The Lockbox IRA

Posted by Sheri Harris on Thursday, August 18, 2011 Under: Problems and Solutions
Problem

Many people rent lock boxes at banks to store important items because they fear that they could be stolen from home.  Since the bank has expensive alarm systems and cameras in place to guard over your precious belongings this seems like a good choice, especially since to rent a lockbox is relatively inexpensive. The cost of the lockbox depends on it's size.  The bank is not your home so if you need any thing that is stored in the lockbox after banking hours or on a Sunday or holiday one will simply have to wait until the bank opens again in order to access their lockbox.  An armed guard who has 24 hour access to your bank to let you in so you can have access to what you need may not be available. You may have to be enrolled in your banks wealth asset management accounts for such personalized service.  The question here is do we need electronic banking to be expanded to lockboxes so that their contents as such, will be available at any time or day of the week?  It is one thing to have the physical item inside the box and it is another thing to be able to request the physical appraised item to be sold for cash to be placed in to another bank account or removed in some way in order to either fund an ira or take the item and use it for something else.  Which also brings up the topic of insurance. Money up to a certain amount is insured but the contents of a lock box is not.  So if a heist is pulled and someone runs off with the lockbox loot you will recover no money from the bank as insurance. Of course, they will try and find who is responsible for the return of the goods but there may not exist a claim you can file in order to recieve the value of your lockbox worth in cash.  You can definitely report the bank or file suit if you suspect foul play in hopes that your items will be returned to you. 

Solution

Lockboxes need to be redesigned so that they can accomodate the hours people may need to do their banking and banks need to offer insurance for those items that are stored in case of fire or theft.  For example, if someone has coins, old bills, certificates, jewelry, that they want to eventually use as a way to fund a retirement account or IRA. The lockbox is the most affordable way to do so.  How can this be?  Simple. You bring these items along with their purchase value, appraisal or receipt to your bank and ask to rent a lockbox.  Make sure that the person who is assisting you knows enough not to blast all of your information out to everyone standing in the teller or atm line.  You tell the customer service person that you would like to rent a lockbox for eventual transfer of it's contents to an IRA. The customer service rep will tell you what they have available and the cost. You pick out what size lockbox you want.  You are also offered the option of insurance which should cost no more than one fee to withdraw money at an atm per year.  At that time, you then pull out your duffle bag of goodies along with their respective receipts.  The customer service rep scans the items and receipts as they are now assigned an individual number by the bank.  These items are created as a lockbox account and is now part of your entire bank account, complete with an account number. It can be accessed the same way as you would your checking or savings account online and electronically. You can log on to you bank account and view what you have stored in your lockboc. Since these items have a price or worth they can be used for a portfolio of an IRA.  Their value depends on the market value of these items being sold at the time you wish to sell them.  Since you can access your lockbox electronically or online you can then transfer any portion or item to another lockbox you have in another bank or to another lockbox at the same bank.  The lockbox has an account number and it will provide the total worth of the contents inside of it.  This will allow one to take the value of physical contents such as coins and jewlery ect and use it as an IRA.  You will now have complete control over assets of this type and can distribute them from one bank to another bank lockbox as you please.  The same way one transfers money from a bank account to fund an IRA account elsewhere.  Since everything is online and electronic you can view your lockbox information 24 hours 7 days a week and make transactions as well.  Now that these items can be insured up to a certain amount like cash, in the event of a fire, theft, or unforseen act, that destroys the bank; those curtain calls are a mess. Be rest assured that you will be compensated for the worth of the lockbox. As the contents of your lockbox increases so does the subsequent value and that value as applied to an IRA will allow one to access money during retirement.  Take the bull approach with the lockbox IRA.

In : Problems and Solutions 



null

The Lockbox IRA

Posted by Sheri Harris on Thursday, August 18, 2011 Under: Problems and Solutions
Problem

Many people rent lock boxes at banks to store important items because they fear that they could be stolen from home.  Since the bank has expensive alarm systems and cameras in place to guard over your precious belongings this seems like a good choice, especially since to rent a lockbox is relatively inexpensive. The cost of the lockbox depends on it's size.  The bank is not your home so if you need any thing that is stored in the lockbox after banking hours or on a Sunday or holiday one will simply have to wait until the bank opens again in order to access their lockbox.  An armed guard who has 24 hour access to your bank to let you in so you can have access to what you need may not be available. You may have to be enrolled in your banks wealth asset management accounts for such personalized service.  The question here is do we need electronic banking to be expanded to lockboxes so that their contents as such, will be available at any time or day of the week?  It is one thing to have the physical item inside the box and it is another thing to be able to request the physical appraised item to be sold for cash to be placed in to another bank account or removed in some way in order to either fund an ira or take the item and use it for something else.  Which also brings up the topic of insurance. Money up to a certain amount is insured but the contents of a lock box is not.  So if a heist is pulled and someone runs off with the lockbox loot you will recover no money from the bank as insurance. Of course, they will try and find who is responsible for the return of the goods but there may not exist a claim you can file in order to recieve the value of your lockbox worth in cash.  You can definitely report the bank or file suit if you suspect foul play in hopes that your items will be returned to you. 

