Tag Archives: collectibles

Potential Safe Deposit Box Environment Issues For Collectible Coins, Paper Money

Last Thursday, I blogged about a March 9 article on the Numismatic News website that discussed the advantages/disadvantages of keeping precious metals in bank safe deposit boxes and other “storage alternatives.”

In that piece, Pat Heller brought up a potential issue with the safe deposit box environment for collectible coins and paper money. Under “drawbacks” with these secured containers he wrote:

There is some risk of environmental damage from the chemicals used to clean that part of the building. Safe deposit boxes are not air-tight. What that means is that any harmful ingredients in the cleaning solutions, such as bleach, may leave vapors in the air which work their way onto the surfaces of whatever is in a safe deposit box. Having said this, however, it is true that we see environmental damage much more frequently to coins and paper money that were stored in damp basements or in attics than with items stored in a safe deposit box…

(Editor’s note: Bold added for emphasis)

Hmm. Later in March I read a different piece on the Numismatic News site which highlighted another possible issue with the safe deposit box environment for collectible coins. In a March 21 blog post Dave Harper discussed a reader’s concern that safe deposit boxes constructed out of plastic rather than metal could “discolor” or “degrade the base metals” of collectible coins. Harper responded:

As for whether your rolls are safe in plastic safe deposit boxes, I have no information.

No one has written with an evaluation or experience one way or the other…

(Editor’s note: Bold added for emphasis)

For those storing/planning to store collectible coins and paper money in safe deposit boxes, it might be wise to consider these two potential issues related to the storage environment going forward. I’m willing to guess there are products available on the market today that can effectively counter any real/potential environmental damage to such items.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

Source:

Harper, Dave. “Is collecting fun or profit more important?” The Buzz. 21 Mar. 2017. (http://www.numismaticnews.net/buzz/collecting-fun-profit-important). 11 Apr. 2017.

Share

The U.S. Private Vault Boom Of The Early 1980s, Part 4

Today I’m going to wrap up that four-post series on the U.S. private vault boom of the early 1980s. To recap, in part one I blogged about the rapid growth of the non-bank vault industry in the United States at that time, where the number of safe deposit box facilities reportedly went from zero in the autumn of 1980 to approximately 170 vaults just a few years later. And back down to just 3 by 2010. I ended part one asking:

So how did the boom fizzle out? And why such explosive growth in the first place?

In part 2, I examined the “boom” phase more closely. Various news outlets at the time reported elevated demand for safe deposit boxes due to:

• Rising gold and silver prices
• Growing interest in collecting antiques, artwork, coins, stamps, etcetera
• Corresponding increase in crime. U.S. property crime rates increased year-over-year from 1977 to 1981, according to Federal Bureau of Investigation uniform crime reporting statistics.
• “Economic survivalists”
• Businesses requiring offsite, secured data storage

Meanwhile, banks didn’t have enough safe deposit boxes- particularly large-sized ones- to satisfy demand. Hence the three- to five-year “wait lists” being reported. And the arrival of more private vaults.

In part three, I looked at the “bust” phase in more detail. I suggested changes to those factors that helped spur demand for safe deposit boxes in the early eighties may have contributed to the “bust” for the next quarter century. Those developments included:

• Gold and silver prices falling significantly from their January 1980 highs
• Collector interest (and prices) peaking in baseball cards, coins, comic books, and stamps by the late eighties/early nineties
• U.S. property crime rates decreasing year-over-year from 1981 to 1984 and again from 1991 until 2010 (save 2001), according to FBI uniform crime reporting statistics
• Fears of the “economic survivalists” never materializing. Or at least, their concerns never going mainstream.

In the meantime, the media reported the supply of safe deposit boxes grew (including the larger-sized containers) via financial institutions and the new non-bank vaults coming online.

The “bust” of the U.S. private vault industry was on.

Today, I’ll end the series with a talk about the tail-end of that bust and the relevance of the whole phenomenon for the U.S. and offshore non-bank vault industry here at the start of 2016.

