Online payday loans can be replaced by a savings account, but is it a good idea to keep your savings in a safe deposit box? The name itself gives most people the idea that whatever gets placed into the deposit box will remain safe and secure. Banks in general project the security, but there is a false belief that personal property is safe within the safe deposit box.
The FDIC secures the money which you keep in your accounts, but it is not responsible for anything placed in the deposit box. The locked fireproof container is not protected by bank insurance, home or renter insurances either. What is there to protect you if your personal belongings end up disappearing? Nothing.
There are dishonest people in all financial industries despite the focus on payday loans. No one is pointing fingers at anyone, but let's face it, bank employees are not always innocent either. Even a few of those in leading positions have been proven to be a bit dishonest in their practices. There are legitimate reasons why a bank would open your deposit box.
*Rental fees have not been paid
*Box unopened for an extended period of time.
*Multiple visits to open box may red flag bankers to be suspicious.
If there are unpaid fees, the bank has the right to auction off the contents in order to collect the missing fees. Some banks "lose" deposit box information and can claim that the rental payment was not paid. The error may be due to dishonesty, negligent or incompetent reasons, but in the end the reason are not important when there is no proof. There are three major threats to personal property stored within a banks safe deposit box.
1. A dishonest bank employee can pretend to lock the inner box after helping the customer get into the vault leaving access for a later point in time.
2. Security and maintenance contractors have access to disable security systems. A dishonest employee will have access to the contents.
3. If the banks determine a reason (negligent or intentional) to drill open the box, thy may or may not inform the customer. If this happens due to unpaid fees and the customer is not informed, the "abandoned" contents have a good chance of being sold at auction.
Who has a legal access to enter your safe deposit box?
*The bank
*Federal government agencies - IRS and Homeland Security may access it with a search warrant
*State government
*Any party with a court order
Most people would even think that illegal practices happen, especially if it has never happened to them personally or anyone they know. Once the bank claims property as "abandoned", it becomes "unclaimed property" by the state. there are some states who work diligently to find the rightful owner. There is property worth billions being held waiting for understaffed offices to find the rightful owners. Some states auction the property off after a period of time and the money gets used to balance budgets.
No matter where your finances are taken care of, you want to be responsible for your accounts and property. Keep track of all records, especially showing proof of payments. Protect yourself as best as you can by following up with company policies and keep photograph records of any valuable in your safe deposit box. Most people are cautious with payday loans online having heard or seen the reports of illegal practices, but banks tend to have earned the underlying trust of most financial customers.
Spotya! Payday Loans does not advocate using a payday loan for just any type of spending. Our loans are meant to be short-term being paid off with the borrower's next paycheck.
0 comments:
Post a Comment