Safe Deposit Boxes
Updated: January 7, 2009
Ins and Outs of Safe Deposit Boxes
Be prepared! A well-organized household record keeping system includes keeping certain important items stored in a safe deposit box at a bank or credit union. Susan Abbott from Busey Bank is here today with one, and with tips on what goes in, and what doesn`t....
Q1: What should be kept in a safe deposit box?
Jewelry and important papers are probably the most common items.
Original birth certificates, adoption papers, marriage and death certificates and divorce decrees, social security cards, property deeds, stock certificates, bonds, valuable collectibles and vehicle titles.
Insurance photos of the contents of your home, important computer disks.
Things you`d be in big trouble if you lost.
Q2: What kinds of things should be stored elsewhere?
Things you need in an emergency, such as wills, living wills, originals of power of attorney authorizations.
Passports, in case of an emergency trip.
Medical care directives, funeral or burial instructions.
Ownership contract with the bank will restrict certain dangerous contents, like drugs, alcohol, weapons or other explosives.
Q3: Are there insurance considerations?
FDIC coverage doesn`t include the contents of safe deposit boxes.
Take a look at your homeowner`s policy to see if the contents are covered and, if not, consider a personal articles floater.
Check with your insurance agent to find appropriate coverage.
Q4: How do they work?
You`ll sign a contract (ownership card). When time you visit your safe deposit box your signature will be compared with the one on the card.
You`re usually issued two keys. Your key is required to enter the box. The bank or credit union doesn`t keep a copy. If you lose it, the box will have to be drilled open by a locksmith, at a substantial fee.
Make sure a family member or your attorney knows where you keep the key and which bank facility your box is located.
Q5: Any keys to keeping tabs on valuables in your safe deposit box?
Keep careful records. Store documents in protective coverings. Keep copies of important documents elsewhere. Photograph box contents.
Do an annual check-up, and set up an automatic payment of rental fees from your checking account.
