'Safety' Deposit Boxes

[Shamatti]

With the recent audacious hist in Hatton Garden, and the topic of storage always topical, what do people think?

 

Most banks in the UK now, I understand, no longer offer a safety deposit box service. There are some private companies that do, but are they now inherently less secure, insomuch as they have become targets. Because if you and I know that banks no  longer offer this service, the crooks know too, right!? lol So they know that people are going to want to put their stuff some place safe. I have had my stack in a long term secure storage place, to remain un-named. Which was great whilst I was heading across Europe in a motorhome, but it has been frustrating this last 4 months waiting to get it all back again. The international element didn't help lol!

 

So any way, I digress! The good news is that where I live the bank does provide a safety deposit box service! I think this diversification of peoples valuables is a very important security aspect. If every bank has boxes, the nations valuables is spread out amongst them. Remove this, and it inevitably becomes concentrated within the few establishments that do offer such services.

 

I know that the Hatton Garden robbery is very much a theft from dealers and businesses, rather than the general public. But is this new model of wealth concentration likely to increase such incidents. Are our valuables inherently less safe now?  And if you like....... What is your strategy to deal with this?  (But that would be dumb right! lol )

[Paul]

http://www.dailymail.co.uk/home/moslive/article-1222777/The-raid-rocked-Met-Why-gun-drugs-op-6-717-safety-deposit-boxes-cost-taxpayer-fortune.html

 

Remember it is not just robbers who plunder these havens of safety, security and privacy our beloved police will do it for you as well 

 

Good luck explaining to El Plod you bought you bought those x20 sovereigns via an internet forum from someone you have never met or able to pick out in an identity parade and have no official company receipt/invoice for them to proove ownership - but hey don't listen to me im one of those darn internet conspiracy nut-jobs

[Danny-boy]

I'm very lucky, in so far as I have an extremely secure (and fully itemised insured) place to store my stack / collection free of charge.

I must admit I'm not really sure what I'd do if that facility was no longer available to me.

[Shamatti]

http://www.dailymail.co.uk/home/moslive/article-1222777/The-raid-rocked-Met-Why-gun-drugs-op-6-717-safety-deposit-boxes-cost-taxpayer-fortune.html

 

Remember it is not just robbers who plunder these havens of safety, security and privacy our beloved police will do it for you as well 

 

Good luck explaining to El Plod you bought you bought those x20 sovereigns via an internet forum from someone you have never met or able to pick out in an identity parade and have no official company receipt/invoice for them to proove ownership - but hey don't listen to me im one of those darn internet conspiracy nut-jobs

 

 

Clucking Bell!! That is some some story! lol I would like to say I am surprised, but I am actually not! :/

[AuFinger]

Yep scary story, thanks for posting.

An amazing example of the misuse of new powers that were no doubt warned of before being introduced, but ignored by our retarded sound bite and smile politicians.

More reason to hide stuff elsewhere, and when anyone asks who should know better, your kids put it in a charity box, or it fell out of your wallet on the beach hehe.

[HelpingHands]

There's £205 000 in cash in that photo (give or take) (well, probably more take than give from reading that story).

[Bumble]

JPMorganChase will not allow cash or coins to be stored in safety deposit boxes.

http://marketdailynews.com/2015/04/21/the-war-on-cash-jpmorgan-chase-to-prohibit-the-storage-of-cash-in-safety-deposit-boxes/

 

It's difficult to avoid interpreting this pessimistically to mean that the banks want to ensure that their customers keep their money in their accounts, where they will suffer negative interest rates and possibly capital controls in the event of another crash.

[Paul]

http://www.bbc.co.uk/iplayer/episode/b05sz78d/britains-biggest-diamond-heist-the-inside-story

 

The BBC put out this pretty poor half hour documentary on the Hatton Garden heist this past week, if you're board have watch 

[AuFinger]

JPMorganChase will not allow cash or coins to be stored in safety deposit boxes.

http://marketdailynews.com/2015/04/21/the-war-on-cash-jpmorgan-chase-to-prohibit-the-storage-of-cash-in-safety-deposit-boxes/

 

It's difficult to avoid interpreting this pessimistically to mean that the banks want to ensure that their customers keep their money in their accounts, where they will suffer negative interest rates and possibly capital controls in the event of another crash.

 

Cash or coins can't be leveraged against, or as you say, raided or NIRP'd. But then why you'd leave such things with a bank is beyond me.

 

And with raids like these putting the emphasis on the owner to show where they got their cash, coins or PMs, it's making it hard to know what to do.

 

 

My best thoughts are to record your purchases and keep bank statements (another way they're dissolving the "tangible asset" paper trail as I bet long-term on-line banking records will disappear in future), to show where cash or PM etc come from even decades later if anyone asks at non-confiscation times... but then 'lose' the assets if you ever need to.

 

Given many people may hold onto their stuff for 20yrs+, having records will be essential to prove you're not the 'enemy' of the day. Gold, gold you say? You must be funding terrorists. or a drug dealer, or an enemy of democracy... or whatever else.