Which Documents Should Be Stored in a Safe-Deposit Box?

A safe-deposit box offers a secure solution for safeguarding important possessions and documents against theft or damage. These individually secured containers are housed within the vault of a federally insured bank or credit union. While the contents are not insured by the Federal Deposit Insurance Corporation (FDIC), customers benefit from robust security measures, such as alarms, surveillance cameras, and vault construction designed to resist natural disasters like fires and floods. Renting a safe-deposit box provides an off-site, protected location for items that would be difficult or impossible to replace if lost at home.

Key Documents for Safe-Deposit Box Storage

A safe-deposit box is an appropriate place for documents and valuables that are irreplaceable, hold significant sentimental or intrinsic value, and are not needed for immediate or frequent access. Original copies of vital records that are difficult to replace are ideal candidates, including:

• Birth certificates
• Marriage licenses
• Divorce decrees
• Death certificates
• Adoption papers
• Citizenship documents
• Military discharge papers (DD-214)

Property records, like deeds to a house, and vehicle titles are important documents rarely needed for routine transactions but are a hassle to replace if lost. Similarly, physical stock and bond certificates, and important business contracts benefit from the enhanced security of a safe-deposit box.

Small valuables with high financial or sentimental worth, such as rare coins, stamp collections, or heirloom jewelry, can be safely kept in a safe-deposit box. Place these items in protective packaging to guard against potential environmental damage within the box. For valuable items, consider obtaining separate insurance coverage, as the contents are not insured by the financial institution.

Documents Best Kept Elsewhere

Certain documents, despite their importance, are not recommended for storage in a safe-deposit box due to accessibility concerns. Documents needed in an emergency or for frequent access, such as passports, medical directives, and powers of attorney, should be kept in an easily accessible, secure location at home. Access to a safe-deposit box is limited to bank operating hours, which can hinder immediate retrieval during critical situations.

Original wills are another type of document advised against being stored in a safe-deposit box, especially if the box is solely in the owner’s name. Upon the box owner’s death, banks often seal the box, requiring legal processes, potentially including a court order, to gain access. This can cause significant delays and complications in estate administration, as the will itself may be needed to establish who has the authority to open the box.

Storing large amounts of cash in a safe-deposit box is not advisable. Cash does not earn interest while stored there, and it is not protected by FDIC insurance like funds in a bank account. Financial account numbers or keys to other important items are better managed through online security measures or a secure home safe, rather than being placed in a location with limited access. While originals of these documents are often unsuitable, securely stored copies can be placed in a safe-deposit box, with the originals kept in an accessible home safe.

Establishing and Maintaining Safe-Deposit Box Access

Establishing a safe-deposit box begins with visiting a financial institution that offers this service, as not all branches do. You will need to provide government-issued photo identification, such as a driver’s license, and potentially a secondary form of ID. A lease agreement will outline the terms and responsibilities, and you will sign a signature card that the bank uses to verify your identity each time you access the box.

You will receive a key to the safe-deposit box; the bank retains a separate “guard key” or uses a keyless system, requiring both for access. It is possible to add authorized individuals, such as a co-lessee or deputy, who can access the box. This involves them accompanying you to the bank, providing their identification, and signing the lease agreement or an authorized access form. This ensures someone can access the contents in case of your incapacitation or death, avoiding potential delays and legal complexities.

Maintaining access involves adhering to the financial institution’s procedures. Access is limited to bank operating hours, and you will need to present your photo ID and key for each visit. Keep a detailed, up-to-date inventory of the safe-deposit box’s contents outside the box, perhaps in a secure home safe or encrypted digital storage. This inventory should include descriptions and appraisals to assist with insurance claims or estate planning. If a key is lost, you must immediately notify the bank, as replacing it often involves a fee, and in cases where both keys are lost, the box may need to be drilled open at your expense.