Solution

Lockboxes need to be redesigned so that they can accomodate the hours people may need to do their banking and banks need to offer insurance for those items that are stored in case of fire or theft.  For example, if someone has coins, old bills, certificates, jewelry, that they want to eventually use as a way to fund a retirement account or IRA. The lockbox is the most affordable way to do so.  How can this be?  Simple. You bring these items along with their purchase value, appraisal or receipt to your bank and ask to rent a lockbox.  Make sure that the person who is assisting you knows enough not to blast all of your information out to everyone standing in the teller or atm line.  You tell the customer service person that you would like to rent a lockbox for eventual transfer of it's contents to an IRA. The customer service rep will tell you what they have available and the cost. You pick out what size lockbox you want.  You are also offered the option of insurance which should cost no more than one fee to withdraw money at an atm per year.  At that time, you then pull out your duffle bag of goodies along with their respective receipts.  The customer service rep scans the items and receipts as they are now assigned an individual number by the bank.  These items are created as a lockbox account and is now part of your entire bank account, complete with an account number. It can be accessed the same way as you would your checking or savings account online and electronically. You can log on to you bank account and view what you have stored in your lockboc. Since these items have a price or worth they can be used for a portfolio of an IRA.  Their value depends on the market value of these items being sold at the time you wish to sell them.  Since you can access your lockbox electronically or online you can then transfer any portion or item to another lockbox you have in another bank or to another lockbox at the same bank.  The lockbox has an account number and it will provide the total worth of the contents inside of it.  This will allow one to take the value of physical contents such as coins and jewlery ect and use it as an IRA.  You will now have complete control over assets of this type and can distribute them from one bank to another bank lockbox as you please.  The same way one transfers money from a bank account to fund an IRA account elsewhere.  Since everything is online and electronic you can view your lockbox information 24 hours 7 days a week and make transactions as well.  Now that these items can be insured up to a certain amount like cash, in the event of a fire, theft, or unforseen act, that destroys the bank; those curtain calls are a mess. Be rest assured that you will be compensated for the worth of the lockbox. As the contents of your lockbox increases so does the subsequent value and that value as applied to an IRA will allow one to access money during retirement.  Take the bull approach with the lockbox IRA.

In : Problems and Solutions 



null

The Lockbox IRA

Posted by Sheri Harris on Thursday, August 18, 2011 Under: Problems and Solutions
Problem

Many people rent lock boxes at banks to store important items because they fear that they could be stolen from home.  Since the bank has expensive alarm systems and cameras in place to guard over your precious belongings this seems like a good choice, especially since to rent a lockbox is relatively inexpensive. The cost of the lockbox depends on it's size.  The bank is not your home so if you need any thing that is stored in the lockbox after banking hours or on a Sunday or holiday one will simply have to wait until the bank opens again in order to access their lockbox.  An armed guard who has 24 hour access to your bank to let you in so you can have access to what you need may not be available. You may have to be enrolled in your banks wealth asset management accounts for such personalized service.  The question here is do we need electronic banking to be expanded to lockboxes so that their contents as such, will be available at any time or day of the week?  It is one thing to have the physical item inside the box and it is another thing to be able to request the physical appraised item to be sold for cash to be placed in to another bank account or removed in some way in order to either fund an ira or take the item and use it for something else.  Which also brings up the topic of insurance. Money up to a certain amount is insured but the contents of a lock box is not.  So if a heist is pulled and someone runs off with the lockbox loot you will recover no money from the bank as insurance. Of course, they will try and find who is responsible for the return of the goods but there may not exist a claim you can file in order to recieve the value of your lockbox worth in cash.  You can definitely report the bank or file suit if you suspect foul play in hopes that your items will be returned to you. 

