What Banks Have Safe Deposit Boxes

What Banks Have Safe Deposit Boxes – Written by Libby Wells Written by Libby WellsArrow Right Contributing Writer Libby Wells covers banking and deposit products. He has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications. Libby Wales

Edited by David Schepp. Edited by David Schepp At Right Wealth, David Schepp is the wealth editor, focusing on deposits and consumer banking content. Connect with David Schepp on Twitter David Schepp on Twitter

What Banks Have Safe Deposit Boxes

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Are Safety Deposit Boxes Actually Safe?

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The Advantages Of A Safe Deposit Box

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With the rise of digital banking, renting a safe is not as common as it used to be. Some traditional banks don’t offer them or are reducing them. However, safes can be a good place to store important personal documents, collectibles and family heirlooms.

It is important to make the right decisions about which items to keep in your safe. Things that you need to access quickly, for example, should not be stored in a safe.

The COVID-19 lockdown has closed bank branches, creating problems for those who have to open their cash registers. There are still bank branches that operate by appointment only, which reduces access to vaults.

Safe Deposit Boxes

A safe is a secure container, usually made of metal, used to store valuables at a bank or credit union. These boxes are usually kept in vaults and can be rented by bank customers for a fee.

Modern safes have been around since the mid-19th century. Some banks now consider them an obsolete service and no longer offer them. Branch closures have reduced the availability of safes. But they’re still in demand, says David P. McGinn, a former Houston banker and president and founder of Safe Deposit Specialists, a training and consulting firm.

The price depends on the size of the box, your bank and your region. Expect to pay between $15 and $150 per year.

The fee increases when you rent a larger safe. So if the bank charges $1 per square inch, a 10×10 inch box would cost about $100 a year.

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Antiques, documents and all things that are difficult or impossible to replace and are not needed immediately, it is worth putting them in a safe.

Note that the bank may limit the number of items you can keep in the safe, based on their value. The rental agreement will also specify restrictions such as rules against storing explosives and illegal drugs in the box you rent.

Avoid keeping items in your safe that may be needed for short-term or emergency situations. You should also avoid keeping things that you don’t normally need for a short period of time, but not being able to return them can cause serious problems.

If your bank branch is still closed or open by appointment only, you may not be able to get your things when you need them.

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Although an item in storage usually does not need to be retrieved quickly, consider how it can be problematic to have immediate access to it.

Some items, such as a medical certificate, should never be kept in a safe, as you may become incapacitated and need important documents immediately. Even if there are other people with access to the teller, you are limited to bank hours for access.

Safes can provide additional security beyond what is already available in the home. McGinn knows that keeping things in a safe can be safer than keeping them in your home.

One day while he was traveling, someone broke into his house and used tools from the garage to break into his safe.

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“A barn with concrete or steel walls, a large ornate barn door with a triple combination and a time clock and everything is a much safer choice for consumers,” says McGinn.

However, it is important to choose a bank or credit union that will safely manage your cash. McGuinn suggests a list of questions to ask a financial institution before deciding whether a safe deposit box is a good place to rent.

A safe deposit box is located in a federally insured bank or credit union vault. But whatever you put in that box is not provided by the institution or the government. 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. Additionally, there are no federal laws that require buyers to receive any form of payment when an item is damaged or stolen.

If you want to secure the contents of the box, you have to buy it yourself – and it is worth considering: after a natural disaster, you can lose valuable things stored in a bank vault.

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Consider adding a separate policy to your homeowner’s insurance policy or contents insurance policy to cover valuables. Whether it’s your diamond tiara or a collection of rare magazines, your home insurance agent can write a special policy called a pilot.

Insurance companies often offer higher discounts for keeping valuables in a safe. “If you say it’s in a safe, sometimes the premiums are up to 50%,” says McGinn.

Personal items can be added to a homeowner’s or renter’s insurance policy, McGinn says. Another option is to find a company that specializes in providing policies for safes.

Rules about what happens to the safe’s contents depend on state law or the lease with the bank, McGinn said. “In most states, state law says surviving tenants have access.”

Safe Deposit Boxes Aren’t Safe

McGinn said that in his home state of Texas, if a storage tenant dies and there are no other co-signers, the probate code allows an attorney with a copy of the deceased’s will to look for certain items in the box, such as the original will. the presence of a bank employee.


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