But first, I’d like to go back to part one where I talked about a Colorado Vault & Safe Deposit Box Co. blog post from August 2015. The Centennial, Colorado-based facility pointed out:

In 2010, when Colorado Vault & Safe Deposit Box Co, opened there were only 3 private vaults in the United States…

“Only 3 private vaults in the United States”

At the tail-end of the bust (lasting until 2010 or so), I suspect the U.S. private vault industry found themselves to a certain extent in the same boat as their banking system counterparts. Deirdre Fernandes reported on The Boston Globe website on March 8, 2014:

The safe deposit box, once a staple of any bank branch, has itself become an antique. Banks are reporting that safe deposit box use is on the decline, with occupancy rates dropping quickly as customers buy home safes, digitize and store documents electronically, and, in this era of conspicuous consumption, prefer to display their valuables rather than stash them away for special occasions.

Jerry Pluard, the owner of Safe Deposit Box Insurance Coverage LLC, an Illinois company that insures the contents of the boxes, estimates that nearly half — 45 percent — of safe deposit boxes in the country are empty today. Boston-based Santander Bank says demand has slipped so much that it won’t even include safe deposit boxes when it builds new branches…

Younger customers, however, mostly find it a hassle. Already using branches less for all services, they don’t want to make a special trip just to get access to their belongings, said Bob Hedges, a managing director at Alix Partners, a global consulting firm based in New York City. Only 6 percent of bank customers rent a safe deposit box, and one third of those customers are over 65, according to recent survey by the firm.

Safe deposit boxes now rank along coin-counters as lowest-used bank service, Hedges said…

(Editor’s note: Bold added for emphasis)


“Banking trends making safety deposit boxes obsolete”
USA Today Video

The private vault industry also (undeservedly) received a “black eye” as word got out about Britain’s “Operation Rize,” a June 2008 police raid where thousands of non-bank safe deposit boxes in London were confiscated over suspicion of criminal activity- yet only 30 people were ever convicted of wrongdoing out of 6,717 box renters last I heard.

But fortunes were changing for both bank and non-bank safe deposit box facilities. Eric Zorn reported on the Chicago Tribune website on April 24, 2014:

It’s [SDBIC’s Jerry] Pluard’s best guess, however, that the decline has leveled off and that reports of the demise of the safe-deposit box — “On the way to oblivion,” said a Crain’s New York Business headline last year; “A relic,” wrote The Boston Globe in March; “Obsolete,” added USA Today this month — are overblown.

“It’s mostly bigger banks where I’ve seen the falloff,” Pluard said. “They open new branches that don’t offer safe-deposit box services. But business is still good at smaller, community banks, and demand is still high for the biggest boxes.” He added that he’s “noticed a growth in private-vault companies that aren’t affiliated with banks,” which might explain the perception that the safe-deposit box is a “dodo bird,” as the New York Daily News wrote last year.

These private companies are analogous to self-storage locker businesses.

Those have boomed in recent decades, suggesting that we’re still interested in keeping our stuff safe, but that our stuff has just gotten larger…

(Editor’s note: Bold added for emphasis)

“These private companies are analogous to self-storage locker businesses”

Highly-secured, self-storage locker businesses, a prospective/current customer would hope.

This decade, a resurgence in private, non-bank safe deposit box facilities opening their doors is underway in the United States and overseas. Megan V. Winslow reported on the Los Altos Town Crier website on April 1, 2015:

Mark Paul, director of U.S. Private Vaults Inc., of Beverly Hills, said he is aware of 15 private vault companies in the country

“This may seem unusual in the U.S., but it’s very common in Asia and it’s fairly common in Europe,” Paul said…

(Editor’s note: Bold added for emphasis)

And from that Colorado Vault & Safe Deposit Box Co. blog post:

Do you know how many privates vaults are in the United States?

If you guessed over 10 then you were correct. The private vault industry is on the rise in America as well as around the world. In 2010, when Colorado Vault & Safe Deposit Box Co, opened there were only 3 private vaults in the United States; Dallas, Las Vegas, and the San Francisco Bay area. Now, private vaults are all across the U.S. from over 3 in California to the newest facility in the Washington D.C. area. Furthermore, as of June 2015 there were over 130 private vaults worldwide

(Editor’s note: Bold added for emphasis)

I’m familiar with two private vaults in this state (Illinois) alone, with one located just a short drive from me. And glancing at this blog’s sister site- Offshore Private Vaults- I now count just over 200 overseas, non-bank facilities that are either open or will be soon. And I come across new ones on a regular basis as part of my research.

