Do Credit Unions Have Safety Deposit Boxes?

A safety deposit box offers a secure, private location for important documents and valuable items. Many use them to safeguard possessions that would be difficult or impossible to replace. A common question is whether credit unions offer these services.

Understanding Safety Deposit Boxes

A safety deposit box is a secure, privately rented container within a financial institution’s vault. Its purpose is to protect valuable belongings and important papers from risks like theft, fire, or flood. These boxes offer a reliable storage solution.

Access to a safety deposit box involves a dual-key system. The renter holds one key, and the financial institution retains a “guard key.” Both keys are required to open the box, ensuring neither party can access contents independently. This system provides high security for stored items.

Credit Unions and Safety Deposit Box Services

Many credit unions offer safety deposit box services, though availability varies by institution and branch. Larger credit unions or those in established areas are more likely to provide this service, often due to available space and resources. Smaller or newer credit unions may prioritize core financial services and not offer safety deposit boxes.

Credit unions providing these services aim to offer comprehensive member benefits. Their services are similar in function and security to those at traditional banks. Members interested in a safety deposit box should contact their credit union branch to inquire about availability and policies.

Key Information for Obtaining a Box

The cost of renting a safety deposit box from a credit union involves an annual fee, which varies based on the box’s size. Common sizes include small boxes like 3×5 inches, medium boxes around 5×10 inches, and larger options such as 10×10 inches, with depths often ranging from 21 to 24 inches. Annual fees can range from approximately $20 for smaller boxes to over $100 for larger ones, though some institutions may charge up to $500 for the largest sizes.

Certain items are prohibited from being stored in a safety deposit box, including illegal substances, firearms, explosives, and perishable goods. Items needed in an emergency or on short notice, such as original wills, powers of attorney, medical directives, passports, or spare keys, are also not recommended due to limited access hours.

The contents of a safety deposit box are not insured by the credit union or federal agencies like the National Credit Union Administration (NCUA). While the NCUA insures deposit accounts up to $250,000, this coverage does not extend to physical items. Individuals with valuable items should consider obtaining a rider on their homeowner’s or renter’s insurance policy to cover the contents.

To lease a box, individuals need to present government-issued photo identification, such as a driver’s license or passport. Credit unions may also require existing account information to verify membership. If multiple individuals are to have access, they must be present during the initial setup to provide identification and sign the lease agreement as authorized users or co-lessees.

Accessing and Managing Your Safety Deposit Box

Once the lease agreement is finalized, accessing your safety deposit box involves a protocol. You will need to present identification and sign an access log at the credit union branch. An employee will then use their guard key with your personal key to open the box, ensuring joint control.

After the box is opened, you will be directed to a private viewing area to manage contents. Securely manage your personal key, as the credit union does not retain a copy. If a key is lost, notify the institution immediately; replacing a lost key or drilling the box open can incur fees ranging from approximately $150 to $200.

Annual fees for the safety deposit box are due on a set schedule, and timely payment is necessary to maintain access. If payments are consistently missed, the credit union will send notices and may eventually drill open the box. Contents are then inventoried and, after a period defined by state law, may be turned over to the state as unclaimed property.