HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

FROM - "<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:City><st1:place><?xml:namespace prefix = u1 /><u1:City><u1:place>Charleston</st1:place></st1:City></u1:place></u1:City> Voice"<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p>

We have been receiving variations of this same theme as outlined below. While no one can predict when, or even if, events may trigger such circumstances, it's probably best to be aware of what could happen, making arrangements within your own sphere of concern.<o:p></o:p>



HSD / Fed access to Bank Records and Safety Deposit Boxes

In times of emergency (perhaps the collapse of the dollar), Bush could declare possession of silver and gold bullion as a terrorist/criminal activity under the USA Patriot Act section defining domestic terrorism, allowing the feds/cops/FBI/HSD to get a court order placing holds on safety deposit boxes. Under the USA Patriot Act, police/HSD/FBI can get a court order to search anywhere without providing a judge with probable cause. All that's needed is to certify that the search is being conducted under a terrorism investigation.

The Rule as always: Possession is 9/10th of the law. Always take delivery of gold/silver purchased. Leave it in no one else's hands or under their control. Best way it to bury it!!! Otherwise store it in a safe with very thick walls and be well armed at all times!

Here's the result of 1-1/2 hours worth of research on the net:


HOMELAND SECURITY WILL CONTROL SAFE DEPOSIT BOXES IN A CRISIS: http://www.financialsense.com/editorials/skousen/2006/0201.html

A source at Bellaciao.com http://bellaciao.org/en/article.php3?id_article=10012 filed the following report, which I have confirmed from other sources:

"A family member from Irvine, CA (who's a branch manager at Bank of America) told us two weeks ago that her bank held a workshop where the last two days were dedicated to discussing their bank's new security measures... [M]embers from the Homeland Security Office instructed them on how to field calls from customers and what they are to tell them in the event of a national disaster. She said they were told how only agents from Homeland Security (during such an event) would be in charge of opening safe deposit boxes and determining what items would be given to bank customers. At this point they were told that no weapons, cash, gold, or silver will be allowed to leave the bank -- only various paperwork will be given to its owners. After discussing the matter with them at length, she and the other employees were then told not to discuss the subject with anyone.

"The family member has since given her notice to quit the bank. I found the news alarming and decided to find out more myself. On a trip to my bank here in Houston, I remarked to a young bank employee (who's new there), 'Well I guess you've been told all that stuff by the manager and the Homeland Security about what to tell your customers' - and to my amazement, the young woman came right out and said yes she'd been through all that, then whispered to me across the counter, 'but we're not supposed to talk about it - I could lose my job.'" Lesson to learn: don't depend on getting access to a safety deposit box. If you must use one, only keep documents in it -- no valuables. Obviously the feds plan on confiscating gold again! (Joel Skousen, What's coming in 2006, Financial Sense Online, <st1:date Month="2" Day="2" Year="2006">February 2, 2006</st1:date>)

Also, From Bob Chapman, January 2006 http://www.venusproject.com/ethics_in_action/Precious_Metals_Not_Safe.html

From the <st1:State><st1:place>Washington</st1:place></st1:State> Post http://www.washingtonpost.com/wp-dyn/content/article/2005/11/05/AR2005110501366_pf.html

From FDIC .....Can law enforcement authorities access my safe deposit box without my knowledge or permission? http://www.fdic.gov/consumers/consumer/news/cnspr97/sfdpstbx.html(From FDIC)

Mark Mellon, an attorney with the FDIC in Washington, says that if a local, state or federal law enforcement agency persuades the appropriate court that there's "reasonable cause" to suspect you're hiding something illegal in your box (guns, drugs, explosives, stolen cash or money obtained illegally), "it can obtain a court order, force the box open and seize the contents." But what about non-criminal matters, such as a dispute with the Internal Revenue Service, a company or other people over money they say you owe? McGuinn of Safe Deposit Specialists says the IRS can "freeze" your assets (effectively placing a hold on your bank accounts and safe deposit box) until the dispute is resolved. Private parties also can freeze your assets but doing so involves going before a judge and proving that there's a legitimate dispute over a debt.


