Do Banks Still Have Safe Deposit Boxes?

Many financial institutions, including many traditional banks and credit unions, continue to offer safe deposit boxes. These secure containers provide individuals with a protected space to store valuable items and important documents that they prefer to keep outside their homes. The service offers a physical safeguard for possessions, providing a level of security against various risks.

Current Availability

While some institutions have reduced their offerings, many banks and credit unions across the country still provide safe deposit boxes. Prospective renters can typically inquire about availability by contacting local branches directly or checking their financial institution’s website. Some credit unions, for instance, explicitly list safe deposit box services on their websites, sometimes even indicating which branches have them available.

Renting a Safe Deposit Box

Most financial institutions require individuals to be existing customers, and age restrictions typically apply. To verify identity, a government-issued photo identification (like a driver’s license or passport) and proof of address are required.

The rental process culminates in signing a lease agreement, which outlines the terms and conditions, including annual fees and the bank’s liability limitations. Financial institutions offer various box sizes, from 3×5 inches to 10×10 inches, with annual costs varying from $15 to $350 depending on size and location. After the agreement is finalized and payment is made, the renter receives the keys to their box. Some banks may also require a key deposit, which is refundable upon return of the keys.

Accessing and Managing Your Box

Accessing a safe deposit box involves specific procedures. Individuals present their identification and sign an access log at the bank. A bank employee then escorts the renter to the vault, where both the renter’s key and a bank’s guard key are required to open the box. The box is then taken to a private viewing room.

To add or remove authorized agents or co-renters, specific documentation and procedures are necessary, often requiring the presence and identification of all parties involved. Losing a safe deposit box key necessitates reporting it to the bank, which may involve a re-keying fee, potentially ranging from $10 to $25, and the box might need to be drilled open, incurring a drilling fee that can start from $100. In cases of non-payment of rent, banks typically send notifications and, if fees remain unpaid, may eventually drill the box open and inventory its contents. Upon the death of the primary renter, access to the box becomes restricted, often requiring legal documents such as a certified death certificate and letters testamentary from an executor to the estate to gain entry.

Understanding Security and Insurance

Safe deposit boxes are housed within bank vaults with robust physical security measures. These include reinforced construction, alarm systems, and continuous surveillance to protect against theft, fire, or flood. The contents of a safe deposit box are not insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance applies only to deposit accounts.

Individuals are responsible for securing private insurance for items stored in their safe deposit boxes. This can be achieved through a rider on an existing homeowner’s or renter’s insurance policy. Bank liability for the contents is generally limited and explicitly stated in the rental agreement, with some agreements capping liability at a multiple of the annual rent or a specific dollar amount, such as $25,000.