Your experiences with safety deposit boxes.

[Chrisplym]

I am hoping that someone can clarify this situation with Metro bank’s terms and conditions. What does it matter to them as to what you store in your safe deposit box (within reason and not illegal) as they don’t insure the contents?

[Petra]

2 hours ago, Chrisplym said:

I am hoping that someone can clarify this situation with Metro bank’s terms and conditions. What does it matter to them as to what you store in your safe deposit box (within reason and not illegal) as they don’t insure the contents?

Message them and ask?

[BullionBuyerUK]

2 hours ago, Chrisplym said:

I am hoping that someone can clarify this situation with Metro bank’s terms and conditions. What does it matter to them as to what you store in your safe deposit box (within reason and not illegal) as they don’t insure the contents?

The guy said to me we don't want to know what's in your box, hence why they don't offer insurance on them.

[Chrisplym]

9 minutes ago, BullionBuyerUK said:

The guy said to me we don't want to know what's in your box, hence why they don't offer insurance on them.

Thank you 🙏 

[tpcob303]

On 04/12/2022 at 18:37, BullionBuyerUK said:

The guy said to me we don't want to know what's in your box, hence why they don't offer insurance on them.

It would make me think twice about using a service if they don't insure them or at least provide the option of providing third party insurance through a partnership with an insurance firm that would specialise in underwriting them and the contents. 

[BullionBuyerUK]

1 hour ago, tpcob303 said:

It would make me think twice about using a service if they don't insure them or at least provide the option of providing third party insurance through a partnership with an insurance firm that would specialise in underwriting them and the contents. 

They don't offer insurance because it could be a conflict of interests. They don't members of staff to know what you are storing. There are plenty of third party insurers out there for you to insure you box, and metro bank do encourage you to do so

[BigSid]

I have a box with a company that isn't a bank. The box is £125/year. They offer free insurance up to £10000 for the first year. More than £10000 is £5/£1000 (IIRC). They advise taking photos of what you're storing but they don't want to know any details, just how much you want to insure the contents for.

Security to get access to my box includes an iris scan.

Advantage of keeping your items at home; cheaper, easily accessible, etc. However, your home insurance company may not want to insure depending on value and how secure your property is and you'd probably have to declare the items so the insurance company employees could possibly have access to value and security details.

Obvious disadvantage is getting burgled and even decoy safes might not protect against some lowlife who knows you have valuables. They could break in while you're at home and "persuade" you to hand them over.

I have a safe deposit box as I wouldn't be comfortable with my whole stack in the house although I do have a small amount hidden outside the village.

Con's are cost and convenience.

Each to their own I guess.

[KevjustKev]

On 04/12/2022 at 15:13, Chrisplym said:

I am hoping that someone can clarify this situation with Metro bank’s terms and conditions. What does it matter to them as to what you store in your safe deposit box (within reason and not illegal) as they don’t insure the contents?

I went into the Metro Bank HQ in Southampton Row London and asked face to face. The answer was no, and big no at that. Coins that are no longer legal tender are still not allowed to be stored. I pointed out that the policy was no cash, older coins are no longer cask, still a no. What's the point?

[Chrisplym]

When I started using a safe deposit box with Metro over a year ago they didn’t tell me about any restrictions and I can’t remember them giving me a leaflet either. I am not sure what they will or can do if you do store coins in your safe deposit box so it seems a bit of pointless rule to me.

[KevjustKev]

5 minutes ago, Chrisplym said:

When I started using a safe deposit box with Metro over a year ago they didn’t tell me about any restrictions and I can’t remember them giving me a leaflet either. I am not sure what they will or can do if you do store coins in your safe deposit box so it seems a bit of pointless rule to me.

I'm on the phone, well hold, to them as I type

[KevjustKev]

Another answer form Metro! If coins are classed as collector items it's a yes you can. However, they still have to speak to the manager of my local branch 

[Petra]

47 minutes ago, KevjustKev said:

Another answer form Metro! If coins are classed as collector items it's a yes you can. However, they still have to speak to the manager of my local branch 

I thought these places don’t know what is in your box?