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Email this7:24 pm
November 17, 2024
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CIBC has increased the charge for safety deposit boxes by close to 100%. Mine went from 150 to 240.
Why the need to do this? It's not as though we have any other places to go to stash our important stuff. We are captive.
9:40 am
November 5, 2022
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You answered your own question, they think people will pay it.
Could try complaining to get a deferral for a year, or get a banking package which includes a safety deposit box.
Also check local credit unions, some have better deals for a safety deposit.
10:30 am
September 11, 2013
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It's probably a dying thing, what with paperless society, etc.
I have a safety deposit box included in my TD bank account, no fees as long as I keep $5K (I think it is) minimum balance.
I guess it's our problem if we need a place to stash our stuff, no-one else really required to solve our problems, only do so if it's a money-maker for them.
10:32 am
January 12, 2019
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- What InterestThis said ⬆
I once cut a deal with a local branch manager, and got a SD Box for 'Free'.
If all else fails ... Shop Around ❗
- Dean
" Live Long, Healthy ... And Prosper! "
10:40 am
April 6, 2013
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The TD All-Inclusive Banking Plan only includes a small safety deposit box ($60/year). Plan is $29.95/month unless one maintains a $5,000 minimum monthly balance.
The medium ($100/year) and large ($150/year) boxes cost more and are not covered by the plan.
The SDB rental may or may not be worth it depending on the valuables being stored. One relative looked at her situation. She realized she easily paid thousands of dollars in SDB rental over the years. Wasn't worth it. She sold most of the jewellery and got rid of the SDB. Some of jewellery wasn't worth anything as none of the jewellery stores or gold buyers would make an offer for them.
10:49 am
October 27, 2013
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We have not had a SDB for over 30 years. We have nothing of sufficient value to warrant it. Everything we have in paper form is either a copy of an original somewhere else, e.g. Will, or a new copy, such as birth certificate, can be obtained from original sources.
5:30 am
November 5, 2022
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Something useful to have is a small fireproof waterproof "safe" at home. Just for some documents etc.
Of course if you ever get robbed its useless, or worse. But it could work if there was ever a fire.
7:24 am
November 8, 2018
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My house is in the area which were built over farmlands in this century. Every bank branch in the radius of 15-20 minutes from my house is new building, and does not have vault with SDB. When I have expanded my search further, I have found TD branch with vault, they told me waiting list for SDB there is in multiple years.
One of the reasons TD lost me as their customer with their TD All-Inclusive Banking Plan I had. I can get all services they offer from other places, but advertised SDB of theirs is not really available for me.
Safe Deposit Boxes may really be a dying thing.
12:26 pm
November 5, 2022
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Back to digging a hole in the ground, it seems.
2:22 pm
October 27, 2013
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InterestThis said
Back to digging a hole in the ground, it seems.
What does one put in an SDB anyway? Expensive jewellery? Gold bars? Rare coin collection? USB key with a backup copy of important documents/files?
3:09 pm
January 12, 2019
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.
Yes ... all of those ⬆ things, and More.
- Dean
" Live Long, Healthy ... And Prosper! "
11:55 am
October 17, 2018
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There are many reasons that have caused an increase in demand for SDBs. Global geopolitics, wars, BRICS, Trump and Elon talking of ending the fed and bullish on crypto are just a few reasons people are buying physical gold these days , Costco as an example. Many buyers are condo dwellers. I imagine they start looking for SDB when they pull up a floorboard and find concrete subfloor. Interesting that bank agreements forbid gold storage as I understand it.
Also people need to hide things from other members of the household for various reasons (tenants as an example).
Not to mention people with firearms breaking into your house in the middle of the night, some with warrants, aka home invasions. Higher demand than ever it seems to me as same situation in the US has led to increase in firearms sales but this isn't a viable option for Canucks.
4:11 pm
December 12, 2009
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Agree with what's been said largely. Safe deposit box usage has been in long-term secular decline. At the same time, they bear significant increased operating costs (i.e., space, insurance, capital costs, moving costs when branch moves, etc.) and liability concerns. They're also increasingly potential harbours of money laundering / black market.
Banks need to raise non-interest revenue and is one of the lowest hanging fruits they can do so, without attracting much controversy. After all, they have a limited supply. If someone doesn't like it, they can move their stuff out and it'll be re-rented soon enough anyway. Whereas, you can only increase bank account monthly fees so much, and we're at the 'tipping point' now whereby people paying upwards of $30 per month will not pay a dollar more before they take a second look at virtual banks.
Cheers,
Doug
4:52 pm
January 25, 2024
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AltaRed said
Expensive jewellery? Gold bars? Rare coin collection? USB key with a backup copy of important documents/files?
What is the point of having all those things if you cannot look at them and enjoy them daily?
Would you be happy to have diamond ring of 300 carats siting is some box somewhere? And then what, you will be going every day there to touch it and kiss it and pet it? My dear diamond...
5:22 pm
October 27, 2013
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The question was rhetorical. See post #6. We have had no reason to even consider one for decades.
9:35 pm
November 18, 2017
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Many well-heeled types keep their jewelry and gold in safety deposit boxes only bring them out to wear to major events. Some people even wear fakes and leave the originals in the box.
I'm not too sure about insurance costs for the banks keeping the boxes. As I recall, there's no insurance on the boxes themselves - that's part of the deal where the bank doesn't know what's in the box and therefore can't guarantee it. I remember TV scenes of stricken boxholders lining up to see if theirs was one of those pilfered in a major box break-in.
RetirEd
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