The Ins And Outs Of The Safe Deposit Box
What comes to mind when you think of a bank safe deposit box? Does anything come to mind? Perhaps you think of it as something only your grandparents used. Well, think again! A safe deposit box is actually something that many modern Americans still need and use.
What is a safe deposit box?
A safe deposit box is a secure container, typically made of metal, that’s located in the vault or the safe deposit box room of a financial institution. People typically use a safe deposit box to safely store items they don’t want to keep at home. When you rent a safe deposit box, the bank will give you a key to use that works with a second key that is held by the bank. Both keys are required to open the box.
Why do people use them?
People use a safe deposit box to store all kinds of things that they don’t want to keep at their home. It could be that they want to guard against fire or natural disaster. Sometimes customers like to keep valuables and sensitive information away from prying eyes at home.
What do people store in a safe deposit box?
Customers store all manner of items including copies of important documents like birth and marriage records, real estate deeds and car titles, paper stocks and savings bonds, military records, school transcripts and other legal documents. They also keep family heirlooms and pictures and other valuables they want to keep safe. That baseball card collection or something with sentimental value are all good candidates for things to keep here.
What not to keep in a safe deposit box?
Flammables, firearms, drugs or illegal paraphernalia may not be stored at the bank. Never leave the only copy of a document or something you might need to access quickly like a passport, power of attorney or medical directives.
Remember, there is a risk in keeping important possessions at home. A fireproof box isn’t nearly as secure as safe deposit box at the bank. There’s no risk of theft or someone else stumbling upon items you wish to keep private. Plus, you always know where these things are when you need them.
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It is important to note that you must not let your box rent lapse or you will risk losing your items. Also, money kept in a bank account is insured by the FDIC whereas items kept in a safe deposit box are not. It is a good idea to maintain the same level of insurance on your valuables as you would if they were kept elsewhere.
Safe deposit boxes are available in a variety of sizes at all VCNB branches except Jackson. Contact your local branch for information or to rent a box today.