From American <st1:place><st1:PlaceName><u1:place><u1:PlaceName>Policy</st1:PlaceName></u1:PlaceName> <st1:PlaceType><u1:PlaceType>Center</st1:PlaceType></st1:place></u1:PlaceType></u1:place>: Every bank profiles your finances and establishes a database. Should you acquire a sudden spike in your usual banking routine, the banks are required to notify the federal government, because you have broken your profile.

Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

"If you don't hold it, you don't own it" and I'm pretty sure sitting in a bank box does NOT meet the definition of "hold it" .

Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

In addition......<TABLE cellSpacing=0 width="100%" border=0 valign="Top"><TBODY><TR style="FONT-FAMILY: Arial,Helvetica"><TD>Your safe deposit box may not be so safe
</TD></TR><TR><TD align=left><TABLE cellSpacing=0 cellPadding=5 width=250 align=right><TBODY><TR><TD vAlign=top align=right><TABLE cellSpacing=0 cellPadding=0 width=300 border=0><TBODY><TR><TD class=adheader vAlign=top align=middle>
<SCRIPT src="http://Ads1.msn.com/library/dap.js" type=text/javascript></SCRIPT><!--PG=INVEXL--><SCRIPT type=text/javascript>dap('&PG=INVEXL&AP=1089',300,250);</SCRIPT><IFRAME id=dapIf1 src="about:blank" frameBorder=0 width=300 scrolling=no height=250></IFRAME></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>Your jewels, stock certificates, deeds and other precious valuables in your safe deposit box are absolutely, positively safe, right? Not necessarily.

By Bankrate.com

Where's the safest place to keep your great-grandmother's diamond ring? If you said a safe deposit box, you're wrong.

It's true that the chances your valuables will disappear from the bank vault are slim. But many people mistakenly believe that even if the worst happens, their property has the extra protection of federal bank insurance.

The Federal Deposit Insurance Corp.'s $100,000 guarantee, however, does not extend to safe deposit boxes. And, to many homeowners' chagrin, their personal policies may not cut it, either. <TABLE borderColor=#336633 cellSpacing=0 cellPadding=5 width=146 align=right border=1><TBODY><TR><TD vAlign=top align=middle width=146></TD></TR></TBODY></TABLE>

David P. McGuinn, founder of Houston-based Safe Deposit Specialists, has rubbed shoulders with more than 100,000 safe deposit managers and written the Safe Deposit Policy and Procedure Handbook. The majority of box holders, he insists, believe "the FDIC has my back."

"When you have a loss, people look for someone to blame," McGuinn says. "Unfortunately, that's now the bank because historically we haven't bothered to give them anything in writing that explains or highlights the clause saying we don't insure what you put in a safe deposit box."

What to worry about
The bank boxes do offer security not available in most homes. But nothing is failsafe. McGuinn knows the potential trouble spots inside and out:

Fire: It's not the flames licking the vault that owners should fret. Heat is the true culprit that can turn papers to ash and melt precious metals inside that steel oven. And a bomb in any safe deposit box at a bank branch would obliterate everything in that area.

Theft: If you can prove a bank employee is behind your disappearing valuables, FDIC spokesperson Frank Gresock says the bank's liability insurance should apply. Otherwise, you follow the same filing steps with stolen safe deposit box items you would with items taken from your home.

Flood: Rising water is the most common damage culprit, since banks usually stash the boxes in a basement. And although manufacturers build vaults to resist water for a certain period, accompanying lighting, security and telephone conduits are channels for the water to seep inside and fill your box like a bathtub.

In cases of theft and fire, the contents coverage clause of your homeowners policy often covers damage regardless of the property's physical location. But this isn't a hard-and-fast rule. Don Beery, vice president and partner of Eustis Insurance in New Orleans, advises that you check your policy for language stating "we cover personal property owned or used by an insured while it is anywhere in the world."

Even this clause might not bail you out in a flood. Most homeowners' policies exempt this act of Mother Nature. "My mother-in-law rented a safe deposit box to hold her stock certificates," says Beery. "Then the flood waters covered Mobile, Ala., and she didn't feel very secure anymore."

