Tue. Apr 23rd, 2024

1. You should think about what documents should and shouldn’t be kept in a bank safe locker box. 

You may also be able to keep family photos and videos, as well as valuable collections or photographs or videos of your home for insurance purposes. You can also store digital images of important documents or photos on a secure website that you can access anywhere in the world.

probably wouldn’t use your bank safe lock to store any items you might need quickly, such as on a weekend, night or holiday. This could include your passport and the originals of your “powers-of- attorney”, which authorise others to transact business on your behalf or make medical decisions for you. An attorney can help you determine where to keep your original will.

2. It’s better to keep your cash in a bank account like a savings or certificate of deposit than in a safe locker box or home safe. 

This will reduce your purchasing power, said Luke W. Reynolds, Chief of FDIC’s Community Outreach Section. “Cash not held in a bank account isn’t protected by FDIC insurance.” (See #5 for more information on the possible risks.

3. A home safe can’t replace a bank’s safe-locker box. 

While a home safe can be used for replacing items that you need immediately, such as a passport, they aren’t as secure as safe locker box safes. Reynolds stated that a burglar could easily enter your home and force you to open the safe, or take the whole safe with him so that they can access the contents.

4. You will still be able to access your safe locker box in case the bank goes under.

If the bank goes under receivership and fails, the receivership will contact you with instructions on how to retrieve your safe deposit box.

5. You cannot protect your safe deposit box or your home safe from fire, theft, or any other loss or damage.

In case of theft or loss, keep your safe deposit box key’s identifying information, including the box number and bank name, out of reach. FDIC insurance does not cover deposit accounts. This is a law. You can’t expect your bank to pay you for damage or theft to your safe deposit box. Talk to your agent if you need protection for valuables stored in your safe deposit box.

Reduce Stress from Losing Things

A Safe Deposit Box is an excellent place to store important items if you are prone to losing them. This way you will always know where your valuables are.

Protect Papers

A safe deposit box can be used to store an additional backup copy of the most important photos, videos, or electronic documents. Keep printed documents such as marriage certificates and birth certificates, copies of your will, or insurance papers in a safe deposit container.

Leave a Reply

Your email address will not be published. Required fields are marked *