This mainly has to do with the limited protections extended to safe deposit boxes. Technically, you could keep cash in a safe deposit box, but the FDIC doesn’t advise it. Passports or other identification documents.Rare coins, stamps and other collectibles.Some of the things you might add to a safe deposit box include: Safe deposit boxes can be used to store a number of items, but banks can impose guidelines on what can be kept inside them. What Safe Deposit Boxes Can (and Can’t) Hold In a nutshell, safe deposit boxes are a way to ensure that your valuables are physically safe and secure in the bank’s keeping. The same could apply if you’ve drafted important contracts for a business you own. For instance, if you’ve drafted a last will and testament or trust document, you may want to give a copy to your estate planning attorney and keep another copy in your safe deposit box. Having a safe deposit box could offer reassurance if you’re concerned about any of your valuables being lost or stolen or documents being destroyed. Safe deposit boxes can be used to store items that you may not want to keep anywhere else, including a home safe. As the owner of its contents, only you, and not the bank, know what’s held inside it. (The bank or credit union does not hold a copy of your personal key only you do.) What Safe Deposit Boxes Are Used For

To access what’s in your safe deposit box, you’ll need to go to the branch, show proof of identity and provide your key.

Typically, it takes two keys to open a safe deposit box: your key, plus a key that your bank or credit union retains. Safe deposit boxes are kept in a secure vault at a bank or credit union branch. Depending on the financial institution, they can be as small as 3 x 5 inches or as large as 10 x 15 inches. These boxes, which can be rented at either brick-and-mortar banks or credit unions, come in different sizes and are typically made of metal.

What Is a Safe Deposit Box?Ī safe deposit box is a secure container that you can rent to store important items. Before signing up for a safe deposit box, it’s helpful to understand how they work, what they cost and when it makes sense to use one. Safe deposit boxes can be an alternative to keeping a safe at home, although they may not be right in every situation. When you’re looking for a place to store cash, important documents or other valuables, a safe deposit box is one option to consider.

Banks with safe deposit boxes