So that was the tail-end of the bust (and start of the next boom). As for the relevance of the whole phenomenon for the U.S. and offshore non-bank vault industry here at the start of 2016? Well, it appears some of the same factors that powered the early 1980s U.S. private vault boom are back again, such as:

• Higher gold and silver prices compared to levels at the beginning of the millennium
• Increased property crime. While the statistics may not confirm this (anyone else suspicious of “official” numbers besides me?), the perception exists for many. And often that’s what drives people to act.
• Financial upheaval that’s spawned a new generation of “economic survivalists.” The global economic crisis that reared its ugly head in the autumn of 2008, the subsequent central bank “papering-up,” and tepid recovery boasting plenty of low-paying jobs have made “hard assets” alluring again to the smart money and new breed of “preppers” who have a pretty good idea of where this is all heading.

As supply is concerned, safe deposit boxes of all sizes seem to be readily available (for the most part) in the United States through financial institutions. In other parts of the world, banks are no longer offering this service and ditching these secured containers (blogged about as recent as November). That being the case, I won’t be surprised if the ongoing private vault “boom” is more pronounced overseas than here in the U.S.

Three catalysts most likely having a significant positive impact on continued industry growth going forward will be:

1. Higher precious metal prices
2. More property crime (I recently read a report out of Ireland that burglars are bringing metal detectors along with them on the “job”)
3. Increased capital controls/wealth confiscation activity by governments and banking systems around the world (catalogued on sister site here starting at paragraph number four).

Regarding that last point, if such desperation by politicians and bankers becomes commonplace enough that Americans are fully-aware of it, storing one’s valuables in a bank safe deposit box may be considered an act of insanity. At which point, I suspect more safe deposit box facilities outside the banking system may open their doors from higher demand/lower supply (bank boxes being pretty much out of the equation under such circumstances).

I don’t know how long this current “boom” in the private, non-bank vault industry will last, but at the present time it looks to be on solid foundations and I believe it’s very possible all three of those catalysts mentioned above will play out down the road.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Sources:

Fernandes, Deirdre. “The disappearing allure of the safe deposit box.” The Boston Globe. 8 Mar. 2014. (https://www.bostonglobe.com/business/2014/03/08/the-disappearing-allure-safe-deposit-box/HvwkPkvAUtoo8329bZrKsM/story.html). 21 Jan. 2016.

Zorn, Eric. “Safe-deposit boxes are in decline at banks.” Chicago Tribune. 24 Apr. 2014. (http://articles.chicagotribune.com/2014-04-24/opinion/ct-banking-safe-deposit-boxes-decline-oped-zorn-04-20140424_1_safe-deposit-decline-bigger-banks). 21 Jan. 2016.

Winslow, Megan V. “First Street’s ‘Fort Knox’ up for sale.” Los Altos Town Crier. 1 Apr. 2015. (http://www.losaltosonline.com/news/sections/business/183-business-features/49867-first-street-s-fort-knox-up-for-sale). 21 Jan. 2016.

Share

The U.S. Private Vault Boom Of The Early 1980s, Part 3

Right before Christmas, I started blogging about the boom in private vaults here and abroad these last couple of years. I pointed out this was not the first time the U.S. non-bank vault industry experienced such growth, as the number of safe deposit box facilities reportedly went from zero in the autumn of 1980 to approximately 170 vaults just a few years later.

And back down to just 3 by 2010.

I ended part one of this four-post series asking:

So how did the boom fizzle out? And why such explosive growth in the first place?

In part two, I examined the “boom” phase more closely. I wrote:

Elevated demand for safe deposit boxes stemmed from the following:

• Rising gold and silver prices
• Growing interest in collecting antiques, artwork, coins, stamps, and more
• Corresponding increase in crime. U.S. property crime rates increased year-over-year from 1977 to 1981, according to Federal Bureau of Investigation uniform crime reporting statistics.
• “Economic survivalists”
• Businesses requiring offsite, secured data storage

But American banks didn’t have enough safe deposit boxes, particularly large-sized ones, to satisfy the demand that existed at the time. Hence those three- to five-year “wait lists.” And the explosion of U.S. private vaults in the early eighties.

So that’s the “boom” phase. Next time I take up this subject, I’ll talk about the subsequent “bust” and how elements of each might relate to the industry here and overseas at the end of 2015.

