What are the risks of having a bank hold my gold?

There is a chance the bank could turn your safe deposit box over to the state for auction if they think it is “inactive” for too long (varies by state). You can still claim this money, but if you have sentimental valuables in your safe deposit box it may not mean much to get cash back instead. This is not a fictional scenario and is happening more and more as tax-hungry state vampires legislatures scramble for any new necks to feed on for revenue. To prevent this I advise visiting your safe deposit box at least once a year. Just having an account in good standing at the bank is not enough. Physically visit the box so they have a record of it. Safe deposit boxes also are not covered by the banks insurance policy (they don’t know what’s in them to know how to insure). So you should make sure your own insurance policy covers safe deposit problems such as fire, theft, flood, etc. For metal account holders only (like the Everbank link above): A bank could go bust and you could have a hard ...  more