![]() You may also want to include registrations for automobiles and boats, title deeds, property surveys, birth, marriage, divorce paperwork, stock and bond certificates, and photos. Other things that might warrant storing in a safe deposit box are collectibles, jewelry you don’t use every day, computer thumb drives containing important information such as passwords, and copies of receipts. However, since you rarely need to physically produce your card, storing it in a safe deposit box or fireproof safe is an excellent idea. Most of you know that it is a terrible idea to put your card in your wallet. While you might not want to put cash and other items to which you need fast access in a safe deposit box, they can still be a great place to store certain items.įor example, security experts say that storing your Social Security card in a safe deposit box is not a bad idea. But don’t be so quick to turn in your keys. The potential risks of a safe deposit box may tempt you to get rid of yours. Should you get rid of a safe deposit box if you have one? If you need your money in a hurry, you may not be able to access it. ![]() Emergencies tend to occur at the most inconvenient times. The lack of easy accessibility is an excellent reason to avoid putting cash into your safe deposit box. Or, if your bank branch closes, it could take a long time for the bank to transfer your box to another unit. In addition to their attractiveness to criminals, safe deposit boxes suffer from another serious drawback: You cannot retrieve your valuables when the bank isn’t open. Each year, hundreds of bank customers report having valuables removed from their safe deposit boxes or find them accidentally rented out to other people.Īccessibility: Another issue for safe deposit boxes ![]() That is why security for safe deposit vaults is somewhat lax, and record-keeping can be sloppy. Safe deposit boxes are no longer profit centers for banks and are not considered a high priority item. Another reason is that many banks consider safe deposit boxes to be a quaint relic of the past. The fine print allows them to avoid paying claims when valuables are stolen or damaged. One reason it is hard to get banks to pay you is many of them have box-leasing agreements containing fine print. When a bank does offer compensation, it can be a fraction of what a client has lost. Unfortunately, safe deposit boxes are not always that safe.Įven if the bank is clearly at fault, it can be next to impossible to recover what was lost. You might think that because it’s called a “safe” deposit box, banks would have insurance to reimburse their clients in the event of a theft or loss. Although they operate within the highly regulated banking industry, safe deposit boxes have no federal laws protecting those who rent them and no requirements that banks compensate customers for lost or stolen items. There are nearly 25 million safe deposit boxes in the United States. Just two years before the Conroe heist, several East Coast banks had also experienced a rash of similar vault break-ins. Sadly, it was not the first time criminals had picked a bank’s safe deposit customers clean. In 2018, shortly after midnight, thieves cut a hole in the Woodforest National Bank’s roof in Conroe, Texas, lowered themselves into the vault below and began emptying the contents of dozens of safe deposit boxes.īank customers lost thousands of dollars in cash, collectibles and jewelry. It was like something out of a classic heist movie. ”Safe deposit boxes can be a great tool, but only if you know what NOT to put in them.” - Lyle Boss
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