slightly higher insurance costs due to security shortfalls. 

The other thing i like about the place i went with is the manager who you can personally call 24 hours to get to your box if required also owns 50% of the company or so(i can't remember the exact figure but it was a large steak). 

I think the banks would be fine i just didn't like them asking so many questions about what i was going to put in the box as it's not really any of their business i believe.

Just to respond to the initial post, if your paying for a box it seems strange that you cant handle the box yourself. Have you asked them about this?


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## xyzedarteerf (6 January 2011)

Tyler Durden said:


> staff would lead you to your box, then they leave you so you can take it out, walk to a private booth with it and do whatever you like.




Are you sure this was a bank or somewhere else : sometimes magazines and videos are provided i believe.


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## Dowdy (6 January 2011)

skc said:


> You can't be serious! Kennards over a bank??
> 
> Name me a spy movie where the secret agent used self storage over bank strong rooms





Then just do what I did.

Buy a bloody big safe and put it in your house.

The door alone on my one weighs over 300kg


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## tothemax6 (6 January 2011)

xyzedarteerf said:


> Are you sure this was a bank or somewhere else : sometimes magazines and videos are provided i believe.



You may be thinking of a different type of Bank.


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## skc (6 January 2011)

Dowdy said:


> Then just do what I did.
> 
> Buy a bloody big safe and put it in your house.
> 
> The door alone on my one weighs over *300kg*




And you hired a crane to install that?


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## Bintang (7 January 2011)

nukz said:


> .... Just to respond to the initial post, if your paying for a box it seems strange that you cant handle the box yourself. Have you asked them about this?




Yes, I did but the  ANZ person I spoke to was 'dismissive' - "well this is what it's like at all our branches"  - and seemed to have no understanding of why I would be looking for something much better.  It  is now clear to me that ANZ is providing only a substandard service that is suitable for documents at best - but I would not even use it for that. 

Thanks for the useful information. I've now had time to do further research myself and in the process managed to find exactly the type of facility I was looking for at Westpac in Perth CBD (akin to what *skc* describes for NAB in Brisbane).


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## poverty (7 January 2011)

nukz said:


> I think the banks would be fine i just didn't like them asking so many questions about what i was going to put in the box as it's not really any of their business i believe.




Unless of course you leave a box going tick..tick..tick..tick..


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## Dowdy (7 January 2011)

skc said:


> And you hired a crane to install that?




Well I didn't. It was included in the delivery cost. Took 4 guys and a small crane to move it!


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## Pincher M (17 October 2013)

Bintang said:


> How safe are safety deposit boxes? Does anyone have any strong opinions or advice on this?
> Also does anyone know of an insurance company that will provide insurance cover for the contents of a safety deposit box stored at a bank and more specifically for contents which are primarily gold bullion.
> The reason I ask is that I recently acquired a safety deposit box at an ANZ branch and was surprised to discover that after having to  indemnify the bank against any kind of loss I was then not able to actually witness my cash box being lodged into the bank's strong room. I had to hand over the box to a customer service officer at the service desk and could not follow the officer to the storage location.




How secure are the security boxes if the Bank, goes out of business?


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## Rita (19 February 2014)

Thanks for the info...the NAB in Brissy sounds like the one Ill go with as I need to have a key and be the one to open and lock it up when I'm finished...ps: some of you guys watch to much tv




Bintang said:


> Yes, I did but the  ANZ person I spoke to was 'dismissive' - "well this is what it's like at all our branches"  - and seemed to have no understanding of why I would be looking for something much better.  It  is now clear to me that ANZ is providing only a substandard service that is suitable for documents at best - but I would not even use it for that.
> 
> Thanks for the useful information. I've now had time to do further research myself and in the process managed to find exactly the type of facility I was looking for at Westpac in Perth CBD (akin to what *skc* describes for NAB in Brisbane).


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## Dona Ferentes (12 March 2020)

seeing there isn't a gold standard, what else is hidden there?


> "All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S."
> - President F.D. Roosevelt, confiscating gold in 1933


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