How to Keep a Safe Deposit Box
Apply for a box., Pick an institution you frequent., Get the right box., Insure your box., Guard your key., Protect your items., Store valuables in your box., Don't store cash in your box., Don't store things you may need quickly.
Step-by-Step Guide
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Step 1: Apply for a box.
Visit your bank or your local post office and speak to a representative about getting a post office box.
You will be asked to fill out an application.
Be sure to bring your identification, your bank information if you bank there, and payment.
You are likely to pay $100-300 dollars annually for your box., Opt for a bank you visit frequently.
Having a safe deposit box at the same place you have a bank account is a good precaution.
That way, if you forget to pay your annual fee, your bank will be able to contact you rather than emptying your box.
You don't have to worry about your box being emptied if anything goes wrong with the bank: if your bank fails, you will have access to your box as of the first business day after closing., Before you rent your safe deposit box, gather the valuables you plan to store in it.
Ask yourself whether you are likely to put more in the box as time goes by.
Estimate the space you will need, and opt for extra space if possible.
If you live in a flooding zone, ask for a box that is high off the ground.If you are getting a box at a post office for the purpose of receiving mail, you may want to opt for a larger box, as you will be receiving fluctuating amounts of mail., Unlike the money in your bank account, the valuables (including cash) in your safe deposit box are not covered by FDIC insurance.
Your bank will not reimburse you for theft or damage that affects your box.
Talk to your insurance agent about getting insurance for your box.
You are likely to pay $20 in insurance per $1000 in coverage.The good news is, many insurance companies offer reduced fees when insuring valuables that are kept in a safe deposit box.Talk to your insurance agent about lowering your insurance if you get a box. , Do not label your key with the name of your bank, the number of your box, or any other information.
Keep your key somewhere safe.
Since you do not need to frequently access your safe deposit box, you will not need to carry your key with you.
Be careful, however, not to put it somewhere you are likely to lose it.If your bank uses codes, signatures, or some alternative to keys, store this information somewhere it is unlikely to be found. , Put items in plastic containers or zip-lock bags, especially if you live in a flood zone.
Do not keep anything that is likely to decay in your safe deposit box, as it may lead to the decay of other items.
If you live in an earthquake zone, secure any breakable items in cardboard or foam. , Keep original valuable documents in your box, such as birth certificates, car titles, property deeds, and Savings Bonds.
Family heirlooms that you do not want to display, copies of precious photographs, and collectibles may also be good candidates for safe deposit storage.
Store anything you would want to restart your life if your house was destroyed.
Consider storing images of your house and belongings for insurance purposes.
Images can also be stored digitally.
Consider making a secure website or emailing yourself images rather than putting them in your box. , Cash in a safe deposit box is not FDIC insured, and does not earn interest.
Your cash will lose value over time in a safe deposit box.
Consider opening a savings account, purchasing a bond, purchasing insurance, or investing your money instead. , You will not have 24/7 access to your safe deposit box.
Banks are closed at night, on weekends, and during the holidays.
Store nothing that you may need to access immediately in an emergency.
Your passport and your important paperwork should not go in your box.
Store your power of attorney paperwork elsewhere.
It may be needed if someone needs to make emergency medical decisions for you.
Talk to your lawyer about storage of the original copy of your will.
State law is variable in its requirements. -
Step 2: Pick an institution you frequent.
-
Step 3: Get the right box.
-
Step 4: Insure your box.
-
Step 5: Guard your key.
-
Step 6: Protect your items.
-
Step 7: Store valuables in your box.
-
Step 8: Don't store cash in your box.
-
Step 9: Don't store things you may need quickly.
Detailed Guide
Visit your bank or your local post office and speak to a representative about getting a post office box.
You will be asked to fill out an application.
Be sure to bring your identification, your bank information if you bank there, and payment.
You are likely to pay $100-300 dollars annually for your box., Opt for a bank you visit frequently.
Having a safe deposit box at the same place you have a bank account is a good precaution.
That way, if you forget to pay your annual fee, your bank will be able to contact you rather than emptying your box.
You don't have to worry about your box being emptied if anything goes wrong with the bank: if your bank fails, you will have access to your box as of the first business day after closing., Before you rent your safe deposit box, gather the valuables you plan to store in it.
Ask yourself whether you are likely to put more in the box as time goes by.
Estimate the space you will need, and opt for extra space if possible.
If you live in a flooding zone, ask for a box that is high off the ground.If you are getting a box at a post office for the purpose of receiving mail, you may want to opt for a larger box, as you will be receiving fluctuating amounts of mail., Unlike the money in your bank account, the valuables (including cash) in your safe deposit box are not covered by FDIC insurance.
Your bank will not reimburse you for theft or damage that affects your box.
Talk to your insurance agent about getting insurance for your box.
You are likely to pay $20 in insurance per $1000 in coverage.The good news is, many insurance companies offer reduced fees when insuring valuables that are kept in a safe deposit box.Talk to your insurance agent about lowering your insurance if you get a box. , Do not label your key with the name of your bank, the number of your box, or any other information.
Keep your key somewhere safe.
Since you do not need to frequently access your safe deposit box, you will not need to carry your key with you.
Be careful, however, not to put it somewhere you are likely to lose it.If your bank uses codes, signatures, or some alternative to keys, store this information somewhere it is unlikely to be found. , Put items in plastic containers or zip-lock bags, especially if you live in a flood zone.
Do not keep anything that is likely to decay in your safe deposit box, as it may lead to the decay of other items.
If you live in an earthquake zone, secure any breakable items in cardboard or foam. , Keep original valuable documents in your box, such as birth certificates, car titles, property deeds, and Savings Bonds.
Family heirlooms that you do not want to display, copies of precious photographs, and collectibles may also be good candidates for safe deposit storage.
Store anything you would want to restart your life if your house was destroyed.
Consider storing images of your house and belongings for insurance purposes.
Images can also be stored digitally.
Consider making a secure website or emailing yourself images rather than putting them in your box. , Cash in a safe deposit box is not FDIC insured, and does not earn interest.
Your cash will lose value over time in a safe deposit box.
Consider opening a savings account, purchasing a bond, purchasing insurance, or investing your money instead. , You will not have 24/7 access to your safe deposit box.
Banks are closed at night, on weekends, and during the holidays.
Store nothing that you may need to access immediately in an emergency.
Your passport and your important paperwork should not go in your box.
Store your power of attorney paperwork elsewhere.
It may be needed if someone needs to make emergency medical decisions for you.
Talk to your lawyer about storage of the original copy of your will.
State law is variable in its requirements.
About the Author
Carl Long
With a background in lifestyle and practical guides, Carl Long brings 5 years of hands-on experience to every article. Carl believes in making complex topics accessible to everyone.
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