Using Safety Deposit Boxes to Store Important Papers

A safe deposit box is meant to be a secure way of storing some of your most valuable documents through a trusted banking institution. The safest place in a bank is inside the vault, which is where your safe deposit box will be kept.

This is the section of the bank that houses cash drawers and other high-value assets. For enhanced security, a safe deposit box is made out of sturdy metal and is designed to be fire-resistant. 

Reasons Why You Need a Safe Deposit Box

With a safe deposit box, you won’t have to always worry about your important documents being destroyed by a fire, getting into the wrong hands, or disappearing after a storm. Your documents will always be under high security at all times.

You get to have an opportunity to bounce back in case you encounter any unexpected problems down the road. Among the most common things that need to be safely kept in a safe deposit box include insurance certificates, vehicle log books, corporate contracts and agreements, and real estate documents.

Items that Don’t Need to be In Your Safe Deposit Box

Some valuables need to be easily accessible to your immediate family or next of kin in case you are unable to access them. As such, you need to make sure that you don’t have such sensitive items kept away in your safe deposit box.

Some of these items could include medical information, funeral arrangement documents, your will, and power of attorney details. If you’re not available to get to these documents, it might be difficult for anyone to access them if the need arises.

Cash is also something that you should avoid keeping in a safe deposit box. If you keep the money in your bank account, insurance is provided for amounts not exceeding $250,000 by the Federal Deposit Insurance Corporation. However, money kept in a safe deposit box isn’t insured, so it will always be at risk.

Here’s How You Can Get Started 

Your bank will advise you on the way forward if you decide to secure a safe deposit box. Usually, you will be required to pay a nominal fee for the service. Depending on how big your box is, the costs involved could vary.

There are no restrictions to what you can keep in a safe deposit box, in case you want to add some precious items such as jewelry or collectibles. Feel free to contact Heritage Bank for more information on how you can acquire your personal safe deposit box.