1. So its not illegal to keep currency in a safe deposit box, but it is against bank policy at Wells Fargo and just about every other bank across the country. Safe Deposit Boxes are boxes stored in a vault in a bank that at night is seal and are safe from Fire, Flood, or Theft.
2. Wells Fargo Bank Frustrates and Angers Safe Deposit Box Holders Wells Fargo safe deposit box holders were surprised recently when they received a letter titled, “Safe Deposit Lease Terms effective June 24th.” Certain provisions caught many safe deposit box holders by surprise. The contents of the box are not insured by Wells or the FDIC.
3. 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. Bank safe deposit box thefts have experts stumped. No safe deposit box or home safe is completely protected from theft, fire, flood or other loss or damage.
4. If you keep important documents in safe-deposit boxes, like health records and estate-planning directives, titles, etc., you may want to retrieve them. SUBSCRIBE NOW $1 for 3 months.

Aug 22, 2020 Wells Fargo Bank Frustrates and Angers Safe Deposit Box Holders Wells Fargo safe deposit box holders were surprised recently when they received a letter titled, “Safe Deposit Lease Terms effective June 24th.” Certain provisions caught many safe deposit box holders by surprise. The contents of the box are not insured by Wells or the FDIC.

We’re committed to helping you through these challenging times

As an essential business, we strive to remain open where we can to serve you, while continuing to prioritize the safety of our customers and employees. While we may not be seeing you as often as before, please know that you are in our thoughts. Be safe and take care of yourself and your loved ones.

We remain committed to keeping you updated on how we are responding to the COVID‑19 situation as it evolves. For more information on how we're helping customers, visit wellsfargo.com/coronavirus.

Our branches and call centers remain open to serve you but are experiencing longer than normal wait times. Here’s where you can find info quickly:

• For many of your banking needs, the fastest way to access and manage your finances is through our mobile app and online banking: Pay bills¹, send and receive money² with Zelle^®, and more. Get Tips
• For answers to common account questions, visit our Checking and Savings Help page.
• Watch the video below to learn how to deposit a check with the Wells Fargo Mobile^®app.³

Mobile Deposit

Want to save yourself a trip to the bank?

Mobile deposits are fast and easy.

And the best part? It’s already built into the Wells Fargo Mobile® app.

To get started, download the app and sign on.

Select “Deposit Checks” from the menu.

Choose the desired account

and enter the amount.

Before moving on, make sure to sign the back of the check

and write: “For Mobile Deposit at Wells Fargo Bank Only”

or, if available you can mark the box CHECK HERE IF MOBILE DEPOSIT.

Now, take a picture of the front and back of your endorsed check.

Submit your deposit, and you’re done.

You’ll get an on-screen confirmation as well as an email to let you know your deposit has been received.

Write, “mobile deposit” and the date on the front of the check.

You should keep the check secure for 5 days before tearing it up.

It’s that simple!

Deposit your next check with mobile deposit.

Available in the Wells Fargo Mobile® app.

Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.

Federal Regulations Safe Deposit Boxes

Copyright 2019 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.

Visiting a branch

Updated December 18: In response to increases in positive COVID-19 cases across the country and updated CDC guidelines, we are requiring everyone to wear a face covering before entering any of our branches or locations, even if not mandated by local ordinances. We feel this heightened safety precaution is necessary as we remain committed to your health as well as to that of our employees and communities. Alternatively, you can get many of your banking needs done online, using our mobile app, at an ATM, and at our drive-up lanes.

As always, if you are sick, have recently tested positive, or have been exposed to COVID-19, please do not come to a branch or office.

Please check availability and hours of operation status before you leave your house. If you’d like to meet with a banker, consider making an appointment so you can avoid waiting in line.

How we’re keeping branches and equipment clean and safe

We continue to enhance the measures we already have in place to ensure the health and safety of our customers and employees who continue to work at our locations, following Centers for Disease Control and Prevention (CDC) and public health guidance.

We have implemented enhanced cleaning procedures, installed hand sanitizers for both customer and employee use, and shipped nearly 700,000 cloth face masks to open branches, operations centers, contact centers, and other administrative sites across the country, with more in the pipeline.

While our ATMs and keypads are serviced daily to minimize the spread of COVID-19, please consider wearing a mask and gloves when at the ATM and using hand sanitizer afterwards. Do not spray cleaning solutions or use sanitizing wipes on the ATMs, which can damage them.

Safe deposit access

If your branch is temporarily closed, please email SafeDepositServices@wellsfargo.com with your request, your name, and the branch’s city and state. A representative will reach out by phone or email within 2 business days to schedule an appointment for you to access your safe deposit box.

Alternative ways to order foreign currency

Our branches no longer have foreign currency on hand for exchange or purchase; however, you can order online or by calling 1-800-626-9430 to have currency delivered to your home. For more details, read these FAQs.

Using our ATMs

Use our ATM and Branch Locator tool to find a location near you.

• Easy deposits. Wells Fargo ATMs will total your cash and check deposits right on the screen without the need for envelopes or deposit slips.
• Tap and go. Add your Wells Fargo Debit or EasyPay^® Cards to your digital wallet to access your account at a Wells Fargo ATM displaying the contactless symbol.
• Know your limit. Your card has a maximum daily limit on the dollar amount of cash withdrawals you can make at an ATM. To view yours, sign on to Wells Fargo Online. Select Open Card Details for your card, and look under Limits for This Card.

Contacting Wells Fargo Advisors and Home Mortgage consultants

Wells Fargo Advisors branches have varying hours to serve you, and financial advisors are ready to help. Please contact your financial advisor directly or find office near you.

