*The Commerce Journal>>>Personal Finance

Bank Debts and Safety Deposit Boxes??

Hey everyone

If you owe money on a credit card or loan, and you can't pay it off, but you have some valuables in your safety deposit box, can the bank take those to cover the debt? Or is the safety deposit section of a bank seperate from the loans section?

Because I know if you rent a storage space, and you can't pay, they auction your stuff off.

No, the bank cannot open your safe deposit box to pay off other debts that you owe with the bank. However, if you let your payment on the box lapse, then you will not be allowed to get anything out of it until you pay the safe deposit box rent and late fees.

There is generally a fee to rent a safety deposit box. As long as you are current on the rental of the box, they can't touch it.

No it is illegal for the bank to get any thing out of your safety deposit box

Yes, the attorneys can prove to the judge you have a safety deposit box and they can order a loan officer to open your box, in your presence.
Not. Only a Jude can order the box open, or the IRS. Or a case where you are being charged with drug selling or fraud.
Then a Federal court can order your safety deposit box to be opened, and the property inside will be seized.

Tags

　　Australia Taxes 　　Small Business 　　Renting & Real Estate 　　Personal Finance 　　Investing 　　Insurance 　　Credit

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