After signing the lease agreement for the box, you have the choice to add co-lessors (co-renters) who will have equal access and rights to the contents of the box. You can rent a safety deposit box from most banks, but we recommend using a bank where you have an account already. They’re also reinforced to withstand floods, fires, tornadoes, and hurricanes. If you’ve ever seen a bank heist movie, I’m sure you know what a bank vault looks like.īank vaults are highly secure locations that are equipped with video cameras, security guards, alarms, and state-of-the-art safety locks. The boxes come in various sizes but usually don’t get larger than 10 inches by 10 inches and two feet deep.

Safe deposit boxes are typically made out of metal and are used to protect valuables, sentimental items, and important documents. What Is A Safety Deposit Box?Ī safety deposit box, also known as a safe deposit box, is an individual container that’s kept in the vault or safe of a federally insured bank or credit union.

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When you shouldn’t open a safety deposit box When you should open a safety deposit box If it’s difficult to open a safety deposit box Important factors to consider before opening a safety deposit box Now that we’re living in the digital age, there are more innovative solutions in terms of where to store certain documents. Safe deposit boxes are more secure than your home because they are usually kept in weather-proof bank vaults.Īlthough it’s great to keep items in a safety deposit box, it’s important to understand how they work and what valuables to keep inside of them. Renting a safety deposit box is absolutely worth it and an excellent place to store irreplaceable and important documents that you don’t need to access very often. If you’re looking to protect your valuable possessions, you may have thought about using a safety deposit box.īut are safety deposit boxes secure and worth storing items in?

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