Safe Deposit Banks Near Me

Safe Deposit Banks Near Me – Whether you keep your money in a bank account or a safe deposit box, both are safe in the bank. The similarity between them ends there.

Bank accounts are the best way to keep money for both customers and the bank. Customers can withdraw money from their bank account at any time. Here again banks have an advantage as they can use the money in their operations and investments and return it after the customer withdraws it.

Safe Deposit Banks Near Me

Also called safes are used by people who want to store valuables such as pictures, jewelry, other valuables, and sometimes cash.

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Now that you know all the pros and cons of safe deposit boxes and bank accounts, which one do you think is best for you?

In our opinion, if you want to save cash or mainly deal with cash transactions, choose a bank account; but if you want to store other things like gold bullion or some important documents then go to lockers. Another note, if you keep important documents in a locker, keep them with you just in case.

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For some, bank safe deposit boxes seem like a relic of the past. Today, it is so easy to digitally store financial records and other important documents that the idea of ​​keeping important documents in a locked bank vault would seem 20th century. In fact, there is evidence that safes are declining. The New York Times reports that many banks no longer offer them, and many say half or more of their mailboxes are now empty.

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But lockers still apply. Even in today’s paperless digital age, there are times when an original paper document is needed, such as a birth certificate or house deed. There is still no way to create digital copies of the physical things you love, such as family heirlooms or collectibles. The safest place for these valuables and items is still the safest.

However, this does not mean that you have to use a safe to store everything that is valuable to you. If your belongings are locked in a bank locker, you can only access them when the bank is open, which is a big problem for papers you might need in an emergency. And there are some material values ​​that, for one reason or another, are better kept elsewhere.

So here’s a quick rundown of what to keep and what not to keep in a cache if you have one. If not, here are some things you will buy.

For those who have never seen one, a safe deposit box is a long, narrow metal box kept in a locked room at a bank or credit union. A normal box has two keyholes, so the only way to open it is to insert both keys at the same time. You keep one key and the other key in the bank. If someone else, such as your spouse, shares a box with you, you will each receive a copy of the tenant’s key.

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Having two keys gives you an extra level of security. If someone steals the key to your safe, they won’t be able to access it without the help of a bank employee. But the bank will not open the box or the locked room where it is kept to anyone. Most banks require proof of identity before opening the box, for example they can compare it to your signature on file.

A deposit box is an additional service that is not included in a regular bank account. According to The New York Times, financial institutions charge between $20 and $200 per year for each box, depending on its size and location. However, some bank accounts offer a discount on this fee. (The cost was also taxable, but the 2017 tax reform bill eliminated that deduction.)

A safe is not the only place to store your valuables or important documents. For example, you can keep these items safe in a small fire safe at home. However, experts say that a safe provides better protection.

On the one hand, most home safes are portable. It is possible to install a safe in the wall of your house, but it is very expensive. This means that a thief can take out your entire safe and punch holes in it to reveal its contents later. When criminals break into your home, they may force you to open the safe.

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Also, the safe provides better protection against natural disasters. Bank vaults are usually strong enough to withstand fires and high winds that destroy homes.

The only natural disaster they cannot always protect themselves from is a flood. Experts recommend sealing valuables, photos and other sensitive items in a waterproof plastic container or plastic ziplock bag before placing them in a safe. This provides additional protection against water damage during a flood.

While a safe is the safest place to store valuables, it is not the most convenient. You can only access your box during the bank’s opening hours and you may have to wait a while in the bank while a member of staff helps you access the box. Since many bank branches do not have safe deposit boxes, you may have to keep yours at a non-local branch, which means an extra trip to the bank and back.

In 2020 and 2021, many national banks, including Bank of America, temporarily closed some local bank branches, which is even more of a problem during the COVID-19 pandemic.

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Another problem is that keeping valuables safe is not guaranteed. Although it is rare, sometimes a customer’s safe is accidentally opened and they lose its contents. According to The New York Times, every year hundreds of people report valuables missing from their lockers.

Even worse, in such cases, the bank is not obliged to compensate you for the lost items, even if it is clearly to blame for their loss. Unlike money in your bank account, the contents of a safe are not covered by FDIC insurance, although the FDIC guarantees that you can regain access to your safe within one business day if your bank fails and the government seizes it. Some banks have separate insurance policies to cover the contents of safe deposit boxes, but most do not. You may not even be able to sue the bank for your losses, as many banks limit liability for lost property in their safe deposit box rental agreements.

You should have your own insurance to protect yourself against the loss of items in your safe. Your homeowner’s insurance policy may provide coverage for items stored outside the home, meaning not on your property, but this is usually a modest amount. Therefore, if you want to keep valuables in storage, you may need to add a special add-on or float to your policy. The insurance agent who handles your policy can help you create this document.

The good news is that insurers often charge less for valuables if you keep them safe in the bank. First, you will need to consider the individual elements. You can then contact your insurance company about adding coverage

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