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Safe Deposit Box Tips

Sunday, January 2, 2011 - 6:44 AM
Jim **** at US News provides some tips about deciding if you need a safe deposit box and what to put in it.

One thing not mentioned is that you often can get a free or reduced price safe deposit box if you have a certain relationship account with enough balance at a bank. If you can't get a good deal at a bank, don't forget to check local credit unions. They often have lower prices for their safe deposit boxes.
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Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
1. Sunday, January 2, 2011 - 9:42 AM
The article notes that the content of safety deposit boxes are not insured by the FDIC.  However IMO it should also highlight that the contents are not insured by any other insurance, such as your homeowner's or renter's insurance, either. 

Also, I would never put originals of documents such as wills, trusts, or power of attorney documents in a safe deposit box unless the person who might need access to them also has access to the box.   Copies, yes, but originals never.  A safety deposit box could be sealed for weeks after a death and the person who is to act as your executor could be caught in a drawn-out and expensive legal catch-22 (they need the original document to demonstrate that they are the executor and have access to the box but the document is inside the box).  A fireproof safe box at home is preferable for originals, or even your attorney's office as an alternate location. 

Many people also store their final wishes with respect to burial, arrangements, etc. in a safety deposit box and again IMO that is unwise as many people will not think to look in a safety deposit box until after the funeral.

Also it's important to note that items in a safety deposit box can be escheated (turned over to the government) if a box is dormant for a period of time (which varies from state to state) even if the rent is paid and up-to-date. 

 
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pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
2. Friday, January 20, 2012 - 8:30 AM
The article suggests items which might be kept in a fire proof safe at home instead of at a bank safe deposit box.

http://financiallyfit.yahoo.com/finance/article-113834-11749-2-12-things-to-keep-in-a-safe-at-home-not-at-a-bank?ywaad=ad0035&nc
3
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
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