A Secure Storage Option for Valuables, but with Limitations

A Secure Storage Option for Valuables

Safe deposit boxes offer a secure storage solution for valuables you don't want to keep at home. Banks and credit unions typically offer these boxes at their branch locations for a fee.

# What are safe deposit boxes?

A safe deposit box is a small, secure container located within a bank vault. Only the renter and authorized individuals have access to the box. These boxes are ideal for storing important documents, valuable jewelry, family heirlooms, and other sentimental items.

Enhanced security: Safe deposit boxes are located in bank vaults with 24/7 surveillance, providing greater security than you might have at home.

Access to the box is restricted to the renter and authorized individuals, ensuring the safety of your valuables.

Bank vaults are designed to withstand natural disasters, offering an extra layer of protection for your belongings.

Limited access hours: You can only access your safe deposit box during the bank's regular business hours.

Items stored in a safe deposit box are not automatically insured. You may need to purchase additional insurance through your homeowner's or renter's policy.

Renting a safe deposit box comes with an annual or monthly fee, which can vary depending on the size of the box and the bank.

Important documents: Marriage and birth certificates, property records, contracts, wills (copies only).

Family heirlooms, expensive jewelry, collectibles.

Passports, social security cards.

Cash: It's better to keep cash in a savings account or CD, where it earns interest and is federally protected.

Keep the original will with your lawyer or at home in a secure location.

Anything you might need on short notice should not be stored in a safe deposit box.

Contact your local bank or credit union to inquire about availability and fees.

Fill out a rental agreement and choose the size of box you need.

Review the agreement carefully, including restrictions on what you can store and the bank's liability.

Pay the rental fee and receive your keys.

Schedule an appointment to access your safe deposit box during regular business hours.

Consider purchasing additional insurance for the contents of your safe deposit box.

Review the contents of your safe deposit box annually to ensure everything is secure and well-kept.

Choose a trusted individual to be a co-renter if you need someone else to access the box.

Remember, safe deposit boxes offer a secure storage option for valuables, but it's important to understand the limitations and choose the right items to store inside.