Consumer Products
Safe Deposit Box: What Is It & What Should/Shouldn’t You Store In One
September 9, 2024
When it comes to protecting your most valuable possessions, a safe deposit box offers a secure and reliable solution. But what exactly is a safe deposit box, and what items are best stored in one? At Peoples Savings Bank, we’re here to help you understand the benefits of using a safe deposit box and guide you on what you should and shouldn’t store in it.
What Is A Safe Deposit Box?
A safe deposit box is a secure, locked container typically located in a bank’s vault. It provides a highly secure place to store important documents, valuables, and other items that you want to keep safe from theft, fire, or natural disasters. Safe deposit boxes come in various sizes, allowing you to choose one that fits your needs.
When you rent a safe deposit box from a bank like Peoples Savings Bank, you’ll receive a key (or other access method) that allows you to open the box. Only you (and anyone you designate) can access the contents, ensuring that your valuables remain protected.
What Should You Store In A Safe Deposit Box?
Safe deposit boxes are ideal for storing items that are valuable, difficult to replace, and not needed on a regular basis. Here are some examples of what you might consider storing in a safe deposit box:
- Important Documents:
- Wills: While some people prefer to keep their will at home, storing a copy in a safe deposit box ensures it’s protected from damage or loss.
- Deeds and Titles: Property deeds, car titles, and other important ownership documents should be kept secure, as they can be difficult to replace.
- Birth and Marriage Certificates: These are essential documents that should be kept safe but are not needed frequently.
- Insurance Policies: Storing insurance policies in a safe deposit box ensures they’re protected and easily accessible when needed.
- Financial Records: Consider storing backup copies of important financial records, such as tax returns or investment documents.
- Valuables:
- Jewelry: Expensive or heirloom jewelry that you don’t wear often can be safely stored in a safe deposit box.
- Collectibles: Coins, stamps, and other valuable collectibles that require protection from damage and theft.
- Family Heirlooms: Items of sentimental value, such as old photographs, letters, or small family mementos, are ideal for safe deposit boxes.
- Backup Data:
- External Hard Drives/USB Drives: If you have important digital files, storing a backup in a safe deposit box ensures that your data is protected from computer failures or cyber threats.
What Shouldn’t You Store In A Safe Deposit Box?
While safe deposit boxes are secure, they may not be the best place for items that you might need to access quickly or regularly. Here’s what you should avoid storing in a safe deposit box:
- Cash: Storing large amounts of cash in a safe deposit box is not recommended. If you need immediate access to cash, keeping it in a bank account where it can be easily withdrawn is a better option.
- Passport: If you travel frequently, you may need quick access to your passport. Keeping it at home in a secure place might be more convenient.
- Original Copies of Essential Documents:
- Wills: While a copy of your will can be stored in a safe deposit box, the original should be accessible to your executor. Some states have restrictions that make it difficult to access a safe deposit box immediately after death, which could delay the execution of your will.
- Medical Directives: Documents like living wills or healthcare proxies should be readily accessible in case of an emergency.
- Firearms: Many banks prohibit the storage of firearms in safe deposit boxes. Check with your bank’s policy to confirm.
- Illegal Items: It goes without saying, but illegal substances or items should never be stored in a safe deposit box.
How To Get Started With A Safe Deposit Box At Peoples Savings Bank
At Peoples Savings Bank, we offer a variety of safe deposit box sizes to meet your needs. Renting a safe deposit box is easy, and our secure vaults provide peace of mind that your valuables are protected. Whether you’re looking to safeguard important documents, heirlooms, or other valuables, a safe deposit box can be an excellent solution.
Ready to secure your valuables? Visit Peoples Savings Bank to learn more about our safe deposit box options or stop by one of our branches to get started.