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Email this12:08 am
August 5, 2014
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Brian, I agree that there should be other family members that can access and understand the important documents like wills, powers of attorney, certificates like GIC's, Ontario savings bonds and other savings bonds, statements and confirmations of investments made etc.
This is the case no matter where these and other important documents, items are stored.
12:15 am
August 5, 2014
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Norman1, so your important documents, items you have at the bank and the not so important items you have at a cottage, house etc.
If that is the case then everything should be stored at the bank or financial institutions and we don't need a safe anywhere. Ask your branch manager and bank employees if they have all their important items at the bank where they work? I highly doubt it and get it in writing too.
Remember, Enron or Nortel, invest all your life savings in one stock in their retirement plan at work that was matched too. This was a really bad move. No thanks, no safety deposit boxes for us.
10:01 am
October 21, 2013
Online
Jack, you are perfectly free to put your valuables wherever you want.
Safety deposit boxes at my local big bank start at well under $100/yr. Even the medium-size one is well under $100/yr. The prices are about the same at most of the big banks and can be confirmed on their websites in most cases.
I am not convinced that the reason for the demand for bank safety deposit boxes is because we're all getting wealthier. The population is growing. In my area there is rapidly increasing density, but bank branches are closing - due to online banking I presume. Payday institutions are not going out of business in my area. I think the reason there is a shortage of safety deposit boxes is simply because the banks don't provide enough of them to meet demand and are not terribly concerned about it.
There is a big difference between renting an apartment, seniors apt, nursing home room and trying to keep your valuables there versus renting a safety deposit box. For starters, nursing homes specifically advise people NOT to bring valuables with them to the home, as they cannot offer security for them. In addition, when you rent a safety deposit box, you are not buying property; you are buying protection, i.e. safety and security. They are providing that in terms of a vault plus the double key system on your individual box. In all apartments, the owner has a key. The owner may not have a key to your private little safe but you, on the other hand, do not have the right to affix it to the floor or walls, which is the only way to make sure it doesn't walk away. Further, apartments located in basements are subject to floods, and water can get through anything. (In fact I looked at a website selling good quality safes, and none were guaranteed against flooding, only fire and burglary.)
Owners may have rights, but only the very wealthy could have the security set-up that a bank has. Banks store their own money in these vaults, and nobody is more concerned about losing money than they are. Lawyers have vaults in their offices to protect their documents. I expect that is because they know that a vault offers the greatest security, but those are impractical for ordinary people on several counts, mostly space, money and inappropriate size.
The only problems I have with bank safety deposit boxes are: they are not open 24/7; I am not sure what would happen if the bank closed its doors (such as I believe happened during the Great Depression); and I don't feel I can safely put anything that is electromagnetic in there because the box next to it could have a magnet inside unbeknownst to me. For electronic storage, I have to look elsewhere - and I don't use the cloud.
12:04 pm
October 21, 2013
Online
I have no doubt that what you have said about the banks' safety deposit boxes is true, Brian.
8:45 pm
August 5, 2014
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Loonie, if there is a bank run or some financial crisis where banks do not stay open, then you can't access your valuables or documents anyway.
If there is a fire, safes are fire proof. If there is a flood, we have resolved this problem, all our valuables are laminated. However, if the safe does flow to somewhere else then I can see your point of losing them.
Wills, power of attorney documents usually are kept copies with lawyers anyway. Certificates and over documents we have made copies and in case of an emergency, we have quick access as long as we can get out of there.
This is all based on probability but not having documents and other valuables very close to us is more of a risk most of the times then being stored many kilometers away.
Please write your comments in the forum.