Bank Vaults

[Pete]

Just wondering if any members have a safe deposit box in a bank and if so what size and how do you store your metal - small bags, boxes etc or is it just piled in ?

I visited a Metro bank and noticed that they provide safe deposit boxes in a vault with unlimited access 362 days per year.

I paid for their "small" box which costs £250 per year and is claimed to be 5 x 5 x 21.5 inches.
Great I thought as my gold Britannia coin box is only 4.5 inches wide but it doesn't fit.
Turns out the width of the 5 inch box is only 4.3 inches so the volume of the box is 25% less than stated.

This means taking the coins out of the Britannia box and storing separately, which is not any hardship, but what annoys me is that the boxes should fit.
I've called Metro for them to investigate their specifications.

[JunkBond]

I thought that holding physical was all about being in control of your assets. Do you trust the banks, or do I have a tinfoil hat on and watching too much youtube?

[Bumble]

A bank isn't necessarily the best place to use for a safe deposit box. If there is a major financial crisis the banks will close and you won't be able to get to your valuables just when you might need them most. An alternative in the UK is to use a bullion seller such as Sharps Pixley or Baird.

If you do use a deposit box, the provider is legally liable for ensuring that you do not store anything illegal in it, so they have the right to open it. Also, they will open the box if the police or some other authority obtains a warrant under the RIP act.

[blackadder]

7 minutes ago, JunkBond said:

I thought that holding physical was all about being in control of your assets. Do you trust the banks, or do I have a tinfoil hat on and watching too much youtube?

Depends what you're putting in them i guess,and if you think it's worth the money.I wouldn't listen to everything you see on youtube lol

[Xander]

I wouldn't keep my PMs in any banking system vaults... its full of crooks.

[TheGoldSovereign]

On 02/12/2017 at 17:45, JunkBond said:

I thought that holding physical was all about being in control of your assets. Do you trust the banks, or do I have a tinfoil hat on and watching too much youtube?

This

For the price you pay for thee boxes you would be better off investing in a decent safe, alarm system, CCTV and insurance, imho.

[Thelonerangershorse]

On 12/2/2017 at 17:45, JunkBond said:

I thought that holding physical was all about being in control of your assets. Do you trust the banks, or do I have a tinfoil hat on and watching too much youtube?

This is the 21st century, the question isn't whether you're paranoid, it's whether you're paranoid enough.