How to Open a Safe-Deposit Box
Do you have lots of valuable items lying around your home? Using a safe-deposit box is a sure way to safeguard your valuables and important documents. Follow these few steps to protect your treasured goods.
Instructions to open a Safety deposit box at the Bank
1 Select a bank with a safe-deposit box section. Keep in mind that banks often give existing customers discounts on box rental rates.
2 Determine what size box you need. Will you be storing only documents, or will you need a larger box for items such as jewelry?
3 Fill out and sign a safe-deposit box lease agreement. Anyone you want to have access to the box must also sign the agreement.
4 Pick a safe, accessible place to store your safe-deposit box keys.
5 Place your valuables into the safe-deposit box.
If you want to make sure all of your valuables are safe and secure, opening a safe deposit box is a way to ensure that they are well protected. Banks offer safe deposit boxes for purchase that you can use to keep your valuable items safe. They are available in various sizes depending on how much or what you want to store there. By having your safe deposit box at a bank, you can be sure that no harm with come to your items
Tips & Warnings
If you are the only person authorized to access the safe-deposit box, consider giving a trusted individual the power of attorney to access the box in the event of your illness or death.
Select a bank that is convenient to your work or home.
Do not use the safe-deposit box to store documents you might need while the bank is closed. This includes passports and power of attorney papers.
The keys you receive when you lease your box are the only keys that will open the box. If you lose the keys, report it to the bank immediately. Most likely, you will have to pay a locksmith to open the box and replace the lock.
If you do not pay the rental fees on the box, any property in the box might be turned over to your state's unclaimed property office.
The contents of safe-deposit boxes are not FDIC insured.
How to Rent A Safe Deposit Box
Function of Safe Box
The primary purpose of a safe-deposit box, sometimes erroneously called a "safety deposit box," is to securely store important documents and valuables, such as deeds, family photo negatives and jewelry. In order to get a safe-deposit box, bank customers must enter into a lease agreement with the bank and pay an annual fee based on the size of the box.