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Is Getting a Safe Deposit Box Worth It?
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The main purpose of a safe deposit box is to protect your valuables. however, you want to pay for a little extra peace of mind; a safe deposit box is one of the more secure ways you can protect your important documents and valuables at a very affordable price
The main purpose of a safe deposit box is to protect your valuables. however, you want to pay for a little extra peace of mind; a safe deposit box is one of the more secure ways you can protect your important documents and valuables at a very affordable price
How Safe Is A Safe Box?
Safe deposit boxes at banks vary in terms of how “protected” they are, but they generally are fire resistant and protected against floods. They are usually stacked and located in the vault at your bank, protected against more common threats like fire, flood, and even explosions.
Regardless of their level of protection, the safes themselves are more secure, more heavily guarded, and the contents are better protected than if they were left in your home.
Terms And Conditions Of A Safe Box
Safe deposit boxes are protected by two keys: one that the bank gives you and another guard key that the bank keeps. Without these two keys available, the box cannot be opened. Losing your personal key will cost you both time and money, as the bank will have to arrange for a locksmith to drill the lock. You are also required to sign an admissions form every time you open your box.
Safe deposit boxes can also be opened in the event of a court order, a pursuant to the search warrant, rental delinquency on the box, or a bank branch closure. In the event of your death, the safe deposit will automatically be sealed. This can be the case even if multiple people have access to the box and only one passes away. It can sometimes take months before outside parties can gain access to the contents of your box.
Things To Keep In A Safe Box
Start by making a list of every document you have that you consider essential. Narrow down that list by removing the documents you think you’ll need at any time during the month. The ones you don’t need regularly should go to the safe box.
A good rule is that if you don’t see it or touch it at least once a week and you consider it “valuable,” put it in the box. Again, put these inside zip lock bags. That should give you a good start on what documents and items you should put into your safe deposit box.
This will also help you decide whether or not you need a safe deposit box in the first place.
