SAFETY DEPOSIT BOXES
Okay, so we’ve convinced you to purchase physical precious metals. So you finally get the motivation to go buy some bullion, and after buying it, you promptly head to your local bank, open up a safe deposit box, drop the gold inside, lock the box, and head home. You sleep easy, knowing your gold is safe in the vault of your local neighborhood bank. It’s the same bank your father used to bank at and has been around for decades. What could go wrong?
Consider that hundreds of banks have failed since 2010 alone! The Federal Deposit Insurance Commission(FDIC) keeps a list of exactly which ones have failed. To see the list for yourself, go to: http://www.fdic.gov/ bank/individual/failed/banklist.html. Many people wonder what happens to their safe deposit boxes when a bank fails. According to the FDIC, the contents of your safety deposit box are not insured. On the FDIC website, it states: “If the bank fails, you’ll still have quick access to your safe deposit box. In general, the full contents of your box should be available the first business day after the bank closes”. In reality, however, failed banks have a history of being closed for days – even weeks after failing.
And there is no guarantee you will be granted the easy access the FDIC wants you to believe. Also, safe deposit boxes are subject to confiscation and this has happened in America before! For those too young to remember, keep this in mind:
This has actually happened in the United States! It’s not one of those “what if ” scenarios – it was reality not even 100 years ago.
Since something like this has been done in the past, it can easily be done in the future. Don’t risk your hard earned money on the promises of others. Take matters into your own hands!