10 Things to Put (and Not Put) in a Safe Deposit Box
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Important documents are more likely to be stolen or damaged by fire or water at home than at a bank, making a bank’s safe deposit box the best place to keep them.
Or at least most of them.
Some items that you may need to get ahold of immediately are better off left at home, such as in a home safe. But even home safes aren’t as protective as bank safe deposit boxes when it comes to theft, fire and water damage.
Digital records and cloud storage make some paper documents unnecessary. However, digital records can be hacked, so a safe deposit box at your bank might be safer.
Safe deposit boxes do have limits, however.
Banks aren’t open every hour of every day. When an emergency pops up, you may not have time to collect your passport from your bank.
But some documents should be put in a safe deposit box. And some shouldn’t. Here’s a list of five in each category.
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What is a safety deposit box?
A safety deposit box is a secure, private storage unit typically offered by banks and credit unions. These boxes are housed in the financial institution's vault, providing a physically safe and secure environment for storing valuable and important items. Items commonly stored in safety deposit boxes include important documents (such as your original wall and copies of your wills, marriage licenses, property deeds, and birth certificates), valuable jewelry, savings bonds, uninsured valuables, rare collectibles, and even digital data on hard drives or flash drives.
There are several reasons why you might consider getting a safety deposit box:
- Security. Safety deposit boxes benefit from the high level of security at financial institutions, including surveillance cameras, alarm systems, and reinforced construction. This level of security is difficult and expensive to replicate at home.
- Protection from natural disasters. Safety deposit boxes are designed to withstand fires, floods, hurricanes, and other natural disasters, offering protection for your valuables that a home safe might not provide.
- Privacy. Access to the contents of a safety deposit box is highly controlled and restricted to the box holder and any authorized individuals they designate. This ensures that your sensitive documents and valuables remain confidential.
- Cost-effective peace of mind. While there is a rental fee for safety deposit boxes, the cost is generally reasonable, especially considering the value of the protected items. Knowing that your most important items are secure can offer you peace of mind.
- Prevents loss. Keeping valuables in a secure location helps prevent them from getting lost among household clutter. It's also useful for items that are not needed regularly.
Average cost
The cost of renting a safe deposit box can vary widely depending on several factors, including the box size, the location of the bank or credit union, and the institution's pricing policies. On average, annual rental fees for safe deposit boxes can range from as low as $20 to $30 for a small box to $100 to $200 or more for larger boxes. Some institutions may discount their existing customers or charge higher rates for more premium features, such as boxes in highly secure or convenient locations within the vault.
What to keep in a safe deposit box
Social Security Card
Your Social Security number can be stolen online, and a thief could break into your home and take it, too. You also don’t want to keep the card in your wallet or purse.
The number can be used to open credit cards in your name and is one of the most sought-after documents by fraudsters.
Put your card in a safe deposit box, and if you need to show it to the DMV as proof of identification, then you can plan to get the card a day early. For daily use, you probably have already memorized the number anyway.
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Vital records
Birth, marriage, divorce, and death certificates are rarely needed and are difficult to replace. Certified copies of vital records can be obtained at government agencies for usually low fees by providing proof you’re entitled to copies. Delivery can take a week or more.
Jewelry
Homeowners insurance can be added to cover your jewelry, but the extra coverage can be expensive or not offer much protection. Written appraisals of each piece of jewelry will probably be needed for this extra insurance, and keeping the appraisals in a safe deposit box can make filing a claim easier.
Any jewelry you don’t wear regularly should be kept in a safe deposit box. Buy a safe for your home to store expensive jewelry. Keep family heirloom jewelry with a personal connection in the safe deposit box until you plan to wear it.
Home inventory list
Keeping a list of your belongings for your insurance company at home won’t do you much good if a fire or other disaster destroys your home. Your insurer should also have a copy of your home inventory list, but it should be kept in a safe deposit box at a bank where it’s less likely to be destroyed.
Property and car records
You may never need to open your real estate paperwork again, but it’s a good idea to keep settlement documents in a safe place, such as a safe deposit box. Other home purchase documents that should be kept safe include the deed, closing statement, and the property survey showing the property lines.
Your car title should also be kept in a safe deposit box. You may only need it again when you sign the title over to the buyer or take out a title loan, but it’s a document you don ’t want to lose.
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What NOT to keep in a safe deposit box
Passport
If you need access to anything quickly, a safe deposit box isn’t needed. While it’s unlikely you’ll need your passport at a moment’s notice, an unplanned trip could pop up. Maybe your child is overseas and in the hospital, and you need to leave immediately. Or maybe you found a fantastic, last-minute deal on a trip overseas.
If you need your passport during non-banking hours and it’s in a safe deposit box at the bank, that trip will have to wait.
Cash
Your money should be deposited in a bank account, not stashed in a safe deposit box.
Even if you need the money in an emergency, a safe deposit box can be hard to get to at any hour of the day. You’re better off using an ATM.
Some banks may prohibit cash from being stored in safe deposit boxes. It isn’t insured by the FDIC.
