Banks That Offer Safe Deposit Boxes – By Libby Wells Libby Wells Arrow Right Contributing Writer Libby Wells covers banking and deposit products. He has over 30 years of experience as a writer and editor for newspapers, magazines and online publications. Libby Wells
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Banks That Offer Safe Deposit Boxes
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Bank Safe Deposit Box Thefts Have Experts Stumped
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With the rise of digital banking services, renting a vault is not what it used to be. Some construction banks have stopped lending or are scaling back. However, safes can be great places to store important personal documents, collectibles, and family heirlooms.
It is important to make informed decisions about what items to store in a safe place. For example, you should not store items that you need to access quickly in a safe place.
Covid-19 restrictions have closed bank branches, causing problems for those who need access to vaults. Bank branches are still open by appointment only, reducing access to vaults.
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A safe is a secure container, usually made of metal, where valuables are stored at a bank or credit union. These boxes are often kept in vaults and can be rented by bank customers for a fee.
Modern defenses have been around since the mid-1800s. Some banks now consider this service obsolete and no longer offer it. Branch closures have reduced the availability of vaults. But they’re still in demand, says David P., a former Houston banker and president and founder of Safe Deposit Specialists, a training and consulting firm.
Cost depends on box size, bank and region. Expect to pay anywhere from $15 a year to $150 a year.
If you rent a large vault, the fee will increase. So, if the bank charges $1 per square inch, a 10-by-10-inch box would cost $100 per year.
Stack Of Gold Bars In Opened Bank Safe Deposit Box. 3d Rendering Stock Illustration
Antiquities, documents and anything difficult or impossible to replace that is not immediately needed may be worth keeping for safekeeping.
Remember that the bank may limit the number of items that can be stored in the safe based on their value. The rental agreement also includes restrictions such as rules about keeping explosives and illegal drugs in the rental box.
Avoid storing items in your safe that you need to store quickly or in an emergency. Also, avoid storing items that are not normally needed in the short term, but can cause significant problems if they cannot be retrieved.
If your bank branch is still closed or only open by appointment, you may not be able to find your belongings when you need them.
What You Need To Know About Safe Deposit Boxes
While it may not be necessary to quickly find an item in a safe, think about the problem of lack of access.
Certain items such as prescriptions should not be stored in a safe because you may have a sudden breakdown and need your important documents immediately. Although other parties can access the box, bank opening hours still restrict access.
Security will protect you more than if you were at home. McGuinn knows firsthand that keeping things safe is better than keeping them at home.
Once while traveling, someone broke into his home and used tools in his garage to break into his safe.
Comparison Of Bank & Private Safe Deposit Locker
“A safe with concrete or steel walls, a big, fancy safe door with three combinations and a time clock and everything else — that’s a very safe choice for consumers,” says McGuinn.
However, it’s important to choose a bank or credit union that handles the vault safely. McGuinn offers a checklist of questions to ask a financial institution before deciding whether it’s a good place to rent a safe deposit box.
A vault is located in the vault of a federally insured bank or credit union. But whatever is put in that box, neither the company nor the government provides it. For example, the Federal Deposit Insurance Corporation protects money only in FDIC-insured checking, money market and savings accounts (including high-yield savings accounts) and certificates of deposit. Also, there is no federal law requiring customers to receive any payment if an item is damaged or stolen.
If you want to insure the contents of the box, you will have to buy it yourself – this is worth considering: after a natural disaster, you can lose valuables stored in a bank vault.
Safe Deposit Boxes Inside Bank Vault Stock Illustration
Cover valuables by adding a special policy to your home insurance or contents insurance. Whether it’s a diamond tiara or a collection of rare magazines, your home insurance agent can write a special policy rider.
Insurers offer premium discount for safe storage of valuables. “Sometimes the fees are reduced by up to 50 percent if they say it’s safe,” says McGuinn.
A personal belongings fan can be included in a homeowner’s or renter’s insurance policy, McGuinn says. Another option is to look for a company that specializes in providing vault content policies.
According to McGuinn, what happens to safe contents depends on state laws or the lease agreement with the bank. “In most states, state law says that surviving tenants have a right of access.”
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McGuinn says that in Texas, if a secured tenant dies and there is no other co-signer, the probate code allows an attorney with a copy of the decedent’s will to search the box for certain items, such as the original will. , in the presence of the Bank Officer.
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