A safe deposit box is a locked container made of a fireproof material that is kept in a vault at home, a hotel, but usually at financial institutions or banks. At a bank location, safe deposit boxes are kept in groups inside of a bank vault. It is an ideal option for people who have pertinent documents and valuables that require secure safekeeping. It is where you can store property deeds, land titles, birth certificates, marriage certificates, wills, insurance policies, currencies, cash deposits, mortgages, bonds, stocks, family heirlooms, videos or pictures, special collections such as rare stamps, precious metals, jewelry, and other valuables that you want to protect from being stolen or damaged by fire, flood and/or other reasons.
Many people use safe boxes for storing precious items, because by doing so, they divest themselves of worry or fear that any time their prized possession might be compromised. The safe deposit boxes are placed in a safe vault with safe locks and are highly resistant to fire, heat, explosions, flood, hurricanes, earthquakes and other disastrous conditions. While thieves can still rob a safe deposit box, that rarely happens. The concrete or steel safe vaults where safe boxes are kept are equipped with highly sophisticated security systems. Video cameras, heat detectors, motion sensors, alarms, and locks are installed along with other devices for security. The banks also adhere to very strict procedures in accessing the vault.
The cost for renting a safe deposit box per year varies by the size of the box, number and type of account you have at a bank. Different banks and locations have different fees. It is best to refer to your bank in order to get a specific amount or charges you need to pay for your safe deposit box. Safe deposit boxes come in various sizes. The smallest one is usually two by five inches and 12 inches long, and would range from 10 to 25 dollars. Medium-sized boxes measuring four by 10 inches and 12 inches in length would cost from 40 to 65 dollars. The largest available box, which measures 15 by 22 by 22 inches long would range from 185 to 500 dollars. When renting a safe deposit box, take note of other fees such as replacement key fees, charges to drill a box, charges for a lost key, and other related costs.
While you can be at peace that your valuables are safely stored in the bank, you have to determine which pertinent items might be needed in case of emergency. Since your safe deposit box is kept in the bank, you will not be able to have access to it at nights, weekends, or during holidays. Consider keeping copies of relevant documents in order to be ready when you need immediate access and use of these papers. It is important to read and understand the rental agreement for your safe deposit box. Apart from yourself, who will you grant access to it? The other person you want to have access to the box shall also sign the agreement.