Which Banks Offer Safety Deposit Boxes?

A safety deposit box provides a secure, private location within a financial institution’s vault to safeguard valuable items and important documents. They offer protection against theft, loss, and natural disasters like fires or floods. Many use them for peace of mind, knowing irreplaceable possessions are stored securely. Renting a box is practical for securing items not needed daily but difficult to replace.

Finding a Bank Offering Safety Deposit Boxes

Not every bank or all branches offer safety deposit boxes. Availability varies by location and institution, as some have reduced or discontinued this service. To find a bank, check websites or contact local branches. Many large national banks, regional banks, and credit unions still offer this service. Verifying current availability is an important step.

What to Store in a Safety Deposit Box

Safety deposit boxes are suitable for valuable, difficult-to-replace items not needed frequently. Common items include original birth certificates, marriage licenses, property deeds, vehicle titles, and military discharge papers. Important financial documents like paper stock certificates, bonds, and backup data drives are also appropriate. Valuable jewelry, rare coin collections, and family heirlooms can also be stored securely.

Certain items are not suitable for a safety deposit box. Cash is not recommended as it does not earn interest and is not insured by the bank or FDIC. Documents needed in an emergency, such as original wills or medical directives, should be kept elsewhere due to limited access hours. Perishable, illegal, or hazardous items are strictly prohibited.

Preparing to Open a Safety Deposit Box

Before opening a safety deposit box, gather necessary identification. You will need government-issued ID, like a driver’s license or passport, and often proof of address. Consider the box size needed, as institutions offer various dimensions, from small 3×5 inch to larger 10×10 inch options. Annual rental fees typically range from $15 to $350, depending on size and institution.

Banks generally do not insure safety deposit box contents, and FDIC insurance does not cover physical items. For highly valuable items, obtain a personal insurance policy, such as a rider on your homeowner’s or renter’s insurance, to cover potential losses. Decisions regarding authorized access are made when opening the box. You can rent a box in your name only or add co-lessees with equal access rights.

Opening and Accessing Your Safety Deposit Box

Opening a safety deposit box involves signing a lease agreement. You typically receive a key, which, with the bank’s key, opens the box using a dual-key system. Some facilities use keyless biometric systems. Each time you access your box, present identification and your key; the bank will often require your signature.

Maintaining key security is important; losing it can incur fees, including drilling costs of $150 or more. To add or remove authorized users, visit the bank with the individual to complete paperwork and update the lease. In a bank merger or closure, box contents remain accessible, with FDIC guidance if the bank is not acquired. If rental fees go unpaid for three to five years, the bank may declare the box dormant and escheat contents to the state’s unclaimed property division.