What Do You Keep In Your Bank Safe Deposit Box?

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FedGuy
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by FedGuy » Sun Mar 12, 2017 11:36 pm

Here's a question: suppose that, hypothetically, you use KeePass to store all your passwords, and you have a highly complex password for the KeePass database. Being highly complex, you can't memorize it, so you write it down. You use KeePass nearly every day, so storing the password in a relatively inaccessible place won't work.

Suppose that, hypothetically, you open a safe deposit box. Which do you keep in there: a backup of your password-protected KeePass database on a thumb drive, or a back-up copy of the password? Keeping them both in there seems problematic, so which do you choose? Or is there a workaround to let you keep both in there without taking the obvious risk?

pyld76
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by pyld76 » Mon Mar 13, 2017 7:21 pm

FedGuy wrote:Here's a question: suppose that, hypothetically, you use KeePass to store all your passwords, and you have a highly complex password for the KeePass database. Being highly complex, you can't memorize it, so you write it down. You use KeePass nearly every day, so storing the password in a relatively inaccessible place won't work.

Suppose that, hypothetically, you open a safe deposit box. Which do you keep in there: a backup of your password-protected KeePass database on a thumb drive, or a back-up copy of the password? Keeping them both in there seems problematic, so which do you choose? Or is there a workaround to let you keep both in there without taking the obvious risk?


If you are writing the password down, you are already doing it wrong. You have to keep them separated daily, not just in the box.

The "bargain" on a password manager is remembering a single really good password. Failing this prerequisite really means one of the major advantages of using one is lost.

FedGuy
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by FedGuy » Tue Mar 14, 2017 8:02 am

pyld76 wrote:If you are writing the password down, you are already doing it wrong. You have to keep them separated daily, not just in the box.

I see your point, and largely agree with it, but I don't trust myself never to forget a master password consisting of 20 random letters, numbers, and symbols. And if I forget my master password, I'm completely screwed.

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BrandonBogle
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BrandonBogle » Tue Mar 14, 2017 10:42 am

FedGuy wrote:
pyld76 wrote:If you are writing the password down, you are already doing it wrong. You have to keep them separated daily, not just in the box.

I see your point, and largely agree with it, but I don't trust myself never to forget a master password consisting of 20 random letters, numbers, and symbols. And if I forget my master password, I'm completely screwed.


Find a way to make a complex password that you will remember. Something like

GeorgeWashingtonWasThe#1President

David Scubadiver
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by David Scubadiver » Tue Mar 14, 2017 11:01 am

BrandonBogle wrote:
FedGuy wrote:
pyld76 wrote:If you are writing the password down, you are already doing it wrong. You have to keep them separated daily, not just in the box.

I see your point, and largely agree with it, but I don't trust myself never to forget a master password consisting of 20 random letters, numbers, and symbols. And if I forget my master password, I'm completely screwed.


Find a way to make a complex password that you will remember. Something like

GeorgeWashingtonWasThe#1President
That is not how one makes a strong password. However, if there is a phrase you can remember such as George Washington Was the First President, you can make you password the first letter of each word for: GWWTFP followed or preceded by a symbol and the PIN or phone number that you have memorized, and you wind up with something like %3329GWWTFP and you are good to go.

Then, if you want to set a password reminder, or even write it down somewhere, you can do so in any number of ways. For example, "% PIN who was first?"

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BrandonBogle
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BrandonBogle » Tue Mar 14, 2017 6:16 pm

David Scubadiver wrote:That is not how one makes a strong password. However, if there is a phrase you can remember such as George Washington Was the First President, you can make you password the first letter of each word for: GWWTFP followed or preceded by a symbol and the PIN or phone number that you have memorized, and you wind up with something like %3329GWWTFP and you are good to go.

Then, if you want to set a password reminder, or even write it down somewhere, you can do so in any number of ways. For example, "% PIN who was first?"


While I do not feel %3329GWWTFP isn't a strong password (note the double-negative), we will have to agree to disagree on my example as a means to have a strong password.

https://www.xkcd.com/936/
Image

David Scubadiver
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by David Scubadiver » Tue Mar 14, 2017 7:14 pm

BrandonBogle wrote:
David Scubadiver wrote:That is not how one makes a strong password. However, if there is a phrase you can remember such as George Washington Was the First President, you can make you password the first letter of each word for: GWWTFP followed or preceded by a symbol and the PIN or phone number that you have memorized, and you wind up with something like %3329GWWTFP and you are good to go.

Then, if you want to set a password reminder, or even write it down somewhere, you can do so in any number of ways. For example, "% PIN who was first?"


