Safety Deposit Box questions
 

I am thinking of putting about 30 of my graded cards in a safety deposit box. They are worth $4-5k, but some are 1/1 and it took some work to put them together.

I have a few concerns:

1) How to store them and maintaining the condition
I have my slabs in those resealable sleeves, so the cases don't get scratched. They are not air tight. Any issues keeping them that way in the box? Moisture maybe? Should I put them in ziplocks on top of it.

I am in Minnesota, so it's only humid a couple months in the summer, but even then, it's not like Florida or anything.

2) The safety deposit box is not mine. It's my dad's, but I have full access to it and no one else does. I could get my own box, but since the box is 40 minutes away, I figure I won't be tempted to sell. I've been known to sell my other collections when a good deal comes along or something else catches my eye. :rolleyes:

There's nothing else of value in the box, just some papers and whatnot. I have a sister and we get along, so I don't think that's an issue. But, when someone dies, I've heard horror stories. And since people in my family tend to drop dead without notice :o I figure I'd just clear out the box right away. ;)

When I collected gold and silver, I know some of those collectors would never put that in a box. Government's going to take it, screwed by heirs etc. were always the arguments I heard.

Any thoughts or opinions on the above would be greatly appreciated.

I was once the executor of an estate where the the deceased had his papers in a safety deposit box in a bank vault that filled with water during a flood. Fortunately his box was high up and stayed dry. Lower boxes were under water for awhile and any paper items in them destroyed. This was complicated further for even the upper boxes by electricity being out for an extended time resulting in high temps and humidity.

The other issue is what happens if there is a fire. What safeguards does the bank have in regard to the vault and the boxes. Admittedly these are rare events but because of that experience my boxes are well off the floor and I check the banks procedures for dealing with high water, from any source, fires, and electrical interruptions.

Also, you may still need insurance. My experience is banks do not offer any coverage for items in the boxes, since what is in them in unknown except to the owner(s)

I think there are prior threads in here discussing this question

i've had a safety deposit box at my bank for years...never had a problem just putting them in there in their holders. But in light of what's been said...and to be extra cautious you can place some of those dessicant packages in there to aid with moisture and maybe place the cards in dry bags of some sort?

Are all Banks 100 percent safe?
 

This bank vault stored potentially $100,000 plus worth of vintage football cards--mother nature said sorry no more ! This bank vault didn't save them from the flood! Check for any potential unexpected dangers as flooding.

After hearing stories of banks being flooded I took a second look at my bank. It's is situated on a hill so a natural flood is doubtful. A burst pipe might be a different story.
I have one large box, 10"x10"x20" and just last week I rented another at another bank, half the size of the first.
I made the decision to go with safe deposit boxes after seeing the cost of collectable insurance.

In fairness, if my cards were in my house the same thing would have happened, right?

I understand nothing is 100% safe. Just trying to reduce my risk. It really doesn't flood here unless you are by a river (which I am not). Theft and fire are the biggest concerns. And keeping them in a fire safe, not sure that is good. My neighbor got robbed, and the first thing they went for is the safe. Got in and stole everything.

You can always put your cards in large Zip Lock baggies in your safe deposit boxes, just in case of water. I have done that before. But never a problem with a Bank Safe deposit box and that is where I kept my collection when it was more valuable.

Insure them
 

This company insure whatever is in your Safe Deposit box for an agreed amount. When my wife was looking to ensure her collection we discovered this company. Safe Deposit boxes are not insured by the FDIC so you are on your own. They don't care what is in the box. Whatever is in it if destroyed or stolen will be covered for whatever the agreed amount is.

https://safedepositboxinsurance.com

I love my SDB. I keep a few desiccant packages in there for good measure.

I have a 1300 pound safe bolted to the ground as well as a giant safe deposit box. I feel better about the safe deposit box as the bank is less likely to be robbed or flooded than my house.

Safety Deposit boxes
 

Just a note about semantics..... the bank will correct you if you call it a "Safety Deposit Box" since they don't imply any degree of safety with your rental.... its just a SAFE deposit box which means its located in the safe..... FWIW

For the headaches and $5K you should just hide them in team bags with bubble wrap in your house!

Go Gators!

CV

Safety deposit box questions
 

Added thoughts if you insure the Safety Deposit Box: if something happens to the cards (especially if missing, damaged beyond recognition, etc.) to collect the insurance $, most insurance companies need proof of the cards actually being there.

Scans, value, etc. best kept outside the bank (flash drive, DVD, CD). Perhaps a photo(s) in the bank of the contents with the photos date stamped.

