Large safe deposit boxes
by Admin
Posted on 07-03-2023 12:42 PM
Safe deposit boxes are located inside bank branches. Banks keep the boxes in a vaulted room that is safe from fire, water, and a variety of other potential hazards. When you go to the bank to rent a safe deposit box, you’ll need to fill out an application. As a renter, you’ll pay (on average) $30 up to $150 or more per year to rent a safety deposit box. The bank will provide you with the only two keys that exist for your box. The number of people who can access your box is limited, depending on the financial institution.
Safe deposit boxes are undoubtedly more secure than most people’s homes. Bank vaults, of course, are harder to break into and are located in secure areas with alarms, video cameras, and top-notch locks. They’re also reinforced to withstand fire, floods, hurricanes, tornadoes, and other natural disasters. Although safe deposit boxes are designed to withstand natural disasters, it’s a good idea to put anything that could be damaged by water in a waterproof container, such as a zippered plastic bag, to add another layer of protection. It’s best to store items in a safe deposit box that won’t be needed in an emergency.
Choose the way you pay
Financial institutions often offer customers free or discounted safe deposit boxes. If your bank's local branch doesn't have safe deposit boxes available, contact a different location or ask other financial institutions in your area. Rental fees vary depending on box size, your bank, your location and state laws.
In general, you'll pay between $20 and $200 annually, depending on the size of the box. Contact financial institutions in your area for pricing. Here are the steps to get a safe deposit box:
decide what you want to store. This dictates the box size you'll need. Decide who can access the box.
You can rent a safety deposit box from most banks, but we recommend using a bank where you have an account already. After signing the lease agreement for the box, you have the choice to add co-lessors (co-renters) who will have equal access and rights to the contents of the box. Then, the bank will give you a key that’s used to open your safety deposit box. Safety deposit boxes have two keyholes, which means you need two keys to open your safe deposit box. The second key, called the guard key, is held by the bank or credit union.
To qualify for waiving the safety deposit box fees, you'll need to meet the following requirements. Have a qualified account like a chase sapphire checking account maintaining an average balance of $75,000 or more in any combination of linked qualifying deposits or investments with chase. If you think you qualify for waive or you would want the bank to refund your funds, you can contact the bank and appeal your case. In addition, you can find legal statutes that support your case and use them to appeal. To contact chase bank on matters concerning a safety deposit box, you can send an email to safe.