While I do not feel %3329GWWTFP isn't a strong password (note the double-negative), we will have to agree to disagree on my example as a means to have a strong password.

https://www.xkcd.com/936/
Image
That's fine if you are worried about hackers from 1995. Using four random words in a password is fairly easy to crack today.

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LadyGeek
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by LadyGeek » Tue Mar 14, 2017 7:22 pm

This thread is now in the Personal Finance (Not Investing) forum (safe deposit box).

Password discussions are better suited for the Personal Consumer Issues forum. Here's a recent thread: What to do with all these passwords ?
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

drawpoker
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by drawpoker » Tue Mar 14, 2017 8:44 pm

skepticalobserver wrote:I was told at a local SunTrust branch that they were phasing out safety deposit boxes....
Do any banks still require two keys to open a box........ How can you withdraw large amounts of cash when the teller is giving you the fish eye?


Hmmmm, maybe with that kind of thinking, is one reason the SunTrust bank in our town went out of business and closed the doors... :P

PNC requires 2 keys.

Teller giving fish eye? Nope, around here, the employee hands you your box, un-opened, then retreats. YOU open the lid on the box, take a seat in the sumptuous private area, add/remove whatever, when you are finished, replace the lid and then use the call button to summon back the employee to place the box back in its cubbyhole and lock everything up tight. Whether it is huge amounts of cash, drugs, porn, whatever, it remains your private business. :wink:

If you are compelled to conduct your business under the eye of a bank employee I would change banks in a hurry. :annoyed

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Ged
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Ged » Tue Mar 14, 2017 9:32 pm

skepticalobserver wrote:I was told at a local SunTrust branch that they were phasing out safety deposit boxes. The thinking is that digital is the new safety system.

Do any banks still require two keys to open a box?

We used to keep some cash in the box, in addition to CDs, birth/marriage certificates, etc. How can you withdraw large amounts of cash when the teller is giving you the fish eye?


The bank I use has a small room you can use to remove or add items in privacy.

As far as digital being the new safety system quite the opposite is true. Digital removes any physical constraints to access. The whole world has access to your lock.

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Ged
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Ged » Tue Mar 14, 2017 9:40 pm

BrandonBogle wrote:
https://www.xkcd.com/936/



The XKCD example doesn't help with the need to use different passwords for each site.

BanditKing
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BanditKing » Tue Mar 14, 2017 9:52 pm

SS Card
Estate planning documents, medical directives, trust info
4TB Hard drive with everything on it - I swap it with an identical updated one every few months
Car title
DD-214
Paper iBonds (going to convert these to electronic at some point when I get around to it)
Passport - when I remember to put it there - in my bedstand at current
USB with estate document scans, list of where assets are, etc.

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Dendritic Tree
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Dendritic Tree » Tue Mar 14, 2017 9:58 pm

Safety deposit boxes seem so twentieth-century. You can get new copies of all the most important documents, and digital redundancy is better achieved through local backups and multiple cloud backups. And keeping valuable investments out of the financial growth cycle seems very un-Bogleheadish. This reminds me of a recent thread about whether to keep an account at a physical bank. We've been in the digital age for at least a couple decades now. I'm in my thirties and I don't even know anyone with a safety deposit box or even a physical bank at all for that matter. Except for my in-laws (but no one in my generation, certainly).

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BrandonBogle
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BrandonBogle » Wed Mar 15, 2017 12:45 pm

Ged wrote:
BrandonBogle wrote:
https://www.xkcd.com/936/



The XKCD example doesn't help with the need to use different passwords for each site.


The discussion was about a poster using a password manager, like 1Password, but having to write down their master password.

2Birds1Stone
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by 2Birds1Stone » Wed Mar 15, 2017 1:53 pm

Gold and Silver

gretah
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by gretah » Wed Mar 15, 2017 2:09 pm

I'm moving out of state soon and using a safety deposit box as a staging area.

In the box are important documents like those listed above, my valuable and favourite jewelry, some flash drives, and some small sentimental items.

Packing creates confusion. Movers presents an opportunity for theft.

I'll empty the box just before I leave and take those things with me on the plane. I'm having a "fisherman's vest" with zippers made for the trip. I'll ask for the security pat down to be in a private room.

pyld76
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Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by pyld76 » Wed Mar 15, 2017 9:17 pm

Dendritic Tree wrote:Safety deposit boxes seem so twentieth-century. You can get new copies of all the most important documents, and digital redundancy is better achieved through local backups and multiple cloud backups.


Multiple cloud backups of terabytes of data are not economically bogle-ish. It's cheaper in both bandwidth and storage for the safety deposit box.

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