Are Safe Deposit Boxes Really That Safe?

Given the current economic troubles, many people have surmised that keeping their valuables at home, locked away or not, may not be the most secure way to keep them safe. As long as they have been in existence, banks have offered safe deposit boxes to customers for a small fee. These small boxes are most often secured in the bankâ??s vault and can be accessed at the customerâ??s leisure. These boxes are far more secure than hiding a diamond ring under your mattress or gold coins in a box of cereal, but in a real financial meltdown, is a safe deposit box truly the best place to keep your valuables? I argue no.

A great example of how safe deposit boxes are a horrible place to keep your valuables occurred late last year when the economy of Iceland crumbled in a matter of weeks. People were outside banks and government buildings in crowds, demanding access to their money and other important items. As the economy there ground to a halt, police in full riot gear were sent out to combat the huge amounts of people demanding only that they remove their hard-earned money and savings from financial institutions. At one point, the situation was so dire that some of the police themselves began to riot and demonstrate, turning against their law enforcement counterparts in a demonstration that at the most base level, no matter what your occupation, economic and personal security reign supreme, and even the most dedicated police officers will turn against the government in times of extreme economic or social stress.

As Iceland began to enact the new economic rules and regulations that have since helped to reduce the level of civil unrest, banks and other financial institutions have begun to open and carry out transactions with their customers. But in the heat of the moment, when the economic tides were rising and the countryâ??s social fabric began to break down, no one, not even the bank officials themselves had access to the contents of the banksâ?? vaults. This rendered anything stored in the bank or in safe deposit boxes or similar storage compartments completely out of reach.

The point I’m making with this example is that if a similar situation were to arise in the US, a country which as more firearms per capita than any other industrialized nation, there would be little to no chance of ever gaining access to a safe deposit box. Most likely, these same bank vaults and safe deposit boxes would be some of the first places that looters would go to pillage if the social and economic structures broke down. With many people keeping their gold, silver, jewelry, important papers and documents, and family heirlooms in bank vaults, anyone who chose to make use of a safe deposit box would quickly learn that they likely would be the first to suffer from these economic and social crisis situations. This is when people need their valuables the most. So unless you’re willing to lose whatever’s in your safe deposit box should the unthinkable occur in the US, keep your valuables, especially those that hold intrinsic value like precious metals, locked up or hidden at home for quick access.