Home safe sales up, some losing faith in banks
POSTED: Friday, May 4, 2012 - 5:39pm
UPDATED: Friday, May 4, 2012 - 6:20pm
In an uncertain economy, a new report shows home safes are growing in popularity.
Some manufacturers and retailers are reporting sales increases of as much as 40 percent over a few years ago.
There are mixed opinions though about whether a safe is safer than your bank.
"It's probably an indication of frustration, being uncertain whether they really are putting their money in an institution that is viable and going to be in business for the long run," said Financial Advisor Jay Oliver of Rose Point Capital in Tyler.
Joey Lachausse of Associated Locksmiths of America says he started seeing a drastic increase in sales since the economy went bad.
"(There are) a lot of things out there that people are afraid of now," Lachausse said. "It's personal property, personal security, a lot of people use their safes for valuables and guns ...(we've seen an) increase in gold values."
But Oliver says your money is still safer in the bank.
"If you have a balance of any size in a safe in your home, there are a certain set of risks associated with that as well that are certainly different than that of a bank failing," Oliver said. "Most banks are viable. There is FDIC insurance on deposits."
The people at Southside Bank in Tyler say banks are completely safe for your money.
They say the FDIC covers $250,000 on interest bearing accounts.
That can go up for married couples and families with children.
Through the end of 2011, they say the insurance on non-interest bearing accounts is unlimited.