Safe Deposit Boxes (High Risk)

[Mysterious11]

Last year I was looking into putting my dinar into a safe deposit box until......

I FOUND OUT THAT THE BANKS DO NOT INSURE THEM

Fire, flood, theft, loss or damage, it is entirely up to you whether you put it in there or not. In case the worst happens (which God forbid) and something happens at the bank you're at a total loss. I did some research and most banks do not insure your safe deposit box. Of course I can't check every single bank...so my advice is to get up with your financial institution and check to see how you are covered. I would hate to see any of you that have your dinar in one of these loose your investment to anything and not be covered. I keep mine in a fire proof safe locked inside of another safe that wouldn't be easy to steal. That way if anything happens my belongings are insured and I'd get my money back.

Just a word of Caution!!!

[dinarosauras]

I also considered a safety deposit box, and was told by my bank it doesn't cover fires......also told told that they woud not allow any currency to be held in a box. Though, we do not have to tell them what we are storing, i wondered how it would be insured if they don't know the value. Like as far as theft, etc......

[ScotFree]

Everywhere you put paper money is a risk. I lease two deposit boxes at differerent banks, make sure all the money is in sealed bags in case of floods and both banks have fm2000 fire systems in the vault. For thieves to steal them they would have to drill the locks out of all the security deposit boxes - unlikely. Think I'd rather risk having the Dinar in a bank vault than in the house - either way they're not insured. :drunk:

[Jared]

Last year I was looking into putting my dinar into a safe deposit box until......

I FOUND OUT THAT THE BANKS DO NOT INSURE THEM

Fire, flood, theft, loss or damage, it is entirely up to you whether you put it in there or not. In case the worst happens (which God forbid) and something happens at the bank you're at a total loss. I did some research and most banks do not insure your safe deposit box. Of course I can't check every single bank...so my advice is to get up with your financial institution and check to see how you are covered. I would hate to see any of you that have your dinar in one of these loose your investment to anything and not be covered. I keep mine in a fire proof safe locked inside of another safe that wouldn't be easy to steal. That way if anything happens my belongings are insured and I'd get my money back.

Just a word of Caution!!!


So you've reported to your insurance agent that you have millions of dinar in your house?

As for me, my bank is just fine. It sits on a hill so flooding is out (besides I have my bills in vacuum sealed bags). The safe is two layers of brick on the outside (but inside the building), welded steel plates, then the boxes. Ceiling and floor are cement and has 2 different fire systems.

It is true that it is not insured by default, but you'd be suprised when you ask them about it. I'm paying an additional $5/month for $100K of insurance. If the dinar comes out, I'll increase that, but for the moment it's many times more than what I have invested in it.

Jared :wave: