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Bank of america safebox rental cost8/20/2023 ![]() You should call your local bank branch to find out the annual rental costs for their safety deposit boxes. Prices not only differ between banks but can also vary by bank location. Safe deposit boxes come in a range of sizes up from there, with the largest being 10 inches by 10 inches and two feet deep. A small box is typically three inches by five inches, the size of an index card, and a foot long. The cost to rent a safety deposit box depends on the size of the box and location of your bank, ranging from about $20 for a small box to $200 for a large one. How Much Do Safety Deposit Boxes Cost to Rent? That can minimize the risk of losing the box’s contents. If you absolutely want to place these documents in a safety deposit box, you may want to authorize a trusted partner to access your safe deposit box in case of an emergency. In those cases, you may not have time to pre-authorize anyone to access those documents. Therefore, you may not want to store anything like medical directives or funeral arrangements. It’s important to remember that no one can get into your safety deposit box unless you have pre-authorized them. If an emergency comes up in the middle of the night and you need something from your safety deposit box, you won’t be able to access it until the morning. You can only access your safety deposit box during the bank’s business hours. Plus, stashing cash in a high-yield savings account can grow your money rather than let it sit idly.ĭo not use safety deposit boxes to store any items you might need quickly, especially in an emergency. Not only is it against the rules of many banks, it’s also safer in a bank account with FDIC insurance. These are documents that need to be available without jumping through too many hoops. You also should avoid storing cash in your safe deposit box. You shouldn’t use a safety deposit box to store passports, revocable living wills and powers of attorney. Again, you may want to place paper items in waterproof containers for extra protection. You can also store items like gold coins, family heirlooms and photo negatives. People typically store personal and property files, including original birth certificates, insurance policies, property deeds, car titles and U.S. What Should You Store in a Safety Deposit Box?ĭue to their secure nature, safe deposit boxes are an ideal place to store valuables and important documents. You can find a property insurance agency, a safety deposit box-specific agency or add a special policy to your homeowners insurance. If you want to insure your items, you’ll need to get that coverage yourself. Banks will not reimburse you for theft or damage, either. ![]() Neither the bank nor the FDIC insure the contents of safety deposit boxes. However, in the event that they are somehow stolen, they may be less protected. Storing items in a safe deposit box does offer a safe physical space for your valuables. Even if robbers broke into a bank’s vault, they could not open your deposit box without your key. In case of a home robbery, robbers could force you to open your home safe or take the safe and open it by other means. However, a thief can more easily break into your home and home safe than into a bank vault and deposit box. This might not sound any better than placing items in a safe at your own home. You may want to place your items in waterproof containers to prevent water damage. However, no space is entirely safe from natural disasters. Safety deposit boxes are housed in vaults with thick doors and walls, reinforced to keep them safe during hurricanes, tornadoes and other natural disasters. This way, if you lose your key or someone steals it, no one will know what it belongs to. If someone else needs to access your box, they will need prior authorization from you. For extra security, don’t put any identifying information on your safe deposit box key, like the box number or bank’s name. When you go into the bank to access a safety deposit box, banks require identification. Typically, each comes with two keys needed to open the box: one held by the bank and the other held by you, the box’s owner. In terms of access, safety deposit boxes are very secure.
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