Obtaining a safe deposit box is a great idea for everyone! - Money Safe Box

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Obtaining a safe deposit box is a great idea for everyone!

Rent Safe Deposit Box in a Bank

Items you may consider keeping in a safe deposit box are:

Birth certificates
Insurance policies
Electronic files
Bank records
Important receipts
Bills of sale
Certificates of deposit
Citizenship papers
Family records
Historical records
Marriage licenses
Safe Deposit Box - Caribbean Union Bank
Saint Vincent Bank account

If you prefer to have a Safe Deposit Box or Bank Deposit box in your local Bank or neighbour country you can search for banks in the Banking Directory of Banks
List of Bank in the Caribbean
A Safety Deposit Box in the Cayman Islands

Cayman islands safety deposit box: Getting a Safety Deposit Box is usually “that good idea” most people put off doing. But once your stamp collection, insurance polices, heirloom jewellery, or sentimental photographs are lost, stolen, or damaged, it'll be too late.

Feel secure knowing that the things you value most are in one safe, easily accessible place. Ask about a Safety Deposit Box at your nearest Scotiabank branch.

Cayman National Building, 1st Floor
200 Elgin Avenue
PO Box 1097
Grand Cayman KY1-1102
Tel: 345.949.4655
Fax: 345.949.7506

Opening Hours
Mon - Thurs 9:00am - 4:00pm
Friday 9:00am - 4:30pm

Services Available  
◦ All Deposit Services
◦ All Mortgages/Loan Services (Personal, Commercial and Corporate)
◦ Drafts.
◦Incoming / Outgoing Wire Transfers
◦ Bank Card Services
◦ Premier Banking
◦ Letters of Credit
◦ Night Depository
Safe Deposit Boxes

How Much Should a Safe Deposit Box Cost?
Renting a safe deposit box is affordable at most banks. Safety deposit boxes are recommended to keep insurance paperwork, wills and other important documents that you may need in an emergency.
Rent Per Year

The rent per year for a safe deposit box varies by the size and number available at each bank location. Most banks fees are in the same range. You should check with your bank for sizes, fees and availability.
•The smallest box is usually 2 by 5 inches and 12 inches long. Rent for small boxes typically average between $15 and $25 dollars.
•A medium box measures 4 by 10 inches and is 12 inches long. The average cost is between $40 and $65 dollars.  
•The largest box offered is 15 by 22 by 22 inches and usually costs between $185 and $500 dollars.

Other Fees for Safe Deposit Boxes

Key deposits are usually $10 to $25 per month. Replacement key fees are typically $20. If both keys are lost, and the box must be drilled open, expect to pay at least $150.

An Important Note

If you use your box to store stock and bond certificates, you can file the expense on your income tax return. A small box at $25 a year will help protect assets worth thousands, making it a reasonable investment in security.

Most banks offer a discount on safe deposit boxes for established customers. So it’s always best if you use your own bank. After you have decided on a bank, you will be given a lease agreement for your safe deposit box. If you choose to allow anyone else access to your box then they also must be there to sign said agreement.

Choose a Box Size

•A small box, 2 x 5 x 12 inches long will cost $15 to 25 per year.

•Key deposit will be another $10 to 25 for any size of safe deposit box.

•A medium box will be about 4 by 10 inches and the same length, for $40 a year.

•A large box up to 15 by 22 inches wide, and 22 inches long, will cost around $185 but could be up to $500. Use one this size for collectibles such as jewelry, porcelain figures, plates, fine art or gold.

Many banks waive safe deposit box fees if a minimum deposit of over $10,000 is kept in the customer's account.

Tips to Use a Safe Deposit Box Effectively
•Put a checklist inside the box listing all its contents.
•Keep a copy of this list at home and update it as needed.
•Photograph valuable objects you are putting in the box, like jewelry and coins. Keep these photos in a home office or file them with your lawyer.
•Make sure to close your safe deposit box and retrieve its contents when you move from your household, or any time you change banks. Boxes that are not used for 3 years or unpaid for 1 year will be listed as unclaimed by the bank. They can be drilled open, and the contents removed and sold.  
•Also, be sure to give the executor of your estate your safe deposit box key and power of attorney to access your box, before you die. This will ensure its contents end up where you have specified they should go.

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