Added coverage for special property
To be on the safe side, consider a personal-articles floater. These endorsements to a homeowners policy cover pre-established categories such as jewelry, coins and stamp collections, but agents have leeway to expand the coverage to areas you need.

"Companies territorially rate personal-articles floaters on the probability of theft where you principally reside," Beery explains. Bills of sale, catalog listings and appraisals determine each insured item's value. The annual premiums typically hover around 60 cents for each $100 in value for jewelry, 45 cents per $100 for furs and 30 cents per $100 for fine arts.

Even people without safe deposit boxes latch onto floater policies for valuable items because they carry no deductible and kick in for what agents term "mysterious disappearance." For instance, when Beery's wife lost the setting from a diamond ring in a schoolyard, the policy paid for its replacement. "But because this didn't involve theft, it wouldn't have been covered by our homeowners policy," he points out.

Know, however, that if you do purchase this coverage for property that you keep at home instead of a more-secure safe deposit box, the premium cost more than doubles. And if you do keep, for example, pricey jewelry in a bank box, when you wear it on a special occasion, you must inform your agent that you've removed it from the vault and then cover it at the higher premium for the duration of the event.

"Most people don't want to bother with that, so they insure jewelry at least at the higher rate," Beery says.

Some insurance companies put limitations on a personal-articles floater. Some won't write it for more than your homeowners policy contents coverage. Others draw the line at 50 percent of that coverage. A rare few will write stand-alone floaters. Beery suggests consumers ask their agents for quotes with their current home insurer and ask for alternatives if the price or terms seem out of whack with their needs.

Then there are considerations for covering documents stowed in a safe deposit box. If your financial broker or 401(k) fund doesn't hold your stock and bond certificates in the street name, you'll need to take out a seven-year lost instrument bond for this safe deposit box item. Plan to pay $20 per $1,000 of coverage for this coverage.

Opting for insurance only
So why bother with a safe deposit box at all if you need all this extra insurance? That's a question many people are asking themselves.

"I don't think the average person has a safe deposit box any more. I don't, and my dad was a banker," Beery confesses. "These days, people rely heavily on insurance to take care of valuable things."

Technology also offers new security options. Companies like Mnemopolis.com in Montreal provide digital safety boxes. The service archives, in redundant computer files, a customer's important documents, photo albums and home movies.

"While I can see the need to insure the value of physical belongings in a safe deposit box, I question both the possibility and usefulness of insuring documents and memories," says Mnemopolis.com spokesperson Yves Caron. Basically, Caron adds, his company is insurance.

Finally, if you do decide a safe deposit box is your best security move, don't skip common-sense protection steps. McGuinn says to store documents within airtight, zip-lock or Tupperware-style containers inside the box. Stash copies of important documents in a separate location and photograph the vault's contents.

Anything you do to increase chances of successfully identifying, claiming or recovering an item is worth the effort.</TD></TR></TBODY></TABLE>

Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

NEVER use a safety deposit box for PM's - no matter what. Like ones have said - out of your possession - anything can happen!

Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

that irvine story is a bogus one. we have beat this horse to the death about 6 - 9 months ago

Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

Yep.

http://www.snopes.com/politics/business/safedeposit.asp

Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

1st: There is no dispute to the claim that anyone can force the bank to seal your safe deposit box with a court order. A friend who worked for a law firm routinely got such an order to enforce judgement in civil lawsuits.
The police do this (sometimes automatically) when prosecuting under the RICO act.
The Feds have a court to go to for warrants to investigate terrorist activities.
The Executive branch (this includes the DOHS) has already stated that they do not need any such warrant to persue terrorist suspects - and they themselves can decide what constitutes a terror suspect. No warrants needed - just an executive order. Bush gives out such orders like noisemakers on New Years Eve.
And lastly, if bank officers are ordered to keep quiet about this business, why would they tell a reporter who asks them on the record?
Get your own safe.

Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

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Re: HOMELAND SECURITY: Bank Records and Safety Deposit Boxes
 

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