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> Only those who wish to hide their wealth from the DEA, IRS, or creditors would” rent a box anonymously at U.S. Private Vaults, she wrote It appears this opin

by _cs2017_ 4y ago

> Only those who wish to hide their wealth from the DEA, IRS, or creditors would” rent a box anonymously at U.S. Private Vaults, she wrote It appears this opinion was wrong: many honest people did choose this store instead of a bank for their safety deposit needs. I wonder why? I understand this question has no bearing on the legality of the FBI actions, but I do want to understand the customers' rationale.

mikeyouse 4y ago
From previous reading on the place, it seems a certain religious / ethnic sect used it (Persian refugees of Christian faith) and they perhaps used it based on their experience with having their assets seized by the Iranian regime before they fled. It’s a bit tricky since a number of the deposit boxes were directly connected to actual crimes but I believe that’s how they became popular in the first place.
5555624 4y ago
Maybe U.S. Private Vaults had greater access? Instead of 0900-1700, maybe they're open later. Maybe they are open on Sundays?
- nlh 4y ago
  Agreed. Never underestimate the value of convenience. If USPV had better hours, better tech, and was more convenient than a bank, why wouldn’t normal people use it? It honestly sounds quite appealing to me - quick trip to a strip mall, access via retinal scan, in and out nice and easy.
wsh 4y ago
Banks in the U.S. are required to have customer identification programs (31 CFR § 1020.220), but U.S. Private Vaults allowed its customers to be anonymous: https://www.securityinfowatch.com/access-identity/access-control/article/12288537/iris-biometrics-provide-anonymity-and-security-at-us-private-vaults https://www.securityinfowatch.com/access-identity/access-con... Also, not all bank branches offer safe deposit boxes, and it’s difficult to get one unless you have other accounts. For someone who does their banking online or with an institution that doesn’t have a large branch network, it might have been more convenient to use U.S. Private Vaults than to set up and maintain another banking relationship.
CaliforniaKarl 4y ago
One example that came immediately to mind, as I remembered reading about it years ago: https://news.ycombinator.com/item?id=20545276 https://news.ycombinator.com/item?id=20545276 Safe Deposit Boxes Aren't Safe (nytimes.com) 234 points by rafaelc on July 28, 2019 | hide | past | favorite | 143 comments One important quote from the article: “All of the major national banks would prefer to be out of the safe-deposit-box business,” said Jerry Pluard, the president of Safe Deposit Box Insurance Coverage, a small Chicago firm that insures boxes. “They view it as a legacy service that’s not strategic to anything they do, and they’ve stopped putting any real focus or resources into it.”

mikeyouse 4y ago

From previous reading on the place, it seems a certain religious / ethnic sect used it (Persian refugees of Christian faith) and they perhaps used it based on their experience with having their assets seized by the Iranian regime before they fled. It’s a bit tricky since a number of the deposit boxes were directly connected to actual crimes but I believe that’s how they became popular in the first place.

5555624 4y ago

Maybe U.S. Private Vaults had greater access? Instead of 0900-1700, maybe they're open later. Maybe they are open on Sundays?

nlh 4y ago
Agreed. Never underestimate the value of convenience. If USPV had better hours, better tech, and was more convenient than a bank, why wouldn’t normal people use it? It honestly sounds quite appealing to me - quick trip to a strip mall, access via retinal scan, in and out nice and easy.

wsh 4y ago

Banks in the U.S. are required to have customer identification programs (31 CFR § 1020.220), but U.S. Private Vaults allowed its customers to be anonymous: https://www.securityinfowatch.com/access-identity/access-control/article/12288537/iris-biometrics-provide-anonymity-and-security-at-us-private-vaults https://www.securityinfowatch.com/access-identity/access-con... Also, not all bank branches offer safe deposit boxes, and it’s difficult to get one unless you have other accounts. For someone who does their banking online or with an institution that doesn’t have a large branch network, it might have been more convenient to use U.S. Private Vaults than to set up and maintain another banking relationship.

CaliforniaKarl 4y ago

One example that came immediately to mind, as I remembered reading about it years ago: https://news.ycombinator.com/item?id=20545276 https://news.ycombinator.com/item?id=20545276 Safe Deposit Boxes Aren't Safe (nytimes.com) 234 points by rafaelc on July 28, 2019 | hide | past | favorite | 143 comments One important quote from the article: “All of the major national banks would prefer to be out of the safe-deposit-box business,” said Jerry Pluard, the president of Safe Deposit Box Insurance Coverage, a small Chicago firm that insures boxes. “They view it as a legacy service that’s not strategic to anything they do, and they’ve stopped putting any real focus or resources into it.”