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I'm in the Bay Area, and have been looking for a safe deposit box for years. Waiting lists never end and the only way to get them (even for a fee) is to be considered a "premier customer." I recently opened a Chase account ($500 bonus) and they gave me the private client spiel. IMO it's not something I would ordinarily use as I don't like the fees on the investment side and I buy and hold various Vanguard funds.

I do, however, really want a safe deposit box and let them setup an appointment with me for that reason only. The location I went to is fairly new and they said they would get a box for me if I "qualified" -- They probably reserve all boxes for CPC clients now, but whatever, it's their property and they can do what they want with it. I have enough cash (for now..) to hit their 250k minimum and a similar amount in my tax deferred accounts. However, I have a friend that has a bunch of equity in a start-up, and when Chase heard about it they gave him CPC status without having to hit their minimums, so I know that's possible. My plan was to let them talk me through, "sell" me CPC without having to hit the minimums, get my coveted safe deposit box, and at some point just cancel CPC and continue using checking as usual. Anyone do this before? My concern is they take it away once I lose the status. From what I understand, CPC status just waives the box fees, and doesn't guarantee a box. I am happy to pay the fees, but I just need a box!

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I don't know of Chase's Bay Area branch policies, but in the Midwest, when we dropped out of Premier status, they just d... (more)

honkinggoose (Oct. 10, 2016 @ 9:38p) |

And of course after my first meeting with CPC they are pushing hard out of the gate. I made it clear I really want to ev... (more)

MrSamsung (Oct. 11, 2016 @ 5:10p) |

Wow!  Are you saying that if put 5k into checking and 15k into savings (straight savings, not private client), you don't... (more)

honkinggoose (Oct. 11, 2016 @ 7:00p) |

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I dont have experience with Chase on this. Regarding your primary objective: Does it have to be Chase? Can you look at smaller/local banks/CU to get a box? Are they all wait-listed in the Bay area?

MrSamsung said:   I'm in the Bay Area, and have been looking for a safe deposit box for years. Waiting lists never end and the only way to get them (even for a fee) is to be considered a "premier customer." I recently opened a Chase account ($500 bonus) and they gave me the private client spiel. IMO it's not something I would ordinarily use as I don't like the fees on the investment side and I buy and hold various Vanguard funds.

I do, however, really want a safe deposit box and let them setup an appointment with me for that reason only. The location I went to is fairly new and they said they would get a box for me if I "qualified" -- They probably reserve all boxes for CPC clients now, but whatever, it's their property and they can do what they want with it. I have enough cash (for now..) to hit their 250k minimum and a similar amount in my tax deferred accounts. However, I have a friend that has a bunch of equity in a start-up, and when Chase heard about it they gave him CPC status without having to hit their minimums, so I know that's possible. My plan was to let them talk me through, "sell" me CPC without having to hit the minimums, get my coveted safe deposit box, and at some point just cancel CPC and continue using checking as usual. Anyone do this before? My concern is they take it away once I lose the status. From what I understand, CPC status just waives the box fees, and doesn't guarantee a box. I am happy to pay the fees, but I just need a box!

  I don't think they can just "take away" the box just like that....its just not possible that way.....it can't be one-sided.....if chase really has a policy to take back the boxes then there will be clear procedures to work with you and have you empty it & hand over....

I assume, you will be asked to pay the regular rent after you drop you CPC status

fwuser12 said:   I dont have experience with Chase on this. Regarding your primary objective: Does it have to be Chase? Can you look at smaller/local banks/CU to get a box? Are they all wait-listed in the Bay area?
I've tried. National banks are out of the question, smaller/local banks either don't have them (I couldn't find a CU that had them) or have equally long waiting lists. I did find a place who's primary business was to rent out boxes (they aren't a bank), but they were a bit sketchy and didn't have many happy customers.

Phrase it to your potential Chase private banker this way, "If I'm unhappy with CPC services and remove my money do I lose access to my box?" As long as they say no then deposit the funds, get the keys and then pull the cash back.

Keep a regular checking acct. I would recommend the bank based boxes versus a private box company.

MrSamsung said:   From what I understand, CPC status just waives the box fees, and doesn't guarantee a box.As you probably also know, CPC is not needed to waive the box fee. Just the right kind of checking account.

