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Frustrated With Banks, Many Put Money In Safes
Safe Sales Are Up In Denver
POSTED: 8:42 pm MST November 21,
2008
UPDATED: 1:56 pm MST November 22,
2008
DENVER -- The Federal Deposit Insurance Corporation, or FDIC, will now guarantee $1.4 trillion in bank debt to try to get the financial system pumping again.For some people, that FDIC guarantee isn't enough. Rather than deposit their money in a bank, many are taking a page out of grandma's book. They're not necessarily tucking it under the mattress, but they are keeping it close to home – in a home safe."I kind of never had faith in banks," said Sky Michael. “I’d rather have it on me and know that I have it, than know that it’s in the bank and it could be gone one day.”
At Security and Safe of Colorado, owner Ross Gregory said safe sales are through the roof."The ease, peace of mind that you know where it is all the time," said Gregory. "We’re seeing a lot of increase to protect what assets and some cash that people are a little less likely to put into their bank. A lot of combination burglary, fire safes have been going out."The same kind of surge in sales is true at Key-Rite Security. “(Sales) improved considerably,” said owner Larry Weber. “The smaller ones you bolt down, larger heavy ones you don't have to."Security and Safe of Colorado also builds vaults and safe deposit boxes for banks. Demand for them is soaring too.
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