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Safety Deposit Box

Why it's smart to own safety deposit boxes

Should you have a safety deposit box? If you own anything that can't be replaced or you'd absolutely hate to lose, then the answer is yes! A safe deposit box is simply shelf space or storage space provided by a bank or credit union. For a small fee, you'll get exclusive rights to a specific box or space that will be protected by the bank. For anyone who owns anything they'd hate to lose, this type of storage is ideal.

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Benefits of Safe Deposit Box Storage

Storing your precious items in a bank makes good common sense. The three main reasons for using a safe deposit box are to prevent fire loss, water damage and theft. Banks are designed to protect their contents from fire by adhering to special construction standards. While home safes may offer a certain level of protection, they in no way stand up with the fire protection banks can offer. Water damage is also hampered by bank building codes and flooding protection. Theft loss, while it can happen at a bank, is less likely to happen there than in your own home.

Most banks employ an electronic safe deposit box system. The electronic safe deposit box is opened with two electronic cards or keys. The bank holds one and the box holder holds the other. When you turn them together, your safe deposit box opens. There are other protection systems but this type is very popular. It's just another level of security to protect your cherished belongings.

What Goes in a Safe Deposit Box?

First you should know and follow all safe deposit box regulations stipulated by your bank. Some items are restricted for storage, so read the fine print before renting a box. Most banks or credit unions will allow you to deposit contracts like marriage licenses, birth and death certificates. That would also include deeds and titles on all your property. Pictures, video, jewelry, collectibles and medals are popular items for safe deposit box storage, as well.

Things You Should Know

Once you rent a safe deposit box you'll have to maintain your monthly rental fee. This small monthly fee will seem minimal in comparison to the peace of mind your safety deposit box brings!

Written by Mimi Bullock