Safety deposit boxes -Interesting Morning

[Dave Hounddriver]

she said you must have a daily balance of 500,000p in any number of accounts

Try asking her if you can put the 500K P in the safe deposit box because you want it to be safe. If she says yes, ask her if you can use a check. Well, its the Philippines, who knows what foolishness they will accept if you don't ask?

[Steve & Myrlita]

she said you must have a daily balance of 500,000p in any number of accounts

Try asking her if you can put the 500K P in the safe deposit box because you want it to be safe. If she says yes, ask her if you can use a check. Well, its the Philippines, who knows what foolishness they will accept if you don't ask?

I would try to confirm this with the manager. The thought of P500K is utterly laughable just on the face of it. Edited May 26, 2012 by Steve & Myrlita

[Mike S]

Yes is does seem very strange but these two girls are the ones that set up and open all new accounts and are at a counter by themselves so I guess I tend to believe them ..... and yes I do have a home safe too but for reasons I don't want to divulge I need a safe deposit box ..... even though my safe takes 2 men to carry it can still be stolen ..... and as the safety deposit boxes at BOC are in the main vault I'll take my chances there ..... until a better opportunity arises ....... :hystery: :hystery: :hystery:

[Jack Peterson]

:unsure: As this thread progresses I have taken an interest. I was amazed to read in an article This Morning about the complaints that banks receive about things missing from Safe deposit boxes. even more worrying is the fact that some banks can gain entry on occasions, now this surprises me. I was under the impression that 2 keys are needed and 1 of those keys they bank should not have. our system is, they have a Key & we have a key They can't open with out us and we can't open with out them. The other thing I found interesting and somewhat silly I guess but understandable is the Insurance aspect Banks, do not insure the Contents of the safe box only the box itself, Obviously they can't insure things inside as they do not have any information on the contents. I was surprised that few, give this a thought and do not insure the contents thinking they are Ultra Safe in the Box. so unless listed and insured 500,000p is worthless in a safe box if not insured.Then, who is to say the 500.000 was there in the first place, in fact IMHO I am not sure any Insurance Company will insure valuables or cash unless, they have proof by sight it is actually in there, Any one wanting to hide illicit money or jewels is hardly likely to admit this type of happening. So I would ask are these safe Boxes as safe and secure as we think. I use safe boxes everyday for Computer back up tapes, in the Event of Fire or theft My Company will be lost, with out these tapes, they contain each day, each week, each month and each year of business work( Whilst it is all backed up on the System, for Insurance And Security purposes, we have to have Hard tape backup in secure storage) Not a lot of good for theft and Fire. All Though In the main, these safe deposit boxes are a good Idea but I ask again Just how safe are they? I also read that should the bank go Broke and in the West it seems every week 2/3 go, you have only 24 hours after they cease business to regain your possessions from the Box. after this it seems the Liquidator or the bank that takes over will claim the contents of the safe, Not a lot of good if you are away on Vacation or business seems to me that they should be renamed Storage boxes and drop the Safe deposit Whilst I don't have enough of anything to worry about having a safe, I would have to give any bank safe deposit Box system, a good hard look at

just my 5c Folks

Jack P :tiphat: .

[Campero]

Hmmmmmmm..........now I know why people bury things of value!!!!!

Thanks for the input.

Regards,

Campero

[Old55]

Always keep your wealth in your home country.

Always be the only one with access to that wealth.

Always use an international bank in Philippines for local transactions.

Not fail proof but...

[billten]

Yes is does seem very strange

I am pretty certain that you can rent a BDO box for P1,000 a year (this is the same price at MetroBank and a couple of other places. One of the problems is that there are very few boxes in each bank, to get one you have to know someone or be pretty lucky to catch an open box. Perhaps the deal they were talking about was that you automatically got a box (moved to the front of the line) if you had the p500k on deposit, not sure just suggesting...

[Mike S]

billten ...... that does sound like the most plausible answer but as usual it is never explained to you when you inquire about anything ...... :hystery: ...... bring up the point that has been brought up so many times before ...... "just except it ... never question it ..... I know what is right for you .... dummy up I can control you better" ... :bash: :hystery: :hystery:

Just one more point as far as safety is concerned ...... my safety deposit has a place for it's own lock on the box itself (which we bought the lock ourselves) so should anyone attempt to open the box we would know it as they would have to cut the lock or have a locksmith open it and should a locksmith be called the bank would have to authorize it I'm sure ...... yes I know not foolproof again but the lesser of two evils ......

Keeping all you valuables in your home country is another way as was mentioned above BUT ..... what happens if you suddenly die of a heart attack or you are in a comma for a long time and pass away ..... how does your asawa get the money or stuff from here to there ..... for us that would be easy but not so sure about a woman stuck with grief ..... plus some international banking laws can be brutal on surviving spouses ...... not to mention the taxes having to be paid in the country the money resides in .....

I'm just trying to make it simple for my asawa should I become discombobulated ...... :hystery: :hystery: :hystery: :hystery: :hystery: :tiphat:

Edited May 27, 2012 by Mike S

[Ashanti]

Yes is does seem very strange

I am pretty certain that you can rent a BDO box for P1,000 a year (this is the same price at MetroBank and a couple of other places. One of the problems is that there are very few boxes in each bank, to get one you have to know someone or be pretty lucky to catch an open box. Perhaps the deal they were talking about was that you automatically got a box (moved to the front of the line) if you had the p500k on deposit, not sure just suggesting...

Off the record, you are correct!

There are not many safe deposit boxes and you need to know someone at the bank to get one otherwise you will just be one of many of would like have a safe deposit box. Banks usually give preference to their favourite customer, for obvious reason.

[Ashanti]

'm just trying to make it simple for my asawa should I become discombobulated .

mike............ can i be your bank dep box, i charge cheaper than the bank too. ............ i promised i will released youe monies to your wife if you tell me when you discombulated ............

:hystery:

Edited May 28, 2012 by Ashanti