Safe Deposit Box

A safe deposit box or safety deposit box is an individually secured container usually a metal box that stays in the safe or vault of a federally insured bank or credit union.

Safe deposit box.

A safe deposit box often referred to as a safety deposit is a small locked metal container stored in a vault within a bank. Some of the items you value most aren t worth much in dollar terms but you associate them with cherished memories. A safe deposit box is a better place for it than a dresser drawer. A safe deposit box or safety deposit box is an individually secured container that stays in the safe or vault of a federally insured bank or credit union.

You can schedule an appointment with an associate at your local financial center for a day and time that work best for you. A safe deposit box is more secure than most places but it s not 100 damage proof and there s no sense in taking any risks with a valuable collection. More what is a certificate of deposit cd. A safe deposit box also known as a safety deposit box is an individually secured container usually held within a larger safe or bank vault safe deposit boxes are generally located in banks post offices or other institutions.

Here are 5 pros and 5 cons to storing your valuables in a lockbox or bank safe deposit box reasons to use a safe deposit box. We talked to experts to come up with a list of nine things you might come to regret locking away in your bank which isn t open. Your safe deposit box can provide secure storage. Safe deposit boxes are used to store valuable possessions such as gemstones precious metals currency marketable securities luxury goods important documents e g.

These boxes involve two sets of keys. To open a new safe deposit box please visit your nearest financial center. Greg daugherty is a longtime personal finance writer and a former senior editor of money magazine. One which remains with the bank and one which goes to the owner of the box.

Both keys are required to open the safe deposit box which provides an additional layer of security. Wells fargo s safe deposit box contract caps the bank s liability at 500. But remember that safe deposit boxes aren t federally insured so the same rules about storing other valuables apply in other words you may need extra insurance. Citigroup limits it to 500 times the box s annual rent while jpmorgan chase has a 25 000 ceiling on its liability.