And that’s where we’re at today. The “bust” phase of that U.S. private vault boom of the early 1980s.

(Editor’s note: Due to the amount of material I’m working with here, the tail-end of the “bust” and relevance of this whole phenomenon to the U.S. and offshore non-bank vault industry at the beginning of 2016 will be discussed in part four)

Returning to those factors that helped spur demand for safe deposit boxes in the early eighties, changes took place which may have contributed to the “bust” early on through the next quarter century. Listing most of those bullet points again:

• Rising gold and silver prices- The price of an ounce of gold, which hit a record $850 in January 1980, proceeded to drift lower for about 20 years until it double bottomed near $250 in 1999 and 2001. January of 1980 also saw the price of an ounce of silver hit $49.45 (London fix) before falling to around the $4 mark by the early nineties. It would not be until 2006 that the price of one ounce of silver would climb back above $10. Many Americans who owned gold/silver bullion, coins, jewelry, etcetera may not have considered a safe deposit box to be as much a priority anymore as precious metal prices declined after January 1980.

• Growing interest in collecting antiques, artwork, coins, stamps, and more- Interest (and prices) in a number of areas of collecting started to wane by the late eighties. From my experience and various accounts, coin and stamp collecting peaked by the end of the decade. Baseball card and comic book collecting reached their zenith by the early nineties. As values fell, collectors may have thought twice about incurring the expense of storing such items in a safe deposit box.

• Corresponding increase in crime- Contrary to what took place in the late seventies/early eighties, U.S. property crime rates decreased year-over-year from 1981 (5,256.5 per 100,000 population) to 1984 (4,498.5), picked up through the late eighties/early nineties, then fell almost every year (save 2001) from 1991 (5,140.2) to 2010 (2,945.9). Once again, the source used was FBI uniform crime reporting statistics. Now, I’m not a big fan of government statistics (manipulation issues), but if Americans bought into the idea that property crime had not only turned around since the late seventies/early eighties but was steadily decreasing over time (save that period of the late eighties/early nineties), safe deposit boxes were going to be a harder sell.

• “Economic survivalists”- Despite tough economic conditions in the late seventies/early eighties, Americans, for the most part, never found themselves in a situation where “hard money” was required to buy necessities. Federal Reserve Chairman Paul Volcker took dramatic steps to combat double-digit inflation rates of the time. Fear of stagflation gave way to renewed confidence in the economy under the Reagan administration. And the national debt, while a genuine concern, took backseat to other “pressing” financial issues, such as the health of the U.S. stock market and one’s bond/stock/real estate portfolio (I wonder what the 1980s “economic survivalists” would think of where we’re at with the national debt today?). As certain “hard assets” made way for “paper assets” and real estate in the ensuing decades, secured storage of such items was no longer necessary.

Taking all these changes into account, it’s very likely the demand for safe deposit boxes suffered. Particularly for those large-sized containers that reportedly were in short supply.

Turning to the supply side of the equation, consider the following observations about American banks during the private vault boom. David C. Scott wrote in The Christian Science Monitor on January 12, 1982:

Some banks are replacing unused, smaller boxes with larger ones.

“Banks have stepped up their orders for safe deposit boxes,” says Mr. Rosberg, of the Mosler Company. “We’ve received considerably more orders than we had two years ago. And the orders are for larger boxes. The mix is changing toward the larger sizes.” Industrywide, orders are up about 60 percent over the past two years, he says.

“And in light of this giant safe deposit expansion, new banks are building modular vaults. So when they fill up the vault with safe deposit boxes they can take out the rear modular panel and add another 10 or 15 feet,” Rosberg explains…

(Editor’s note: Bold added for emphasis)

The New York Times reported on October 4, 1984:

The main question for the private safe-deposit operators is whether they are likely to face stepped-up competition from banks.

“Banks are in a very competitive environment, and many have reassessed their charges for every service except the safe-deposit operation,” Mr. [Richard] Ornstein [president of Atlanta-based The Vault] said. “It seems inconceivable that they are reluctant to raise prices for a market whose demand has grown considerably.”

Some banks have already taken notice of the growing demand for boxes, and several suburban branches with sufficient space are enlarging their vaults. But if the banks raise their prices, many private safe-deposit operators believe, it will be better for their own business.