Although our physical Home Mortgage branches are closed, our local home mortgage consultants are available by phone or by appointment. Contact a consultant.

¹ Sign-up may be required. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

² Enrollment with Zelle through Wells Fargo Online^® is required. Terms and conditions apply. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Available to almost anyone with a U.S.-based bank account. For your protection, Zelle should only be used for sending money to friends, family, or others you know and trust. Sending money with Zelle is similar to making a payment in cash. Your mobile carrier’s message and data rates may apply. The Request feature within Zelle is only available through Wells Fargo using a smartphone. In order to send payment requests to a U.S. mobile number, the mobile number must already be enrolled with Zelle. For more information, view the Zelle^® Transfer Service Addendum to Wells Fargo’s Online Access Agreement.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

³ Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Wells Fargo Bank Frustrates and Angers Safe Deposit Box Holders

Wells Fargo safe deposit box holders were surprised recently when they received a letter titled, “Safe Deposit Lease Terms effective June 24th.” Certain provisions caught many safe deposit box holders by surprise.

• The contents of the box are not insured by Wells or the FDIC.
• The safe deposit box is not designed to withstand fire, explosion, intense heat, smoke, water, mold, building collapse or the effects of natural disasters.

While not new, these points caught many box holders by surprise and was particularly unsettling as the west coast is experiencing yet another horrible outbreak of fires destroying homes and businesses, the southeast which is in the midst of what appears to be a very active and dangerous hurricane season, and urban areas continue to experience looting with branch banks being one of the targets. In addition, many banks remain closed for walk in business due to Covid-19, limiting customers access to safe deposit boxes.

However, the following terms in the contact are new:

“Limitation of Box Contents Value”; It is our (the Bank’s) expectation that you will not place items of significant value in the Box. Accordingly, you agree you will not place items with an aggregate value in excess of $10,000 in the Box at any time.”

Furthermore, the agreement provides:

“Wells Fargo’s maximum liability will be limited to $10,000 with respect to any claim arising out of, or related to, the Lease Agreement, Lease terms, the Box and or the Box Contents.”

Do not interpret this provision as Wells Faro agreeing to compensate you up to $10,000 if anything happens to your box contents- such as a fire, flood theft or any other event. Rather, Wells is indicating if the bank was found to be negligent in a court or arbitration proceeding, its liability is limited to $10,000. Wells Faro has a long history of aggressively defending claims by box holders for losses resulting from its safe deposit box operations. The unilateral imposition of these new terms is clear evidence that Wells will remain vigilant in fighting those claims.

It is also noteworthy the new rules do not explicitly require box holders to remove property from their box if the current assets values exceed $10,000. Nor did Wells Fargo reserve the right to seize the contents of any box where it has “reason to suspect” assets exceeding $10,000 are being held, a right the Bank explicitly retained if they suspect the box contains property illegal to possess under federal law or dangerous items.

Wells Fargo Safe Deposit Box Sizes

What if you have more than $10,000 of assets in your Wells Fargo box?

First, do not race down to your branch to close or remove items from your box.

Statistics don’t lie. A safe deposit box at a financial institution or private facility provides far superior security and protection that a home or office, even when you have a quality safe. Until you have another secure storage option don’t place your valuable at risk

Wells Fargo Safe Deposit Box Near Me

The first and easiest option. Leave the assets in your box at Wells Fargo. We reached out to some Wells Fargo bankers who readily admit there is no way to enforce the $10,000 limit and no direction or guidance has been provided by corporate to the branch staff with respect to the new restriction. In 2015 Chase Bank imposed a limit of $25,000 in aggregate value in its Boxes. Many box holders had values far exceeding that amount in their box and Chase did nothing to enforce that contact term. It is reasonable to assume the Wells, like Chase, still does not care what is being placed in your box, they just want to limit their liability to $10,000. By prohibiting the amount in the lease terms to that same amount it strengthens its legal position to enforce that loss limitation in court or arbitration. If you do keep your box at Wells Fargo, consider getting insurance to protect those assets. See below for more.

If you want to get a box at another bank, keep in mind you will likely be required to open an account to rent a box and, particularly if you have a large box, they may not have your size. Depending on where you live, a private safe deposit box facility may be an option. SecurePlus accredited private vaults offer state of the art security, personalized service and flexible hours which is becoming more difficult for banks to deliver.

What About Insurance for My Box Contents?

There is a reason why large banks such as Wells Fargo and Chase are working so hard to limit their liability. The amount of losses originating from their safe deposit box operations over the last few years has skyrocketed as they shrink staff at branches, reduce training and generally de-emphasize the safe deposit box services.

If you have insurance with us on your Wells Fargo Box, rest assured the contractual limits in the lease term do not impact your coverage. For example, if you have $50,000 of insurance for valuables in your box, and your box is burglarized, you will be paid for the full $50,000.

Your insurance also covers the wrongful or mistaken seizure of your box contents by Wells Fargo. Thus, if they decided to drill your box because they thought you had more than $10,000 of assets in the box and your property was lost, this is a covered under your policy.

If you do not currently have insurance, it is the last line of defense and provides peace of mind should anything happen to your box. We specialize in insuring valuable assets in safe deposit boxes at secure facilities across the country. The unique feature of our program is disclosure of the box contents is not required, allowing you to maintain confidentiality. It takes 5 minutes and you are insured. Coverage is underwritten by a world class insurance company. Go to www.safedepsoitboxinsurance.com or call us at 224-227-6181.

Your SDBIC Team