FNB confirms deposit boxes stolen in Randburg heist

Grant

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#61
At Gateway, they are not that expensive. Small from R3000 per year.

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seems the same as reserveholdings:
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#62
Despite all the procedural problems how FNB managed the move of the security boxes and the security at Randburg, why were people so naive to not insure the items in storage and now demand FNB to compensate? Even if the bank was forced to compensate for losses, there is no way to validate claims as the bank would not know the contents.
 

ɹǝuuᴉM

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#63
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rietrot

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#64
Despite all the procedural problems how FNB managed the move of the security boxes and the security at Randburg, why were people so naive to not insure the items in storage and now demand FNB to compensate? Even if the bank was forced to compensate for losses, there is no way to validate claims as the bank would not know the contents.
Because people trust the bank with the safe keeping of the items. It's a played for service. Why would anyone go through the trouble of renting a safety deposit box and then still get additional insurance? Then they could have just kept their valuables inside their own home.
 
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#67
Because people trust the bank with the safe keeping of the items. It's a played for service. Why would anyone go through the trouble of renting a safety deposit box and then still get additional insurance? Then they could have just kept their valuables inside their own home.
The user of a safety deposit box does not disclose to the bank it's content and AFAIK there is no insurance on the loss/damage of it's content provided by the bank - i.e. "With the monthly rental of a safety box you are covered to the value of XXXX...". It is beyond me to read about people having hundreds of Krugerrands stored in safety deposit boxes without any insurance (or assuming that a bank will just cover any losses. I think even in the case where negligence can be attributed to the bank it will be impossible to compensate for actual losses (unless someone has certified proof of what is in the box, but this is highly unlikely).

Heard this morning on 702 that someone is trying to get a class-action going, I think in the best case compensation will be amount to some nominal value (i.e. R 10,000 per box stolen). Most items are anyway not replaceable (family heirlooms or documents). I would have thought that banks have processes in place for such eventualities and it is rather bizarre that communication was so poor. People complaining about the boxes being moved "without their consent" is a moot point, as the T&Cs allow the bank to move content anywhere they like. If this case lands in court it will certainly be interesting, but I doubt it ever will (or the bank will just throw lawyers at it until the problem disappears).

A bit shortsighted If I sit on R1m Krugerrands and then get upset that my R200/pm safety-box gets stolen and I could not be bothered reading up how my investment is protected (and if it is insured). On a side note: Many will actually not come forward as they used the deposit boxes to store cash out of sight from SARS and it is quite common for people to drop bundles of cash off like this.
 

rietrot

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#68
The user of a safety deposit box does not disclose to the bank it's content and AFAIK there is no insurance on the loss/damage of it's content provided by the bank - i.e. "With the monthly rental of a safety box you are covered to the value of XXXX...". It is beyond me to read about people having hundreds of Krugerrands stored in safety deposit boxes without any insurance /snip
Yes I have seen the useless T&C's but if the bank doesn't offer some sort of security and now want to shift the losses to their clients then there is no point in storing anything with them now, is there? FNB specifically offers the safe keeping of kruger rands as a service. They failed, and should take responsibility.

Who even knows if this is going to be an isolated incident or if a syndicate is behind all of it like the ATM bombings?
 

Fulcrum29

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#69
Yes I have seen the useless T&C's but if the bank doesn't offer some sort of security and now want to shift the losses to their clients then there is no point in storing anything with them now, is there? FNB specifically offers the safe keeping of kruger rands as a service. They failed, and should take responsibility.

Who even knows if this is going to be an isolated incident or if a syndicate is behind all of it like the ATM bombings?
MagicDude4Eva is correct and reasonable.

The T&C’s are not useless, you have a right to accept or decline the service. Security is many things, are you talking about insurance which may also be many things? No, these deposit boxes, the content, are not insured by the bank as the contents are non-disclosed to the bank. Think people renting ‘empty’ deposit boxes and claiming insurance on missing items? Not only that, should the bank have known the contents, then a detailed register must be administrated by the bank tracking all content movements. The boxes themselves are insured to a maximum compensation as agreed to in the T&C’s.

Kruger Rands, that is a service channelled through to Rand Refinery.
 

R13...

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#70
Will FNB be held accountable?
Nope.
We don't know how they were secured or how the thieves broke in apart from the angle grinder report. They could have spent the weekend at it but we won't know as the bank isn't forthcoming
 

SauRoNZA

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#74
Yes I have seen the useless T&C's but if the bank doesn't offer some sort of security and now want to shift the losses to their clients then there is no point in storing anything with them now, is there? FNB specifically offers the safe keeping of kruger rands as a service. They failed, and should take responsibility.

Who even knows if this is going to be an isolated incident or if a syndicate is behind all of it like the ATM bombings?
There is a point.

The insurance for the items, that they should have, will be significantly cheaper for being stored in a safety deposit box with the bank.

Same way your home insurance is cheaper the more security you have.
 

krycor

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#76
Anyone who has seen the pictures of the scene will just go :whistling: - I will reserve my opinion on this, but when the actual details break you will be surprised on what and how it happened. Complete negligence on the side of the bank and security company and every single protocol was not adhered to (i.e. no call-in from the security guard / no follow-up from the security company). By the looks of it they had plenty time and it seems that they opened many of the boxes. FNB has disclosed a lot less than what actually happened.
Apparently 15hrs.. meh these days it's safer to live like a minimalist
 
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#79
Isn't it illegal to have so much money not in the bank and accounted for?
Not as far as I am aware, makes it much easier for it to be stolen as well. The money should already be known to sars through your tax submissions unless you are tax evading :whistling:, whether you keep your money as hard cash or in an account shouldn't matter. Only exception I know of is foreign currency, you not supposed to keep any at all if you are a sa citizen and must exchange it to rands if you not using it for immediate overseas travel or payment.
 
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supersunbird

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#80
Isn't it illegal to have so much money not in the bank and accounted for?
But it was IN the bank, but anyway, Kruger Rands are legal tender, and no, there is not law that says you cant have R10 million in cash or more in your house or wherever...
 
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