20 Dec Wells Fargo Safe Deposit Box Agreement
Neither document will do you much good as you have locked in an inaccessible safe. Make sure your medical providers, family members and health POAs have copies at your fingertips. I have regularly recommended that people use a bank safe to store valuable securities and small assets. These include documents such as wills, trust documents, ethical wills and unregistered acts. Valuable assets are diamonds, gemstones, jewellery, gold bars and small collectibles such as rare coins, stamps and trade cards. Use common sense, but remember that different banks may have different rules, so read the fine print of your bank`s security contract. If you still have any doubts, ask your banker for clarification. “All the big national banks would prefer to be out of the security business,” said Jerry Pluard, president of Safe Deposit Box Insurance Coverage, a small Chicago-based company that runs the boxes. “They see it as a legacy service that`s not strategic for everything they do, and they`ve stopped focusing or resources on it.” He estimates that about half of the country`s coffers are empty. The complainant did his banking activities, including the leasing of safes, in the Wachovia subsidiary in Highland Park and in the Wells Fargo subsidiary in Princeton. Applicant Party has signed agreements with Wells Fargo for additional safes in various stores: Box 291, July 17, 2013; Box 178, April 7, 2014; and box 147 on August 15, 2014. But a safe is not a wise choice for everything. We`ve talked to experts to make a list of nine things you might regret if you lock yourself in your bank, which is not open nights, holidays or maybe even weekends.
The company`s restrictive conditions are not unusual. Wells Fargo`s security contract limits the bank`s liability to 500 $US. Citigroup limits them to 500 times the annual rent, while JPMorgan Chase has a liability limit of $25,000. Banks generally claim – and the courts have agreed in many cases – that customers are tied to the bank`s most current terms, even though they have rented their boxes years or even decades earlier. No regulator formally accounts for customer losses in safes. Pluard, who tracks legal records and information reports, estimates that some 33,000 cases are damaged each year by accidents, natural disasters and thefts. He often gets calls from people who are fighting their bank for compensation. “I tell them it`s hard, almost impossible,” he said. “What drives bank behaviour is regulatory oversight, and none of the supervisory authorities are attentive to safes. It falls through the cracks.
When banks do something out of place, it is very difficult for customers to get some kind of relief. Fees usually go up when you rent a larger safe.