Safe Deposit Box Facts:
Who has access? Only the person renting the box, those listed on the signature card, or their power of attorney has access to your safe deposit box. The financial institution may or may not have a master key. If they do, they can only enter the box with the owner present. It is extremely important that you keep your key in a safe place. If your box has to be opened by a locksmith, you as the owner are responsible for the cost.
What should I keep in my safe deposit box? The general rule is, if it is a document or item that can't be replaced or easily replaced and has legal, sentimental or monetary value, store it in a safe deposit box.
While some people may choose to keep original documents such as wills and passports in a safe deposit box, others may choose to keep originals at home (in a fire proof box) for quick access. Either is fine as long as you are aware and comfortable with the security and availability of original documents in cases of death or emergency, and have duplicates saved in the opposite location.
Do not place anything that is considered illegal in your safe deposit box, including United States currency, which is illegal to take out of circulation.
Safe Deposit Box Tips:
Your safe deposit box is not insured. Contents of your safe deposit box are not insured through the FDIC or NCUA. Be sure to let your homeowners or renters insurance agent know that you have a safe deposit box. Many times they can add a rider to your policy to insure valuable items.
Make a list of what is in your safe deposit box and keep it in safe place at home. You may also want to take a photo of the contents. Be sure to ask your insurance agent if they need either of those items for coverage.
Zip it. It doesn't happen very often, but water damage or flooding may be a possibility. If your safe deposit box is lower to the ground, consider storing documents and items in a sealed plastic bag for extra protection.