MrSamsung said:   They probably reserve all boxes for CPC clients now, but whatever, it's their property and they can do what they want with it.Maybe they do at these Bay Area branches, but definitely not a general practice.

I was shocked to learn that safe deposit boxes are impossible to get in the Bay Area. Just seemed so odd. But I did some googling and found other forums people posting the same thing

You really do learn something new every day.

Who needs physical vaults. Cant you store them on the cloud?

xoneinax said:   
MrSamsung said:   From what I understand, CPC status just waives the box fees, and doesn't guarantee a box.
As you probably also know, CPC is not needed to waive the box fee. Just the right kind of checking account.

Yes, and I don't care about the fee, I just want the box. The banks I've been to won't give me a box unless I have some kind of status with them. They apparently reserve many of the boxes, unfortunately. I'm wondering if I can get the box, then lose the status but keep the box by paying the rental fees and/or getting another checking account.

fwuser12 said:   Who needs physical vaults. Cant you store them on the cloud?
  sure, once drone battery life is long enough 

You should plan to maintain Chase Premier level checking to keep your box.

https://www.chase.com/checking/premier-plus-checking

Rasheed

Just keep in mind that those boxes really are not that "Safe"
Also, you may not be able to access it when you really need to.
I would invest in a good quality fireproof safe for home and call it a day.

woowoo2 said:   Just keep in mind that those boxes really are not that "Safe"
Also, you may not be able to access it when you really need to.
I would invest in a good quality fireproof safe for home and call it a day.

Just keep in mind those fireproof safe's are not really "safe." 
Also, criminals can gain access to your safe when you don't want them to. 
 

Yes, I have specific use cases for the box, and understand the pros/cons. I do have a fire rated safe at home, but need to store items in an offsite location.

TJtv said:   I was shocked to learn that safe deposit boxes are impossible to get in the Bay Area. Just seemed so odd. But I did some googling and found other forums people posting the same thing

You really do learn something new every day.

  this

waiting lists for safe boxes? Wow

Time to open a safe deposit box / storage company in the bay area!

Try it and see.

If they ask for the box back you're exactly where you are now.

Just out of curiosity, what do people store in their SDBs?
I always imagine jewelry, bonds, laundered money, etc...
I have never owned anything worth locking up in a bank...

I don't just store true valuables in mine. I use it to store things I don't want to lose in case of fire.

gremln007 said:   Time to open a safe deposit box / storage company in the bay area!
  well considering that requires LAND, GFL! Unless you plan to buy a boat and drop anchor in the bay or ocean!

Spare keys, copies of important docs (no originals ones in case the place burns down), copies of encrypted hard drives (some folks don't like having certain things in the cloud). Nothing incriminating, just stuff I wouldn't want to keep at my house, but would be really Handy at an offsite location. I personally would never put jewelry in it.

anglr200 said:   Just out of curiosity, what do people store in their SDBs?
I always imagine jewelry, bonds, laundered money, etc...
I have never owned anything worth locking up in a bank...

  outside of bay area, boxes should be plentiful and reasonably priced. so basically anything valuable that you don't use on a daily basis
copies of important docs (no originals ones in case the place burns down)
If you're storing copies, wouldn't you have the same result storing them in the cloud?

There is no cloud, it's just someone else's computer.

I don't know of Chase's Bay Area branch policies, but in the Midwest, when we dropped out of Premier status, they just deducted the sd fee from our primary checking account.  As an aside, despite all of the bad things I hear about Chase, I miss them dearly.  They are head and shoulders above my current choices.

And of course after my first meeting with CPC they are pushing hard out of the gate. I made it clear I really want to evaluate their banking services first and get a safe deposit box, but it looks like they actually want my money actively invested before upgrading my account. Might be a regional thing, I don't know. It's too much to ask for a box though, so we're passing. After I get my $500 bonus I'm outta there. Looks like we're gonna stick with a CU and forget the box idea entirely. I will probably just keep a small locked box in a filing cabinet at work.

Wow!  Are you saying that if put 5k into checking and 15k into savings (straight savings, not private client), you don't get Premier status and a box? 



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