(Editor’s note: Bold added for emphasis)

What we seem to be left with is a scenario where demand for safe deposit boxes- particularly large ones- declined, while the supply of those bigger containers increased via financial institutions (and more non-bank vaults coming online). “Wait lists” would have gotten shorter. And the “bust” should have come as no surprise.

There were additional reasons as to why a number of private vaults folded early on. From that October 1984 Times piece:

While Zurich [“Depository, one of New York’s largest safe-deposit companies”] has prospered, a number of other companies that entered the business have gone under.

In Manhattan, the First City Safety Deposit Corporation opened its doors on Third Avenue in 1982, and closed them seven months later. Farther downtown, the United Safe Deposit Corporation also closed soon after its opening.

High-Cost Areas

One vault operator said that because the companies had located in areas where rent and operating expenses were high, they had been forced to charge fees higher than many customers were willing to pay.

According to the survivors, many of the failures mistakenly saw the centers as a get-rich-quick opportunity. “The companies that have done well in this business are those that have spent time studying the market, choosing a suitable location, raising adequate capital and having patience,” Mr. Drummond of the vault association said.

“Failures in the business have occurred as a result of people jumping into the market undercapitalized and establishing inadequate facilities,” said Richard Ornstein, president of The Vault, a safe-deposit facility in Atlanta.

He recalled one now-defunct northern New Jersey facility that had not established a parking lot for its customers. “People certainly aren’t going to feel comfortable about parking blocks away and carrying their valuables to and from a safe deposit center,” he said.

Undercapitalization has been a handicap for some. “Many deposit centers that are privately owned have difficulty sustaining capitalization during the two or three years that it takes before you can see any return,” said Arlene Leibowitz, manager of the Central Federal Savings Safe Deposit Center of Garden City, L.I., which opened 18 months ago. The center is owned by Central Federal Savings, formerly the Central Federal Savings and Loan Association of Long Beach, L.I., with assets of $745 million…

(Editor’s note: Bold added for emphasis)

More next week…

(Editor’s note: Part 4 published here)

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

Sources:

Scott, David C. “Theft rise aids one business- nonbank deposit vaults.” The Christian Science Monitor. 12 Jan. 1982. (http://www.csmonitor.com/1982/0112/011231.html). 6 Jan. 2016.

“SURGE IN SAFE-DEPOSIT CENTERS.” The New York Times. 4 Oct. 1984. (http://www.nytimes.com/1984/10/04/business/surge-in-safe-deposit-centers.html). 6 Jan. 2016.

Share

Safe Deposit Boxes More ‘Mundane’ Than ‘Mysterious’

Last week, I came across an interesting article on the BBC News website entitled, “The mysterious world of safe deposit boxes.” Jon Kelly wrote in the BBC News Magazine piece on April 9:

A raid in London’s jewellery district has affected the owners of many safe deposit boxes. Once they stored people’s most treasured possessions, now they’re a service that banks no longer offer. What’s inside them these days?

“Now they’re a service that banks no longer offer.”

Sounds like I haven’t been too far off the mark.

Kelly continued:

They’re increasingly a relic of the past.

Most High Street banks are phasing them out, with some closing the service to new customers and others clearing out their vaults altogether…

Hence the rise of non-bank vaults, taking up a dying bank tradition of protecting privately-owned valuables/other items belonging to the local community- and beyond.

So what about this “mysterious world” of safe deposit boxes then? Kelly wrote:

But still there’s something evocative about the traditional, bank-based variety – of a time when mementoes weren’t all stored in a cloud or, more fancifully, of a James Bond world of microfilm, false documents and dead-letter drops.

Popular culture remains captivated by them. Think of Harry Potter entering the vault at Gringotts Wizarding Bank. Or Jason Bourne finding fake documents, piles of currency and a pistol as he discovers his former identity. Central to the plot of the recent film A Most Wanted Man, based on a John Le Carre novel, was a safe deposit box stuffed with euros.

Occasionally, they hit the headlines in ways that live up to this exotic billing. A Russian spy ring uncovered in the US used one to store fake birth certificates. Spanish tax inspectors recovered a priceless Van Gogh painting from a safe deposit box last May…


From this blog’s second-ever post
YouTube Video

Eventually, even the author of the article is forced to admit there’s not much mystery to these often-misunderstood asset protection tools. Kelly concluded:

But for the most part the reality is somewhat different…

(Editor’s note: Bold added for emphasis)

He went on to talk about how safety deposit boxes are being utilized in the United Kingdom today (pretty much as one might suspect- with box holders having logical, legal reasons to use these containers the way they are).

