Can a safe deposit box be garnished?
Safe deposit boxes can be garnished and often are. What you should know about bank safe-deposit boxes. Valuables stored in bank safe-deposit boxes are not automatically protected against loss through burglary, flood or fire. To be compensated for missing valuables, depositors must initiated lawsuits against the bank. The chances of winning are very, very slim. Safeguards.\\: Buy insurance for the contents of the box even through reimbursement levels are low. And most negotiable items, such as securities, bank notes, gold, coins, and cash, are not covered. Alternative: Store stocks and bonds at the brokerage house where they were purchased. These firms have a legal and financial responsibility to guard securities stored with them. Another option: Open a custody account with a bank. The bank holds securities and other assets in its vault. It collects and credits all dividends, but does not manage the assets. The bank will replace any asset in the vault that is lost, stolen, or harmed. Ch
