Safe Deposit Box?

**latierra84** · 03-18-2008, 03:28 PM

Anyone on here have any experience with a safe deposit box?

Long story short, I have finally built up a nice chunk of savings but I have also been the victim of identity theft for several years. I am afraid of this person (someone I know in real life) or the collection agencies accessing my accounts and cleaning them out. It has started to really affect my day to day life and I worry about this constantly.

I have contemplated keeping the cash in my house but I think that would just drive me crazy with worry & because of the identity theft I have very little trust in people when it comes to money so I don't feel comfortable putting it in anyone else's name. Today at lunch the idea of getting a safe deposit box came to me.

The money that I would keep in it would be straight cash, and its all just long term savings, not anything that I would need right away. I have an ING account but this person has already accessed this account as well. Its a difficult situation because it is family but I just can't trust this person to stay out of my finances and not use my ss#.

I'm curious about prices and the length of time you kept the box.
I have searched online but everything at my banks website directs me to call and I don't want to sound like an idiot wanting a box only for a few thousand dollars while other people have diamonds and million dollar jewelry in theirs.

**FrugalMomof3** · 03-18-2008, 03:44 PM

I am sorry you have to deal with identity theft issues, I hope everything turns out for the better and the charges that this person made are written off and your found NOT at fault for this.

I dont know about the safe deposit box but I guess I would have some questions as to whether it's insured and if so up to how much?

I was thinking of getting one myself but not even sure where and the costs will surely play a huge role in my decision.

**C@rol** · 03-18-2008, 03:49 PM

Sorry to hear about your problem with the identity theft.
You really need to seek legal help to get that straightened out. That's no way to live not being able to have bank accounts and such.

Your question about the safe deposit boxes, I think the rules have changed a bit about how much cash can be kept in there. You should go to a bank you're considering and get the printed pamphlet on the current rules. I believe things have changed regarding safe deposit boxes. Maybe someone else here on FV can help.

All the best.

**HisDaisy** · 03-18-2008, 03:59 PM

I am not sure about all the rules of safe deposit boxes, but we do have one.
At our bank, it only costs us $35 a year for document size box. (there are several different size boxes you can get.)
We do not have any family jewels or expensive items. We got it to keep some saving bonds, passports and other paper work in.
I like the security of knowing that if we had a fire or break in those items would be safe. I find that $35 is small price to pay for peace of mind.

**Neeley** · 03-18-2008, 04:22 PM

Most everyone in our family has one. We all keep everything from coin collections to CDs to cash to paperwork in them.

We pay anywhere from $25-$50 a year for them.

The bank personel does not know what is in ours. She uses the two keys to open the lock, place a cover over the top of it as it slides out, takes it into a private area and leaves us with it. Once we are finished doing whatever we need to so they come back and put it away.

**M55FF** · 03-18-2008, 04:22 PM

The safe deposit boxes come in BOXES and the larger size, a drawer. You can keep anything in there you like as they give you a key and leave you in private to go through your stuff.
I imagine certain ententies like the IRS and police could seize the box if they wanted.
They cost about ??? 100- 130 a year ( not much) I think at least they did back 10 years ago.
using one to prevent identity theft?
?
usually people use them to put important papers like deed to the home and valuable jewelery and gold.

Guess you could stash your money there but be aware the bank is going to only be open bankers hours and you may have problems having easy access to your money.
On the accouint when you open it, you can leave other peoples names on the account in the event of your death the police and all the bank officials won't have to go looking at your stuff and take the chance of it being reported for estate taxes.

There is really no preventing identity theft by putting your money in safe deposit. If they want your identity they will get it without your cash and ruin your credit.

**stinkbug** · 03-18-2008, 04:33 PM

Why not just get a small home safe? You are the only one who would have access to it....
We have a huge gun safe, but it's very handy for other documents, titles, and cash on hand.

**Buckeye5** · 03-18-2008, 04:36 PM

We have ahd a box for years and years at our local bank. It costs $32 a year for a pullout drawer. They too, never, ask what is in it..Just unlock and we are in. I have thought about keeping a small stash there also, because we spend our money to fast.