Still, there seems to be a last-ditch attempt at sensationalism. The piece closed out with the following:

In 2008 police raided three safe deposit box centres in London as part of an investigation into claims that criminal networks were using them to store the proceeds of crime. Inside 3,497 boxes, officers found more than £50m in cash as well as five handguns, cannabis, heroin and crack, gold bars, child abuse images, three paintings by 17th Century Dutch artists, jewellery and fake passports. The owner of the centres was jailed for four and a half years in 2011.

For most people who rent one, the contents of a typical safe deposit box will be far more mundane. But there’s something about them that will always carry a mysterious allure.

What the BBC News Magazine article neglected to share with readers about the June 2008 seizure by British police (“Operation Rize”) of thousands of safe deposit boxes belonging to London-based private vault Safe Deposit Centres is the following. I blogged back on November 4, 2014:

On April 11, 2011, an article entitled “Operation Rize- the inside story on the Met’s biggest-ever sting” appeared on the London Evening Standard website. Charlotte Eager wrote:

The 6,717 boxes took 11 days to empty, each Safe Deposit premises being turned into a makeshift evidence room as officers, with diamond-tipped drills and angle-grinders, broke into every box. Half were empty, but 3,554 boxes were found to contain, as well as cash and jewellery, stashes of child pornography, false passports, gold, pure cocaine, ivory, firearms, and guns subsequently linked to murders…

Aside from those three dozen or so people found guilty, the vast majority of the 3,500-plus box owners have turned out to be innocent

Chris Summers added in that BBC piece:

But [Safe Deposit Centres owner/director Milton] Woolf’s barrister, Andrew Bodmar, told the court: “In court in 2008 the police said 82% of customers were suspicious.

“In fact, only 30 people were convicted out of more than 6,000 boxes.”

Interesting. You mean non-bank safe deposit boxes aren’t used exclusively by criminals, as Hollywood and others might have you believe?

(Editor’s note: Bold added for emphasis)

All things considered, that “mysterious world” of safe deposit boxes sounds like kind of stretch. A more accurate depiction of this “world” comes from Deirdre Fernandes in her article on The Boston Globe website back on March 8, 2014. She wrote:

The mystery of safe deposit boxes and their contents proved alluring to Hollywood, which featured them in many a caper movie. Amnesiac assassin Jason Bourne stockpiled his fake passports, cash, and gun in a safe deposit box in the “The Bourne Identity.” The esteemed founder of a Manhattan bank hid his Nazi-era secrets in his safe deposit box in “Inside Man.” And “The Bank Job” focused on safe deposit boxes that held compromising photos of British royalty and government officials.

In reality though, safe deposit boxes have been an affordable way for customers to protect the mundane (birth certificates) to the rare (baseball card collections and coins) to the precious (gemstones) from fire, flood, other disasters, and yes, even prying eyes. One client of insurer Pluard stores John Wayne’s cowboy hat from the movie “Rio Grande” in his box.

James Avtges started renting a safe deposit box 50 years ago and continues to stop by Belmont Savings Bank once every few weeks to check on his family’s property deeds and jewelry. “I find it very comforting knowing that things are safe from fire,” said Avtges, 85, a Belmont resident…

(Editor’s note: Bold added for emphasis)

In conclusion, safe deposit boxes “mysterious”? Not really. “Mundane”? Probably a better fit.

Which is how most people using the asset protection tool would probably want it, I’m guessing.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

Sources:

Kelly, Jon. “The mysterious world of safe deposit boxes.” BBC News Magazine. 9 Apr. 2015. (http://www.bbc.com/news/magazine-32223768). 17 Apr 2015.

Fernandes, Deirdre. “The disappearing allure of the safe deposit box.” The Boston Globe. 8 Mar. 2014. (http://www.bostonglobe.com/business/2014/03/08/the-disappearing-allure-safe-deposit-box/HvwkPkvAUtoo8329bZrKsM/story.html). 17 Apr. 2015.

Share