I wonder what will happen if the safe box company goes bankrupt. Will your item be claimed by the safe box company creditors?

If you got complain against company, you may be in a difficult position. Unlike banks, we can refer to BNM but this one not sure.

Hi Cuebiz,

If the Company goes bankrupt nothing will happen to your items in the SDB because the Court can only order items that belongs to the company to be sold, in other words to be auctioned. The items in the SDB do not belong to the company, the court or the company has no jurisdiction over these items. As such you will get back your items without any problem, unless of course the owners break open yr box and disappear with yr items.

This is interesting. How can you know or gauge if this could happen. Look at the willingness of Insurance Companies to underwrite the risk for the Safe Deposit Boxes. If the Insurance Company is not willing to provide outright cover of more than RM10K, then I would be concerned.

Looking at the 3 main players in the market only RSDB provides outright Insurance Coverage of up to RM100K and max of RM300K. I am sure the Insurance people's risk consultant would have done their survey and given their green light to RSDB. So there you go.

And for those who do not know BNM has got nothing to do with the SDB services provided by the banks. Is there anyone out there who knows what part BNM played in assisting the clients of Maybank and Public Bank who's SDBs were robbed. Nothing, BNM did nothing.

And the PIDM insurance (which, according to The Star pg B1 dated May 12, 2010 is going to be increased to RM250K per account) too does not cover your items in any bank's Safe Deposit Boxes. I have personally called them up to verify this. That insurance covers only your accounts. So do not be to enthusiastic about the PIDM insurance.

Simond

It's good that PIDM plan to increase the coverage to RM250K. Yes, I can confirm that it doesn't cover the safe deposit boxes.

Suggestion: Get one safe at home and hide it, put it behind the painting or underground

This post has been edited by klang-valley: May 13 2010, 11:44 PM

Safe Deposit box at Wisma MPL is closed down on 15th MArch 2011. Not enough customer.

I written few articles on Safe Deposit boxes.

You can view it at the URL below.

http://silvermalaysia.blogspot.com/2011/03...eposit-box.html
http://silvermalaysia.blogspot.com/2011/03...x-operator.html
http://silvermalaysia.blogspot.com/2011/03...deo-taking.html

enjoys!

CheapSilver

For your blog on video taking. How difficult is it to bring a tripod and mount your camera?

by right you need a moving camera and not a fix one, because there must be a video proof that you enter the safe deposit facilities, open the box , close the box.
Then there is no dispute that this is not the facilities that you video, and the box does not belong to you. Since the box number is also recorded.

Some banks may have restriction on what you can video and what U can't because strong room is a private facilities.
You need an assistant lah. Co-hirer.

This post has been edited by GoldChan: Apr 11 2011, 10:08 AM

Goldchan

I think you forgot that the camera is yours and you are not to leave it in the safe deposit facility

This means you will have to pick it up (while still recording) and walk out, as long as you are still in view of the camera.

With banks having restrictions, you will not be able to record anything even with assistant.

Does that make sense?

how much monthly cost fee for safe deposit boxes? which company do u most prefer?

hope you can help me. Thanks in advance.

Try Public bank (Sunway branch), opposite Sunway Pyramid old wing.
I just opened one before CNY, plenty of new deposit boxes available.

Cost around rm 300-400 / year depending on size.

I tried before. You need the assistant of co-hirer. U may take a shot of the bank staff.
Some bank don;t much restriction. never try never know.

---

Added on April 15, 2011, 9:20 amsomething is not right here. Why offer safe deposit facilities when there are 2 private operators there.
Royal Safe
and
My Safe Deposit Box at Summit.

Maybe the 2 operators are hated by the banks.

This post has been edited by GoldChan: Apr 15 2011, 09:20 AM

Hi All,

Now Agro Bank also got SDB. It seems quite cheap but only open during working hours.

http://www.agrobank.com.my/safe-deposit-box

Thinking of giving it a try. Has anyone been there? How is the security?

what you put inside the deposit box?

See the locations where you can find a safe deposit box at:

http://www.savershub.com/my/en/business.ph...+Valley&lang=en

Go for RSDB! they are located in sunway

do commerical banks such as Maybank offer SDB?

RSDB pricing will be revised from 1st May 2012 onwards. Smallest box 3" x 5" x 23" revised from RM265 to RM280/year. Largest box 10" x 10" x 23" revised from RM490 to RM540/year.

Simond

Have you verified that the insurance company underwrites RSDB? I called the insurance company to ask but never ever got a reply from them. Either I'm not asking the right people or RSDB is advertising old information on their webpage.

Regards

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Added on March 29, 2012, 11:16 amMissing information south of KL.

Rgds

This post has been edited by pubmut: Mar 29 2012, 11:16 AM

when u pass away, your inheritor can locate your stuff easily as what i know . there are cases when the spouse is dead, they kept their belonging so difficutl for the beneficiary to locate. we all will die one day right.

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Added on March 29, 2012, 3:39 pmi don't really trust this private depositor co. i prefer bank.


This post has been edited by hackwire: Mar 29 2012, 03:39 PM

[quote=mtsen,Oct 16 2008, 05:39 PM]i can buy a safebox and u deposit with me

[/quote]

Don't risk your life with Home Safe Deposit Box, I tried finding one of the old articles from Sin Chew Daily about being killed when Safe Deposit Box couldn't be open. If they want to get it, just give them, rather than risking your life?? Scary...

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Added on August 1, 2012, 10:36 am

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Added on March 29, 2012, 3:39 pm
i don't really trust this private depositor co. i prefer bank.

[/quote]

I personally prefer Private ones, as I don't think any one company would open just to rob your items?
Plus, they should be more professional than banks, as if they want to win the market they got to fight in Service and Price.
What do you think? I guess, banks would close down one by one soon, as the private sectors rises.

In fact, in today’s economic, there are always new things in a market, new things to try, whether it’s a health product, a skin care, a wine, a coffee shop, a gold company, or even a safe deposit box company. Since we are being able to accept the biggest change from non-technological till today Apple’s world; what else couldn’t we accept?

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Added on August 1, 2012, 10:37 am[quote=laowai,Oct 16 2008, 09:55 AM]
Are these things that bad in demand? Hardly any banks accept new applications?

Any recommendations?

Heard it's also difficult to apply for one, etc.

[/quote]

Go to private sectors

This post has been edited by xueyinggan: Aug 1 2012, 10:37 AM

I seen many bank are still accepting but in Finland many people use to buy their own safety deposit box in fact about one at http://www.finnturva.fi/ which is fire proof and really cool one.