Safe deposit boxes at banks are VANISHING! Remember this when you consider where to store your gold
07/30/2018 / By Tracey Watson
The allure of gold as the safest means of wealth protection has stood the test of time. No matter what ups and downs the economy might be undergoing, gold has proved its weight as a safe and secure way to weather economic storms. For many people, the safest way to protect their income is to store it in gold, and the safest way to secure that gold is in a bank safe deposit box. After all, safe deposit boxes have traditionally presented the best way to protect precious documents, heirlooms and gold from fire, theft and other dangers.
A disturbing report by CBS Sacramento, which found that Bank of America safe deposit boxes have been disappearing, is likely to make many people reconsider just how safe an option safe deposit boxes really are. (Related: Peter Schiff warns Americans to buy gold as China’s gold-backed yuan threatens to collapse the U.S. dollar.)
Think twice before depositing your gold in a bank safe deposit box
According to CBS Sacramento, Susan Nomi, a retired Bank of America employee who worked for the company for four decades, recently discovered that her safe deposit box had simply disappeared. Nomi has been storing her family’s jewelry and coin collections in the box for 16 years.
“I was in shock; I was just like what happened to my box,” Nomi told CBS.
Even worse, the company has no idea what happened to Nomi’s precious heirlooms. Bank of America employees simply thanked her for informing them of the disappearance but could not offer any suggestions as to the box’s whereabouts. (Related: WSJ fails Economics 101, declares gold all but worthless, says owning gold is “an act of faith.”)
Nomi is not the only person to report strange happenings with their safe deposit box, either. Wendy Woo reported that the contents of her box were dumped in a plastic bag and shipped to her. To her shock, one of her rings was missing a precious stone and a necklace was damaged. Another family reported that the contents of their safe deposit box were also shipped to them – minus $17,000 in missing jewelry. And another woman named Maggie claimed that the bank simply stole the contents of her safe deposit box.
Federal law dictates that bank employees may not drill a safe deposit box except when given permission to do so by the owner or when presented with a search warrant, court order, a request from an estate administrator or when rental fees have not been paid or a branch is closing down. Bank of America policy states that it can terminate a rental agreement if an owner is unable to provide proper identification when asked to do so.
In any of these instances, notification must be sent to the owner via certified receipt letter or registered letter.
However, CBS Sacramento notes that none of these reasons was relevant in any of these cases, and none of the complainants received any notice from the bank.
“Check what’s in your box,” warns Nomi. “If you haven’t been in it for a while, make sure it’s there.”
Better yet, perhaps it’s time to find a safer place to stash your gold than in a safe deposit box?
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Tagged Under: Bank of America, bank safe deposit boxes, Collapse, economics, economy, finance, gold, personal belongings, theft
