Safety Deposit Box questions

[silvor]

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.

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 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.

[ALR-bishop]

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

[ullmandds]

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?

[Directly]

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.

[BruceinGa]

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.

[Kenny Cole]

Originally Posted by BruceinGa

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.

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.

[silvor]

Originally Posted by Directly

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.

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.

[Leon]

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.

[NotVader]

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

Go Gators!

CV

[OLDBILL]

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.

[pokerplyr80]

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.

[Republicaninmass]

Originally Posted by pokerplyr80

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!

[pokerplyr80]

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?

[BruceinGa]

Originally Posted by Republicaninmass

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

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.