Secure what matters most
by Admin
Posted on 25-01-2023 08:49 AM
Before matters of cost or convenience, you probably want to know just how safe your items will be in a safe deposit box. Specifically, are they more secure than if you kept them locked up at home?
many safe deposit boxes sit in vaults protected by steel-barred concrete walls; equipped with heat, motion and vibration detectors; and sealed with doors that weigh more than 3 tons, according to david mcguinn, president of safe deposit specialists, a financial consulting firm in houston.
Of course, even banks aren't immune from all incidents; they can make mistakes or be affected by fires, floods and break-ins.
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.
Avoid storing items you might need on short notice or in an emergency in your safe deposit box. You should also avoid storing items here that aren’t typically needed on short notice but your inability to retrieve them would cause significant problems. Some examples are: medical directives revocable living wills even if the item in a safe deposit box doesn’t typically need to be retrieved quickly, consider how not having ready access to it might be problematic. Some items, like a medical directive, should never be stored in a safe deposit box because you could become suddenly incapacitated and need important documents right away.
People who already have active checking or savings accounts often get significant discounts on safety deposit boxes at their banks. For instance, regions bank will provide 50% off the annual box fee for people who have active lifegreen checking accounts, while us bank does the same for platinum checking account-holders. To make sure you receive the appropriate price, you may need to print out the terms of the deal when you visit the bank. A deposit account agreement or schedule of fees from your bank's website will often include the relevant information. Having an account at the same bank with your safety deposit box also saves you money on the invoicing fee, a common annual charge on box rentals.