Safety deposit boxes -Interesting Morning

[Mike S]

Well this morning after conducting my usual monthly banking at my (the bank I use .... I don't own it ... :mocking: ) bank I skipped over to the new BDO and acquired about their accounts ..... beautiful bank inside with very few customers .... anyway I learned about the various accounts and then asked if they had safety deposit boxes available and the girls said yes sir .... I asked no waiting period .... she said no sir .... so how do I get one .... she said you must have a daily balance of 500,000p in any number of accounts ... I said you mean 50,000p she said no sir 500,000p ..... I asked her 3 more times just to make sure I heard her right .... yup that's what she said ..... so I said but the FDIC only insures up to 500,000p and she said yes sir I know ..... so then any money over that will be lost if I have to keep a daily balance of 500,000p she said yes sir but we are the #1 bank in the Philippines ..... I said and that's what LBC bank said ..... she laughed .....

Well don't guess I'll be opening a bank account there ..... plus they charge you 100p if you withdraw money from any branch by teller in any of their banks except in the Cebu City area ....

I guess BOC ain't so bad after all ..... this is the first time we have inquired about a different bank sense we opened our account with BOC ....

[Campero]

Good topic Mike. So, where can we get a safety deposit box with the least hassle then?

Any banks let you JUST rent a safety deposit box and pay by the year or something?

Regards,

Campero

[Bundy]

I believe what you're saying Mike, but i'm sure there will be ways around it. We set up two bank accounts in Cebu a few years ago and during that time it really did appear to me as if the banks there just make rules up as they go, and furthermore, what applies in one branch may not in the one just around the corner. I can confirm the charge for withdrawl at a different branch from where the account was opened and i agree with you, that's just silly.

[Mike S]

Campero ...... Not sure about other banks but the bank we use is Bank of Commerce on the circle and it took almost a year of waiting to get our box ...... we pay 1500p per year with 1 year in advance which I believe includes the key deposit ..... and no minimum daily balance that I know of (except what is required in your accounts to keep them open) ......... I believe you have to be a customer to get one

Bundy ....... you are correct sir but 500,00p is a heap of money and I really can't see it being that high only at this BDO branch bank (but I don't know for sure) ..... maybe a few 1000p difference but good lord at 500,000p that is $11,495 US dollars ..... just to keep as a daily balance ..... maybe I'll check on line could be interesting ..... :hystery: :hystery: ....... maybe that is why it is called "The Bank of Gold" ....... :mocking:

[andre007]

Great Topic regarding Safety Deposit boxes. Maybe consider altering the title in case somebody else may have information but was not sure of the subject.

I have been asked this question many times and I have never have any answers and it seems like nobody else does either. I have some critical documents that needs to be under protection but I just can't find an answer.

Thanks Mike S and I hope others have safety deposit box experience.

[Old55]

Funny thing those Safety Deposit boxes........... seems all the local politicians wrapped up the market on them. :whistling:

[Lordblacknail]

I was having breakfast one morning around 1997 or so in Eugene, OR and I was reading the paper. An article caught my eye. It seems that the safety deposit boxes were just released to the owners from the bank failures that occured in 1929. Yep, made me want to rush right out and rent a safety deposit box for my gold and my important papers. That way my heirs would know just where everything was when the bank failed.

Now, maybe it is just me, but if that is the way it is in the USA, how much better will it be to have a safe deposit box in a bank here in the RP? Good luck with that.

[Mike S]

Funny thing those Safety Deposit boxes........... seems all the local politicians wrapped up the market on them. :whistling:

Yea or have 80+ bank accounts ....... just saying ..... :hystery: :hystery:

[MikeB]

I think I'll stick with a home safe for the important docs and some cash.

[Mike S]

I was having breakfast one morning around 1997 or so in Eugene, OR and I was reading the paper. An article caught my eye. It seems that the safety deposit boxes were just released to the owners from the bank failures that occured in 1929. Yep, made me want to rush right out and rent a safety deposit box for my gold and my important papers. That way my heirs would know just where everything was when the bank failed.

Now, maybe it is just me, but if that is the way it is in the USA, how much better will it be to have a safe deposit box in a bank here in the RP? Good luck with that.

Interesting LBN ...... I did a Google on this as it could effect me drastically should the bank fail and came across this from the FDIC ....... http://www.fdic.gov/...ive_things.html ......

4. 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.

When can I have access to my safe deposit box?

When the failed bank's deposits are assumed by a healthy bank, the branch offices usually reopen the next business day. At that time, you will have access to your safe deposit boxes. In the event of a depositor payoff, the FDIC will send a letter to you informing you of the closing. The letter will instruct you on how you can remove the contents of your box. Access to the safe deposit boxes is typically granted to the safe deposit holders the next business day after the closure.

Now of course we are talking about the US here and not the Philippines ...... will still keep searching .... if any one finds out please let us know ......

Edited May 25, 2012 by Mike S