Sunday, January 22, 2006

Bank Safe Deposit Boxes--Has anyone ever heard about this?

I just read an article today Collapse of U.S. Economy Imminent .

One issue that really struck me was the following:
Bank Of America and Compass Bank managers (probably all other U.S. banks too) have been instructing their employees in the last few weeks on how to respond to customer demands in the event of a collapse of the U.S. economy - specifically telling the employees that only agents from the Department Of Homeland Security will have authority to decide what belongings customers may have from their safe deposit boxes - and that precious metals and other valuables will not be released to U.S. citizens. The bank employees have been strictly prohibited from revealing the banks’ new "guidelines" to anyone. (however, employees have been talking to friends and family). The next time you visit your bank, ask them about it - then ask yourself, why is this information being kept secret from customers and the public - what’s really going on?

I later found another link discussing the same issue.

Has Anyone heard of this? Does anyone have a family member working at a bank (preferably BOA) who can confirm or deny this? If true, this is a BIG DEAL!

Thanks... Randy

7 Comments:

At 1/22/2006 9:18 PM, Blogger Out at the peak said...

This wouldn't be the first time that the government has implemented this. During the depression, they did not allow individuals possess more than a handful of precious metals.

It's too bad that safe deposit boxes would be inspected in a financial melt down incident.

Choose your safe zone carefully.

 
At 1/23/2006 6:48 AM, Blogger contrarian2day said...

Again, I'm hoping someone can confirm or deny this issue, as it really concerns me. I plan to stop by BOA today and do some investigative work of my own.

 
At 1/23/2006 10:30 AM, Blogger contrarian2day said...

I just returned from a visit to my local BOA branch. I arrived and was kindly greeted by the asst. manager (who has helped me in the past). I then asked to speak with her in a closed office.

I asked about this safe deposit box issue in a casual way and she didn't seem have an answer. She then left to speak with & seek an answer from the manager.

Upon return, she still didn't have a definitive answer, so she pulled out a copy of the Safe-Deposit Box rental Agreement, read it over with me and then called the BOA legal office for clarification.

Note: This asst manager appeared to be an honest gal & didn't seem to have a clue about this deposit box issue. However, BOA Legal did point out a few clauses as related to the terms of the BOA rental agreement. But they too (from what I absorbed through watching the asst manager) didn't seem to be aware of anything new in this regard.

Relevant snippets from the BOA Safe Deposit Box rental agreement:

SECURE LOCK SELF-SERVICE SAFE DEPOSIT BOX RENTAL AGREEMENT; form 00-14-5571NSB (12-2004)

Page 1 of 3 (Hours of Access): "The Bank may deny access at any time in the event of fire, riot or other emergency, or for any other reason when it deems closing prudent or necessary."

Page 2 of 3 (Legal Process): If the bank receives any legal process such as any writ, warrant, process, execution, order, subpoena or other notice... the bank, without incurring any liability to any renter may suspend the right of access by all renters... The bank shall not be held liable for the opening of the box or removal of its contents in obedience to the writ, warrant, subpoena, or court order, nor shall the bank contest the right of any sheriff or other officer authorized to enter the box or to remove its contents under such writ, subpoena, order...

Page 3 of 3 (Amendments): The bank may at any time make changes to these rules and impose other rules and regulations for the conduct of its business...

Page 3 of 3 (Governing Law; Severability) ...rental agreement shall be subject to and governed by the laws of the state where the box is located. A determination that any provision of the rental agreement, including these rules, is invalid or unenforceable shall not affect the remaining terms thereof.

Bottom Line: I'm a pretty good judge of character/honesty and I believe that the folks I dealt with are unaware of any recent change.

With that said, after carefully reading over the BOA rental agreement, I honestly believe that my Lock-Box access rights could be in jeopardy if a crisis ever happened.

Guess, until we get more information on this subject, everyone will have to draw their own conclusion.

 
At 1/24/2006 7:18 PM, Anonymous Anonymous said...

I was given a bunch of BoA stocks.

This is not the first thing I've read about BoA that makes me think this could be one sleazy company.

Is this stock gonna tank?

Should I unload it?

Opinions please?

 
At 1/24/2006 8:52 PM, Blogger contrarian2day said...

I really wish I could give you a good answer, but I'm pretty ignorant as to BOA's current financial standing.

What I do know, is that BOA is feeling pain from the recent flood of bankruptcies, and a weak economic future (which I predict) could cause them further grief… A downturn in housing (depending on severity) could cause them (and numerous other financial institutions) to fail completely.

I can’t give you investment advice. Learn as much as possible and make the decision you feel comfortable with.

See this article released today: Banks Feeling the Squeeze

http://www.boston.com/business/articles/2006/01/24/banks_feeling_the_squeeze/

 
At 1/25/2006 3:04 PM, Anonymous Anonymous said...

Contrarian2day-

Thankyou ! Printed out the article so I can read it at my leisure but sthg. mentioned in there has already caught my eye-

That is the relationship between interest rates and stock price. (Clearly , I am a novice when it comes to stocks!).

Being a cash person, I made out big time when interest rates soared in the 80's (enough to buy a duplex practically outright and have clear rental income paying for mortgage, taxes,insurance and then some).

I have been waiting for this to happen again.

The article did imply that as interest rates went up, stock prices for the banks would go down.

I'll keep reading and searching for answers. Thanks for the start!

Anyone else?

 
At 1/16/2013 11:03 AM, Blogger joana lui said...

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