I’m Stacy Cowley, a business reporter for the New York Times. I wrote about how bank safe deposit boxes aren’t safe — as one customer found out when his $10 million collection of antique watches disappeared. Ask me anything about consumer finance ...
I’ve been covering Wells Fargo for several years, so my inbox is pretty filled with customers’ horror stories about banks. Still, Philip Poniz’s saga startled me: The bank allegedly emptied out his safe deposit box by mistake, lost some of his valuables, and then denied any liability for its actions. When I went digging through court dockets, I found a trail of similar lawsuits at various banks. None of them ended well for the customers.
I write a lot about financial companies and I wasn’t surprised to find that the contract terms on safe-deposit boxes often aren’t very consumer friendly, but I was genuinely startled by the extent to which banks have shielded themselves from any real consequences even in cases of outright negligence or fraud. Send me questions about banks, consumer finance, etc!
Here’s the story: https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html
EDIT: My time is up so I'm signing off for now, but I'll pop in later today to catch any additional questions. Thanks everyone!