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

Kai Ryssdal and Daniel Shin Jul 22, 2019
HTML EMBED:
COPY
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:
COPY

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.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.