From the insurance company's perspective, w/o proof, someone might insure an empty safety deposit box only to claim the contents are missing, damaged beyond recognition, etc.

Bank deposit boxes are pretty cheap. I think mine is 25 bucks for the year. Just get your own, don't use your dad's.

Chase is $500 for the year...most branches are sold out too!

I guess prices can vary widely. Wells Fargo and bank of america in OC are pretty reasonable. Are you in Manhattan or somewhere equally expensive to live?

He’s either in Massachusetts or in a cathedral.

Lol guess I missed the obvious. Maybe pricing is higher on the east coast.

$ 500 for a Safe Deposit Box/ Year ????

If so, buy a Safe, if investing in cards. If you want to enjoy the cards, like a collector , display in a man cave.

Don't forget the legal aspect of the safe deposit box. You may have access to the box but each time you sign in to enter the box, you are agreeing that all owners on the box are still living.

If the unfortunate happens and he passes, you will not legally be allowed to enter the box without a representative of the state. If you sign in the box at a date and time after he passes, you could be in trouble in some way.

Its contents must be inventoried by the executor and a representative of the state and the contents become part of the estate. Just something else to think about.

This is just my understanding from way back when I worked at a bank that had safe deposit boxes.

Robert

Exactly what I did this summer. Bought a large cash safe from Yonkers when they were clearing because of bankruptcy. It was a $5k safe and I picked it up for $700. It's huge, 4'x6'. Had it in my living room until I hired piano movers to get it in my den. I love it, definitely a conversation piece and I have better access to my collection.


Craig

I had a small one 3x5x20 at my credit union but discontinued it about a year ago. I'm on a waiting list for a 10x10x20.
I was able to get one 10x10x20 at Wells Fargo (wife's account) for $110 a year.
I just opened a free checking account at Fifth Third Bank. Keep a $500 balance for 60 days and get $250. I decided to get a sdb, 5x10x20, there. They don't have 10x10x20 size.
I'll probably rethink having two sdb's.

Me too. I have the same size SDB and have filled it to capacity, so I need to rent another one,. $90 a year is better than the coverage price and, as a lawyer who exclusively handles insurance issues, the carrier is likely to screw you anyway if its a big claim IMO. I don't like the fact that the cards aren't instantly accessible but I have scans and the bank is't that far away, I thought about it quite a bit but I decided that was the best option for me. Other people might reach a different decision.

One question: are PSA / SGC slabbed cards waterproof?

No

I am the executor of the estate. Everything is in a standard revocable trust , so there will be no probate. Not sure if that helps or makes a difference.

Always best to check with the bank you use regarding what their policy or state law requires in the event of the death of the owner or co owner of the box, and procedures for access to the box by the co owner, co signers, executor or other family members after such a death. It can vary by state.

Also, if you go the home safe route, no matter how big and heavy it is, it is best to have it bolted to the floor as Jeff mentioned. I have seen first hand the damage done when thieves drag a large safe out of a home. Seems like the bigger it is the more valuable they think the stuff inside must be :)

Safes have ratings so it's always good to check those too, such as TL, Fire etc....
https://www.supplychimp.com/go/info/...Explained.html

Be careful with those ratings, I am told.

Say your safe was rated at 1400 degrees for 30 minutes. Some companies start the heat and the time at the same time. So the "ramp up" time is included in the 30 minutes. Others, (I THINK Liberty) starts the timer when then heat gets to that temp.

Now, things may have changed, as I got rid of my big safe 10 years ago (and thus my questions about the safe deposit box).

And remember, that safe and contents can be hot long after the fire stops. If I were to keep my card and documents at home, I would buy a big gun safe with the highest fire rating I can afford AND put another smaller safe inside the big safe.

Yes, and regardless of that TL rating being quite hot, I already figured out that heat would melt slabs even in a safe like this before that rating came into play. :). Hence another reason to leave 'em at the bank with much more peace of mind (I guess almost nothing is perfect). I used to visit them every so often and they were fine with it:cool:. That and having most of them online was, and is, what I Like best. Everyone has their own ideas on this stuff as to what is best for themselves.

I keep all my stuff in a water tight and lockable Pelican case for some extra protection and its easier to move them around in.

I didn't read all the responses but if your father is the only name on the box and he dies you will be allowed into the box without an estate being opened. The cards may very well be deemed your fathers property and subject to inheritance. If both your names are on the box you may have to pay inheritance tax on half of the contents. These are PA estates laws so I would check Minn law and how it may effect the box contents if your father dies.

I had a box for years never had a problem. Just didn't have enough in it to keep it.

Good luck with it