**M55FF** · 03-18-2008, 04:39 PM

People like me and my husband would not do good with safe deposit boxes or drawers as we have a few safes to keep guns in. The bank would frown upon us walking into the bank to get our guns to go deer hunting and then bringing them back to store until the next hunting trip.
LOL

**latierra84** · 03-18-2008, 04:39 PM

Originally Posted by M55FF

The safe deposit boxes come in BOXES and the larger size, a drawer. You can keep anything in there you like as they give you a key and leave you in private to go through your stuff.
I imagine certain ententies like the IRS and police could seize the box if they wanted.
They cost about ??? 100- 130 a year ( not much) I think at least they did back 10 years ago.
using one to prevent identity theft?
?
usually people use them to put important papers like deed to the home and valuable jewelery and gold.

Guess you could stash your money there but be aware the bank is going to only be open bankers hours and you may have problems having easy access to your money.
On the accouint when you open it, you can leave other peoples names on the account in the event of your death the police and all the bank officials won't have to go looking at your stuff and take the chance of it being reported for estate taxes.

There is really no preventing identity theft by putting your money in safe deposit. If they want your identity they will get it without your cash and ruin your credit.

The identity theft damages have already been done. This person signs my name, has all of my personal information memorized... things like that. She has gained online access to all of my accounts and even my utility bills. Keeping the money in actual cash form and locked away in a box that would require my physical presence (and a key) is what I'm thinking its going to take to keep this money out of her hands. I have an EF built up for any unforeseen emergencies so don't see myself needing quick access to this money.

Its gotten to the point where she has now been denied credit in my name because my credit score is so low (her own doing!!). A real headache.

**M55FF** · 03-18-2008, 04:42 PM

sounds to me then like you need to go to the police, not the bank.

**latierra84** · 03-18-2008, 05:05 PM

Originally Posted by M55FF

sounds to me then like you need to go to the police, not the bank.

done it. This person has already served out a sentence for the identity theft. Getting everything removed from my credit report has been another headache of its own. Even after proper documentation was presented to the original creditors and new creditors and credit reporting agencies, getting items removed is incredibly difficult and time consuming. It's worth it I'm sure, I'm just sick and tired of it all by now. Lawyers aren't cheap and sometimes I just want to walk away from the whole thing and forget about it (unrealistic) but yeah. Thats my story.

**M55FF** · 03-18-2008, 05:18 PM

I'd consider moving away, to the next town at least.

I'm lucky that I moved far away from all my old and crazy friends and lost contact. I'm sure someone would have tried to screw with me too.

but listen, a safe will not prevent ID theft, but it can prevent your cash or jewlery from being stolen or lost in a fire.
a safe deposit box may work for you but you need a long term cure in to learn how to protect your personal matters more carefully.
You should not tell anyone these things where your identity can be stolen.
It sounds to me like your learning this the hard way.

I had a stalker once, a guy I married when I was underage who didnt want me to leave him.
I had to leave town. I told everyone I was moving to Los Angeles, even my friends. I actually moved to florida but didnt contact anyone or tell anyone for 6 years except my parents, who were encouraging me to do that.
I found out he moved to LA.
He lived there a long time.... its been 30 years or more now and I still think sometimes he's going to show up.

You have to be careful who you get involved with. Life is just like that and some of us have to learn the hard way.
I'll pray for you this person leaves you alone but you have to do your part too and avoid all contact with them and report any attempts of ID theft to the police.
Keep your personal issues private and don't share them with anyone.

**cissylu** · 03-18-2008, 06:14 PM

I`ve never had one. I`m so sorrythat this has happened to you.
I believe I would move also and not let her know where I moved.this day and time you can`t trust most people.
no offense to anybody.

**Hannahs mom** · 03-18-2008, 07:41 PM

I worked at a bank for about 4 years so maybe I can help out. In trainings we are told that it is actually illegal to keep money in a safe deposit bank, but just about everyone does it. I can't count the number of times that I'd let a person in their box, leave them to do their business, and then have them walk up to my window with a large amount of bill for deposit. We'd never turn anyone in for it, this county is small and is a place where "everybody knows your name" Why is it illegal? I don't have a clue! About being insured, the FDIC insures depositors accounts, but not the contents of safe deposit boxes because bank employees don't know what's in the box and can't ask unless they think you've got drugs, weapons, etc.. When you call the bank, just ask about the size of boxes and the term of rental. They don't need to hear anything about what you plan to keep in it. When you enter your box, you and the bank employee will sign a dated paper. At the location I worked the time in and time out of the vault were also written down. Another bit of info - if you plan on depositing cash into your account the bank is required to keep a log of each person depositing sums over 3000.00 at a time. This report is filed with the IRS to aid them in finding drug lords, people not paying taxes on earnings, etc. Hope this helped some.