Solution

Lockboxes need to be redesigned so that they can accomodate the hours people may need to do their banking and banks need to offer insurance for those items that are stored in case of fire or theft.  For example, if someone has coins, old bills, certificates, jewelry, that they want to eventually use as a way to fund a retirement account or IRA. The lockbox is the most affordable way to do so.  How can this be?  Simple. You bring these items along with their purchase value, appraisal or receipt to your bank and ask to rent a lockbox.  Make sure that the person who is assisting you knows enough not to blast all of your information out to everyone standing in the teller or atm line.  You tell the customer service person that you would like to rent a lockbox for eventual transfer of it's contents to an IRA. The customer service rep will tell you what they have available and the cost. You pick out what size lockbox you want.  You are also offered the option of insurance which should cost no more than one fee to withdraw money at an atm per year.  At that time, you then pull out your duffle bag of goodies along with their respective receipts.  The customer service rep scans the items and receipts as they are now assigned an individual number by the bank.  These items are created as a lockbox account and is now part of your entire bank account, complete with an account number. It can be accessed the same way as you would your checking or savings account online and electronically. You can log on to you bank account and view what you have stored in your lockboc. Since these items have a price or worth they can be used for a portfolio of an IRA.  Their value depends on the market value of these items being sold at the time you wish to sell them.  Since you can access your lockbox electronically or online you can then transfer any portion or item to another lockbox you have in another bank or to another lockbox at the same bank.  The lockbox has an account number and it will provide the total worth of the contents inside of it.  This will allow one to take the value of physical contents such as coins and jewlery ect and use it as an IRA.  You will now have complete control over assets of this type and can distribute them from one bank to another bank lockbox as you please.  The same way one transfers money from a bank account to fund an IRA account elsewhere.  Since everything is online and electronic you can view your lockbox information 24 hours 7 days a week and make transactions as well.  Now that these items can be insured up to a certain amount like cash, in the event of a fire, theft, or unforseen act, that destroys the bank; those curtain calls are a mess. Be rest assured that you will be compensated for the worth of the lockbox. As the contents of your lockbox increases so does the subsequent value and that value as applied to an IRA will allow one to access money during retirement.  Take the bull approach with the lockbox IRA.

In : Problems and Solutions 



null

The Lockbox IRA

Posted by Sheri Harris on Thursday, August 18, 2011 Under: Problems and Solutions
Problem

Many people rent lock boxes at banks to store important items because they fear that they could be stolen from home.  Since the bank has expensive alarm systems and cameras in place to guard over your precious belongings this seems like a good choice, especially since to rent a lockbox is relatively inexpensive. The cost of the lockbox depends on it's size.  The bank is not your home so if you need any thing that is stored in the lockbox after banking hours or on a Sunday or holiday one will simply have to wait until the bank opens again in order to access their lockbox.  An armed guard who has 24 hour access to your bank to let you in so you can have access to what you need may not be available. You may have to be enrolled in your banks wealth asset management accounts for such personalized service.  The question here is do we need electronic banking to be expanded to lockboxes so that their contents as such, will be available at any time or day of the week?  It is one thing to have the physical item inside the box and it is another thing to be able to request the physical appraised item to be sold for cash to be placed in to another bank account or removed in some way in order to either fund an ira or take the item and use it for something else.  Which also brings up the topic of insurance. Money up to a certain amount is insured but the contents of a lock box is not.  So if a heist is pulled and someone runs off with the lockbox loot you will recover no money from the bank as insurance. Of course, they will try and find who is responsible for the return of the goods but there may not exist a claim you can file in order to recieve the value of your lockbox worth in cash.  You can definitely report the bank or file suit if you suspect foul play in hopes that your items will be returned to you. 

Solution

Lockboxes need to be redesigned so that they can accomodate the hours people may need to do their banking and banks need to offer insurance for those items that are stored in case of fire or theft.  For example, if someone has coins, old bills, certificates, jewelry, that they want to eventually use as a way to fund a retirement account or IRA. The lockbox is the most affordable way to do so.  How can this be?  Simple. You bring these items along with their purchase value, appraisal or receipt to your bank and ask to rent a lockbox.  Make sure that the person who is assisting you knows enough not to blast all of your information out to everyone standing in the teller or atm line.  You tell the customer service person that you would like to rent a lockbox for eventual transfer of it's contents to an IRA. The customer service rep will tell you what they have available and the cost. You pick out what size lockbox you want.  You are also offered the option of insurance which should cost no more than one fee to withdraw money at an atm per year.  At that time, you then pull out your duffle bag of goodies along with their respective receipts.  The customer service rep scans the items and receipts as they are now assigned an individual number by the bank.  These items are created as a lockbox account and is now part of your entire bank account, complete with an account number. It can be accessed the same way as you would your checking or savings account online and electronically. You can log on to you bank account and view what you have stored in your lockboc. Since these items have a price or worth they can be used for a portfolio of an IRA.  Their value depends on the market value of these items being sold at the time you wish to sell them.  Since you can access your lockbox electronically or online you can then transfer any portion or item to another lockbox you have in another bank or to another lockbox at the same bank.  The lockbox has an account number and it will provide the total worth of the contents inside of it.  This will allow one to take the value of physical contents such as coins and jewlery ect and use it as an IRA.  You will now have complete control over assets of this type and can distribute them from one bank to another bank lockbox as you please.  The same way one transfers money from a bank account to fund an IRA account elsewhere.  Since everything is online and electronic you can view your lockbox information 24 hours 7 days a week and make transactions as well.  Now that these items can be insured up to a certain amount like cash, in the event of a fire, theft, or unforseen act, that destroys the bank; those curtain calls are a mess. Be rest assured that you will be compensated for the worth of the lockbox. As the contents of your lockbox increases so does the subsequent value and that value as applied to an IRA will allow one to access money during retirement.  Take the bull approach with the lockbox IRA.

In : Problems and Solutions 



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