Why your safe deposit box might not be as “safe” as you think

Kai Ryssdal and Daniel Shin Jul 22, 2019
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Close up of a man putting a will in to a bank safety deposit box circa 1950. Keystone View/FPG/Getty Images

Why your safe deposit box might not be as “safe” as you think

Kai Ryssdal and Daniel Shin Jul 22, 2019
Close up of a man putting a will in to a bank safety deposit box circa 1950. Keystone View/FPG/Getty Images
HTML EMBED:
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In years gone by, if you wanted to keep some of your valuables in a safe location, you might do it at your local bank, specifically in a safe deposit box in a vault. As more physical bank branches close their locations, safes are less common, but there are still a lot of people who use them.

However, the safe deposit box is no longer as “safe” as it once was. New York Times business reporter Stacy Cowley recently wrote about how a combination of oversight and lack of regulation has led to the disappearance of items worth millions of dollars from safe deposit boxes — and occasionally, as Cowley put it, deflection of responsibility by the banks that leased them.

Click the audio player above to hear the interview.

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