interesting article if you use safe deposit boxes | |
Anonymous Coward User ID: 21982529 United States 09/25/2022 11:01 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 21982529 United States 09/25/2022 11:05 AM Report Abusive Post Report Copyright Violation | If anyone is curious, this was from a few days before OP's article. MSN is notorious for deleting content. NYT link is backed up at the usual, yet unmentionable places. Safe Deposit Boxes Aren’t Safe [link to www.nytimes.com (secure)] When Philip Poniz opened Box 105 at his local Wells Fargo, he discovered it was empty — and that he was totally unprotected by federal law. July 19, 2019 In the early 1980s, when Philip Poniz moved to New Jersey from Colorado, he needed a well-protected place to stash his collection of rare watches. He had been gathering unusual pieces since he was a teenager in 1960s Poland, fascinated by their intricate mechanics. His hobby became his profession, and by the time of his relocation, Mr. Poniz was an internationally known expert in the history and restoration of high-end timepieces. At first, he kept his personal collection in his house, but as it grew, he wanted something more secure. The vault at his neighborhood bank seemed ideal. In 1983, he signed a one-page lease agreement with First National State Bank of Edison in Highland Park, N.J., for a safe deposit box. Over the next few decades, the bank — a squat brick building on a low-rise suburban street — changed hands many times. First National became First Union, which was sold to Wachovia, which was then bought by Wells Fargo. But its vault remained the same. A foot-thick steel door sheltered cabinets filled with hundreds of stacked metal boxes, each protected by two keys. The bank kept one; the customer held the other. Both were required to open a box. In 1998, Mr. Poniz rented several additional boxes, and stored in them various items related to his work. He separated a batch of personal effects — photographs, coins he had inherited from his grandfather, dozens of watches — into a box labeled 105. Every time he opened it, he saw the glinting accumulation of his life’s work. Then, on April 7, 2014, he lifted the thin metal lid. Box 105 was empty. |
Anonymous Coward User ID: 4773737 United States 09/25/2022 11:12 AM Report Abusive Post Report Copyright Violation | If anyone is curious, this was from a few days before OP's article. Quoting: Anonymous Coward 21982529 MSN is notorious for deleting content. NYT link is backed up at the usual, yet unmentionable places. Safe Deposit Boxes Aren’t Safe [link to www.nytimes.com (secure)] When Philip Poniz opened Box 105 at his local Wells Fargo, he discovered it was empty — and that he was totally unprotected by federal law. July 19, 2019 In the early 1980s, when Philip Poniz moved to New Jersey from Colorado, he needed a well-protected place to stash his collection of rare watches. He had been gathering unusual pieces since he was a teenager in 1960s Poland, fascinated by their intricate mechanics. His hobby became his profession, and by the time of his relocation, Mr. Poniz was an internationally known expert in the history and restoration of high-end timepieces. At first, he kept his personal collection in his house, but as it grew, he wanted something more secure. The vault at his neighborhood bank seemed ideal. In 1983, he signed a one-page lease agreement with First National State Bank of Edison in Highland Park, N.J., for a safe deposit box. Over the next few decades, the bank — a squat brick building on a low-rise suburban street — changed hands many times. First National became First Union, which was sold to Wachovia, which was then bought by Wells Fargo. But its vault remained the same. A foot-thick steel door sheltered cabinets filled with hundreds of stacked metal boxes, each protected by two keys. The bank kept one; the customer held the other. Both were required to open a box. In 1998, Mr. Poniz rented several additional boxes, and stored in them various items related to his work. He separated a batch of personal effects — photographs, coins he had inherited from his grandfather, dozens of watches — into a box labeled 105. Every time he opened it, he saw the glinting accumulation of his life’s work. Then, on April 7, 2014, he lifted the thin metal lid. Box 105 was empty. There's a Club and Philip Poniz found out hes not in it. |
Anonymous Coward User ID: 21982529 United States 09/25/2022 11:12 AM Report Abusive Post Report Copyright Violation | If anyone is curious, this was from a few days before OP's article. Quoting: Anonymous Coward 21982529 MSN is notorious for deleting content. NYT link is backed up at the usual, yet unmentionable places. Safe Deposit Boxes Aren’t Safe [link to www.nytimes.com (secure)] When Philip Poniz opened Box 105 at his local Wells Fargo, he discovered it was empty — and that he was totally unprotected by federal law. July 19, 2019 In the early 1980s, when Philip Poniz Then, on April 7, 2014, he lifted the thin metal lid. Box 105 was empty. Plaintiff is a trained watchmaker and horologist. He receives expensive watches, clocks, timepieces, and other items for evaluation and restoration. Because the items he receives are valuable, plaintiff leased a safe deposit box, Box 105, at the Highland Park branch of First Union National Bank (First Union) pursuant to a September 18, 1998 written agreement (1998 Agreement). The 1998 Agreement did not contain an arbitration clause. First Union merged with another bank in 2001 to form Wachovia Bank, N. A. (Wachovia). Plaintiff continued to lease Box 105 and other safe deposit boxes from Wachovia after the merger. He was not required to sign a new [link to law.justia.com (secure)] |
Anonymous Coward User ID: 21982529 United States 09/25/2022 11:13 AM Report Abusive Post Report Copyright Violation | If anyone is curious, this was from a few days before OP's article. Quoting: Anonymous Coward 21982529 MSN is notorious for deleting content. NYT link is backed up at the usual, yet unmentionable places. Safe Deposit Boxes Aren’t Safe [link to www.nytimes.com (secure)] When Philip Poniz opened Box 105 at his local Wells Fargo, he discovered it was empty — and that he was totally unprotected by federal law. There's a Club and Philip Poniz found out hes not in it. |
Anonymous Coward User ID: 83063770 United States 09/25/2022 11:13 AM Report Abusive Post Report Copyright Violation | |