Original copy of wills and trust documents.Unfortunately, few people realize the danger of keeping certain items within a safe deposit box. Never put these items in a safe deposit box This mainly due to safe deposit boxes being difficult to access in a hurry.Īnd depending on the items you keep in them, they can delay the entire estate settlement process and/or violate your agreement with the financial institution where the box is stored. Read more: 13 items most commonly found in safe deposit boxes The downsides of a safe deposit boxĪlthough safe deposit boxes are a great way to store and protect your valuables, the boxes should not be used to store everything and anything. Other tangible items, like insured jewelry, rare collectibles, and family photographs, should also be kept in a safe deposit box. Those documents are difficult to replace but only needed on rare occasions, so keeping them in a secured box at the local bank or credit union makes sense. What normally goes in safety deposit boxes?Įach individual’s safe deposit box will look slightly different, but there are certain items that should always be stored in the box.Ĭar titles, marriage licenses, social security cards, birth certificates, and other key documents are commonly found in safe deposit boxes. So despite the rise of the digital era, demand for safe deposit boxes has increased in recent years and will continue to increase in the future. And tangible personal items - the physical objects that are either intrinsically valuable or hold emotional value - can never be replaced by digital versions. We know what you’re thinking: with so many documents now digitized, are safe deposit boxes still useful?Īlthough some documents are now digital, other key documents cannot be digitized or replaced. Do you even need a safe deposit box these days? That means that 1 out of every 8 adults uses a safe deposit box to protect against the loss or theft of key documents and valuables. In the United States, an estimated 25 million safe deposit boxes are rented each year. The boxes, which are usually rented for a yearly fee from a bank or credit union, have become increasingly popular in an age when security is more important than ever before. There is no Administrative Fee charge or Key Deposit charge.Safe deposit boxes are an important tool for protecting important documents and valuable items. Īnnual rental fees will be collected on anniversary of box opening by auto debit to a Fidelity Bank account. The cost depends on the size, see list below. How much does it cost to rent a safe deposit box at Fidelity Bank? However, qualified individuals may add a special policy to their individual home or contents insurance policy to specifically cover the items in storage. The Federal Deposit Insurance Corporation (FDIC) protects only money in bank accounts and does not insure the contents of your safe deposit box. Are safe deposit box contents insured by the FDIC or the bank presiding over the bank or vault which houses the safe deposit box? It is recommended that those interested in setting up a safe deposit box speak with bank staff to help determine which access privileges best suit their needs. There are various options and rationales for various safe deposit access rights and are generally dictated by an individual’s present and future needs. Who should have access to my safe deposit box? As long as safe deposit box leasing fees are paid by the individual, they can trust that their items will be undisturbed and kept secure by the bank. Safe deposit boxes are a long-term storage solution ideal for small valuable belongings that are not needed on a regular basis. The appeal of a safe deposit box is often its security, safety, and privacy for extended periods of time. Due to their small size, safe deposit boxes are ideal for storing hard to replace documents such as birth certificates, marriage licenses, military documents, contracts, deeds and wills, as well as more precious, valuable or irreplaceable items such as gemstones and heirloom jewelry. What is a safe deposit box and what are they used for?Ī safe deposit box is an individual container, or ‘box’, that is secured within a bank safe or vault and can be rented by bank customers to store valuable personal items.
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