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Renting a safe deposit box may be a no brainer for some people, while others may need guidance on how they could benefit from this service. Safe deposit boxes provide a safe, secure way to store and protect important, valuable property. Safe deposit boxes are metal containers kept under secure control by a financial institution, usually located inside the institution’s vault. Vaults provide protection from fire, burglary, and other unavoidable perils. Boxes come in various sizes to accommodate the needs of any consumer or commercial renter, and renters are typically billed annually for rent.
To rent a safe deposit box, choose a financial institution that is convenient for you. The institution will provide the renter or co-renters with keys for entrance. It takes one designated bank employee and the renter to enter the vault and access the box. The renter is given privacy to open the box and conduct his or her business in it, then the renter will return the box to the vault and lock it back into place. To ensure your privacy and security, bank employees do not open your box for you and do not know the contents of your box. Note: The box can only be reached during banking hours. Access to the safe deposit box is not available on Saturdays, Sundays, or holidays when the bank is closed. These boxes give consumers peace of mind knowing their valuables are kept safe and accessible only to the renters and their designated deputies.
Dana Dratch from bankrate shares these tips on what items should – and shouldn’t – go in a safe deposit box.
“A safe-deposit box is a good place to store anything valuable that you don’t need access to regularly or wouldn’t need suddenly in an emergency.
Good things to put in a safe-deposit box include:
You should not store items you might need on short notice or in an emergency. This includes passports, medical directives or durable powers of attorney, health care proxies and revocable living wills.
If you rent the box by yourself, don’t store your will, trust documents or anything else your heirs might need.”
A common misconception about safe deposit boxes is they are FDIC insured. This is NOT accurate. Any items you choose to place in your safe deposit box are not federally insured. You can purchase a special insurance policy as you would auto, home or life insurance to cover your valuable items.
Safe deposit boxes provide security to you and your belongings. If you would like to know more about this service, a Relationship Banker can help you decide if this is the right product for you. Give us a call in Ruston at 318-255-3733 or in Monroe at 318-812-2265 to explore your options.