Some legal documents
Wills, durable power of attorney, living will, health care proxy, and other legal documents that describe how you want to be treated while dying or what type of emergency medical care you want should be kept at home.
Many of these are called advance directives, and they cannot be followed if they’re locked in a safe deposit box that your loved ones can’t access.
Illegal or dangerous items
Banks will probably give you a list of things that aren’t allowed in a safe. These typically include:
- Guns
- Bullets
- Explosives
- Illicit drugs
- Hazardous materials
- Fireworks
Don’t be the person who’s arrested for keeping firearms in a safe deposit bank. You could get into serious trouble for it.
Spare keys
If you can’t get into your house because you forgot your keys, there are better places to put them than in a safe deposit box.
We’re not suggesting putting them under a porch mat. But we’re sure you can create some creative places to put them. Or with a trusted neighbor.
Just don’t put a spare house key in your wallet. If your wallet is lost or stolen, someone could use the address on your driver’s license to get into your house.
So, while a safe deposit box sounds like a good place for spare keys, remember that it won’t be available after regular business hours. That’s when it’s time to call a locksmith.
FAQs
1. What can I store in a safety deposit box?
You can store a variety of items in a safety deposit box, including important documents (e.g., birth certificates, property deeds, marriage certificates, and wills), valuable jewelry, rare coins or other collectibles, and digital data (e.g., photographs, videos, and important digital documents stored on hard drives or USB flash drives). It's important, however, to remember that while safety deposit boxes are secure, accessing your items is limited to the bank's hours of operation.
2. Are the contents of my safety deposit box insured by the bank?
No, the contents of your safety deposit box are typically not insured by the bank. While the box itself offers a high level of security and protection from disasters, you are responsible for insuring the contents. Many people choose to add a rider to their homeowner's or renter's insurance policy to cover the value of the items stored in their safety deposit box.
3. How much does it cost to rent a safety deposit box?
The cost of renting a safety deposit box can vary significantly depending on the size of the box and the institution that offers it. Fees can range from as little as $20 to $30 per year for a small box to several hundred dollars per year for larger boxes. It's a good idea to shop around and compare prices and sizes at different banks or credit unions to find an option that best fits your needs.
4. What happens to my safety deposit box if the bank closes?
If your bank closes, you will still have access to your safety deposit box. Regulatory agencies, such as the Federal Deposit Insurance Corporation (FDIC) in the United States, oversee the process to ensure customers can retrieve their belongings. Typically, you'll receive notice about how and when to remove the contents of your box before the bank physically closes its doors or transitions to a new owner.
5. Can someone else access my safety deposit box?
Access to your safety deposit box is strictly controlled. Only you and individuals you authorize (co-renters or individuals you designate as deputies or agents) can open the box. It's important to designate a trusted individual who can access your box in case of an emergency or if you are unable to do so yourself. However, in the event of the box holder's death, access procedures can vary, often requiring legal documentation or a court order to open the box.
Safe deposit box alternatives
For those who prefer or need to keep their valuables and important documents closer to home, there are several alternatives to safe deposit boxes at banks. These alternatives offer varying levels of security, accessibility, and cost, allowing you to choose the option that best fits your needs:
- Home safes. A popular choice for securing valuables at home, safes come in various sizes and security levels, from basic fireproof models to high-security safes that are resistant to fire, water, and theft. Look for a safe that can be bolted to the floor or wall to prevent it from being removed.
- Fireproof and waterproof document bags. Fireproof and waterproof bags are a cost-effective solution for those with a primary concern of protecting important documents from fire and water damage. While they offer less security against theft, they can protect documents during a disaster. Just remember to keep them in a secure place.
- Locked file cabinets. A locked file cabinet can be a practical solution for large volumes of documents or items that need organizing. While not as secure against determined thieves, it provides basic protection and keeps documents organized and accessible.
- Hidden storage solutions. Innovative storage solutions that disguise valuables in everyday household items, such as fake books, wall clocks, or even hidden compartments in furniture, can provide an added layer of security through obscurity.
- Safety security box. Some companies offer security boxes designed for home use that mimic the security features of a bank's safe deposit box, including tamper-proof seals and fireproof materials.
- Private vault companies. Private companies offer vault storage services outside the banking system with similar security features. These can be more expensive but may offer more flexibility in terms of access and insurance options.
The bottom line
Safe deposit boxes offer a secure and relatively cost-effective way to protect your most valuable and irreplaceable items, such as important documents, jewelry, and family heirlooms, from theft, fire, and natural disasters. Located in the vaults of banks or credit unions, these boxes provide security and peace of mind that is challenging to replicate with home storage solutions.
However, the convenience of access can be limited to banking hours, and the contents are not insured by the bank, requiring you to arrange your insurance if needed. Additionally, in the event of the box holder's death, accessing the box can involve legal complexities. Therefore, while safe deposit boxes are an excellent option for storing items you don't need to access frequently, weighing these considerations against your specific needs and circumstances is important.
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