Safe-deposit box.

[Aren Jay]

Ahh but how safe are they.

Do a search, Yahoo has a Video, and similar stories abound.

http://cosmos.bcst.yahoo.com/up/player/popup/index.php?rn=222561&cl=7757585&ch=222562

After 3 years you are considered to have abandoned your box, someplaces will auction it off or just keep the money for themselves.

Even if you are paying for the box, each year, they can and will seize the contents, unless you visit it every year.

You better check yours.

[QWK SVT]

The link points to the wrong story... Something about a toddler getting no sleep...

Given my line of work, I know quite well what can & cannot be done, WRT Safety Deposit Boxes, in Canada. Based on what little you have said, not likely, here. Trust me. You would have a valid privacy issue, to escalate to the Privacy Commissioner of Canada, and she has no tolerance for SDB issues... The Bank would be held responsible, and would pay out.

[Aren Jay]

http://www.csmonitor.com/2003/0804/p16s01-wmcn.html

This is a similar story.

or

this

http://moneycentral.msn.com/content/Banking/Betterbanking/P109173.asp

[magindat]

I've been in banking in FL for nearly 10 years. I have built vaults, moved and installed SDB's and written the databases to comptrol them including payments, etc. No bank I have EVER worked for has 'kept track' of your visits. There is a log for regulatory audit purposes, but there is no reference to visits in the databases, therefore no easy way (on purpose) to track when you came. I have, though seen SBD's opened and contents removed for non payment for over a year. In this case an employee of the bank attempts to contact the owner or next of kin (usually it's 'cause someone died) and turn the property over. I have NEVER known of property being sold. It MUST be turned over to the state.

[QWK SVT]

I've been in banking in FL for nearly 10 years. I have built vaults, moved and installed SDB's and written the databases to comptrol them including payments, etc. No bank I have EVER worked for has 'kept track' of your visits. There is a log for regulatory audit purposes, but there is no reference to visits in the databases, therefore no easy way (on purpose) to track when you came. I have, though seen SBD's opened and contents removed for non payment for over a year. In this case an employee of the bank attempts to contact the owner or next of kin (usually it's 'cause someone died) and turn the property over. I have NEVER known of property being sold. It MUST be turned over to the state.

Same sort of story this side of the border... SDB's are a particular pet peeve for the Privacy Commisioner of Canada. Unlike the US, we have only a handful of FI's, as apposed to the Fifth Third National Bank of Scranton type of thing, where anyone with a bulding and a few dollars can open a bank down south. Since there are fewer organizations, I can say with certainty that ALL the FI's up have all reacted to the Privacy Commisioner's stance on SDBs.

Without saying more than I can about the company I work for, my office works in an oversight/regulatory capacity. I, personally, would be in a position to speak to this type of issue, given the nature of my role. I can only say that SDB related activities and processes continue to become more robust, but the type of scenarios described would not happen, here.

In the event a box must be drilled (e.g. extended non-payment), attempts are made to contact the client. After a period of time with no response, the client is given final warning (e.g. via mail). Joint custody is required (two or more people at all times), and video tape is used, to verify nothing is missplaced/stolen. Contents are placed in tamper proof containers and relocated, but can always be reclaimed by the rightful owner (much like happens with balances from dormant accounts). Never are the contents sold/auctioned off. Never.

Even though the cited articles are quite old, there is a good tidbit there:
If you move, notify your bank's safe-deposit division of the new address. Changing the address on your bank accounts may not be sufficient.

While the "safe-deposit division" thing isn't applicable, it's amazing how many people move, neglect to make their service providers aware, and then point fingers back at said service provider, when something goes wrong as a result...