What You Can and Cannot Put in a Safe Deposit Box

A safe deposit box provides a secure, private location within a financial institution’s vault to store important possessions. The primary purpose of these boxes is to offer enhanced security against theft, fire, and natural disasters for valuable items. Located within the secure confines of a bank or credit union, a safe deposit box acts as a safeguard for items that require a higher level of protection than what might be available in a home setting. This secure storage solution is designed for items not needed for frequent access.

Permitted Contents

Safe deposit boxes are well-suited for storing a variety of valuable documents and small, irreplaceable items. Important personal documents such as original birth certificates, marriage licenses, adoption papers, and military discharge papers are ideal candidates. Property deeds, vehicle titles, and physical stock or bond certificates also benefit from this secure environment.

For valuable personal belongings, jewelry, and family heirlooms that are not worn or used regularly find a fitting home in a safe deposit box. Small, valuable collectibles like rare coins or stamps are also appropriately stored here. Additionally, irreplaceable photographs, negatives, and digital backups on external hard drives or USB drives containing sensitive data can be kept safe from common household hazards. Placing these items in a safe deposit box protects them from hazards like fire, flood, and burglary, which can be more prevalent risks in a home.

Unacceptable Contents

Financial institutions generally prohibit the storage of certain items in safe deposit boxes for safety or legal reasons. Illegal items, such as illicit drugs, stolen goods, or unregistered firearms where prohibited, are forbidden. Storing such items can lead to legal complications and may result in the financial institution terminating the rental agreement and seizing the contents.

Hazardous materials, including explosives, flammable liquids, or toxic substances, are also prohibited due to the risk they pose to the bank’s property and personnel, as well as other customers’ belongings. Perishable items like food or plants, and live animals, are not allowed because they can decay, attract pests, or create unsanitary conditions. Items that are too large to fit comfortably are likewise excluded. These prohibitions are in place to maintain a safe and compliant environment within the financial institution’s vault.

Items Best Kept Elsewhere

While safe deposit boxes offer high security, certain items are best kept outside of them due to accessibility needs. Passports and other frequently used identification documents should not be stored in a safe deposit box. Access to safe deposit boxes is typically limited to banking hours, making them inaccessible during emergencies or unexpected travel needs.

Original Last Will and Testaments should not be stored in a safe deposit box. Upon the death of the box owner, the box may be sealed, requiring a court order for access, which can significantly delay the probate process and the execution of the will. Instead, it is often recommended to keep the original will with an estate planning attorney, a trusted executor, or in a secure, fireproof home safe, with copies distributed to relevant parties. Similarly, medical directives and Powers of Attorney should be readily accessible, as they may be urgently needed to make healthcare or financial decisions if an individual becomes incapacitated.

Large sums of cash should not be stored in a safe deposit box. The contents of a safe deposit box, including cash, are not insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance only covers deposit accounts held at insured institutions. Cash stored in a safe deposit box also does not earn interest and is susceptible to loss of purchasing power due to inflation.