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This is What Troubles Me About Safe Deposit Boxes

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You hopefully read my urgent items on safe deposit boxes and why you should treat your disaster cash like gold.

Remember, you have zero downside in being prepared for the unexpected.

But, listen-up, it’s also imperative to build and cater your security around your situation.

Here’s why.

A client emailed me his concerns about safe deposit boxes that you need to read and then apply to your specific situation:

E.J.,

I read about one case where some bank employees pilfered a number of safe deposit boxes and it was difficult to identify the losses as few or no records were available on what was in them.

That has troubled me and as a result, I keep most of my important records at home in my safe.

I also have monitored security with glass breakage sensors, fire sensors, video cameras etc.  I was a dealer for Fort Knox vaults and safes until two years ago, and once delivered a two-ton vault to a customer near the Mexican border.

I did this delivery myself with my main assistant, into a newly constructed house. The customer had a major Winchester collection and the vault was a very large safe like vault with double steel walls, including one layer of ballistic steel.

He wanted it bolted down and, he had a wall built around it. He invested about $12,000 in this setup but he had a lot of volume which was 72 inches high, 61 inches wide and about 29 inches deep.

He had checked with other dealers, including other Fort Knox dealers and I was the only one willing to make this delivery. Just a side note.

He couldn’t use a safe deposit box due to space restrictions.  Anyway, just one more way to go.

Your situation is unique, and your preparation will be a little different from my client’s and mine. A safe deposit box at your local bank where everybody knows your name (I recommend doing some sort of banking locally), multiple biometric handgun boxes, Sentry Safe Fire/Water Chests, and a gun safe (I like my Liberty Fatboy gun safe) are great ways to start.

P.S. If you have a safe deposit box, set-up a schedule and visit regularly. Get to know your bankers, and keep a careful log (pictures) of what is rightfully yours.

Originally posted on Your Survival Guy. 

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E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.

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