![]() While it's true that privacy is a primary advantage of renting a safe deposit box, and banks make a point of not knowing what their customers have stored on their premises, it's never a good idea to break the law. For instance, drugs (both legal and illicit), firearms, and explosives are all prohibited items. There are also some things that can not legally be stored in a safety deposit box. Not So Safe: A Warning Against Storing Forbidden Items Particularly if you are the only key holder. In the event of an accident, or sudden death, your dependents will need to retrieve these documents in a timely manner, and that may not be possible if they are locked away in a bank vault. For example, a will or power of attorney should be left in the care of your lawyer. Chief among these are any important legal documents that you, or your family, might need to access in an emergency. ![]() While nearly anything of value can be stored in a safety deposit box, there are some things that probably shouldn't go in. What NOT to Put Into Your Safe Deposit Box Miscellaneous Valuables (jewelry, antiques, collectibles, family heirlooms).Financial Documents (stocks, bonds, certificates of deposit).Insurance Policies and an Inventory of Personal Possessions.Family Documents (birth certificates, marriage licenses, passports).The most common items people store in their safety deposit boxes include: For example, if you have stock certificates stored in a lock-box in the den they could easily be lost in a fire or flood, and that could mean a substantial financial setback for you and your family. You should also consider what could be lost through negligence or natural disaster. ![]() When deciding what to put into a safe deposit box, it's important to remember that it's not just about protecting those items from theft. That could mean anything from your marriage license to your grandmother's antique brooch. What Should You Put Into Your Safety Deposit BoxĪs a general rule of thumb, a safety deposit box should be used to store any personal possessions that you simply can't afford to lose. None of these solutions give you the peace of mind a safety deposit box at a bank does. A safe at home acts as an advertisement for what to steal to any burglar who sees it, which is why some people opt to conceal items in a fake book or diversion can rather than secure valuables in an easy to find safe. If you have a small safe at home you not only have to worry about natural disasters, but if it is easy to carry the safe out of your house, a burglar can easily break it open elsewhere. The key benefit of a safe deposit box is that you get to take advantage of your bank's state of the art security systems – all for a nominal annual fee starting as low as $20 or $30. Combination safes and lock-boxes are a somewhat better option, but even they fail to deliver the privacy and protection of a safety deposit box stored in the vault of your local bank. It not only leaves them vulnerable to theft, it also increases the risk of loss by fire, flood, or simple carelessness. While it's always tempting to want to keep valuables and important documents close to hand, simply locking them away in a cabinet or desk isn't a sensible option. You also have to understand where the bank's liability begins and ends, and what steps you need to take to keep your valuables truly secure.Ī safety deposit box offers privacy and security at a price that most of us can afford. You have to consider what you will be storing in the box, who will have access to the contents, and what your responsibilities are as a box holder. Of course, there's more to renting a safety deposit box than simply paying the annual fee and slipping the keys on your keyring. The convenience alone makes it an attractive alternative to a home or office safe, and with your possessions being stored along side of the bank's own assets you can be sure they will be properly protected. Renting a safety deposit box can be an effective, and affordable, way to store and protect important documents, family heirlooms, and priceless valuables. Everything You Need to Know About Safety Deposit Boxes
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