ATLANTA — Do you have a safety deposit box? Using them to protect your valuables may not be the best option, Channel 2 consumer adviser Clark Howard says.
Howard says with bank mergers and closures, items stored in safe deposit boxes can disappear with no one taking responsibility for the loss.
“That’s something I don’t want you to do,” Howard said.
Howard points out that the issue has arisen repeatedly, especially after the banking scandals of 15 years ago, which led to many banks going out of business and branches closing.
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“I’d rather you, in your own home, have a very secure fire safe rather than using a safety deposit box at a bank,” Howard said.
Howard questions the likelihood of criminals stealing a home safe compared to the risk of items disappearing from a bank.
Howard’s advice highlights the potential risks associated with traditional banking methods for storing valuables, urging consumers to consider more secure options at home.