A safe deposit box is a locked compartment located in your bank or credit union. In order to obtain a safe deposit box, you will have to pay a monthly rental fee to your financial institution, and you’ll have to fill out the required paperwork, including furnishing identification. A safe deposit box is meant as a place to store precious, expensive or important items that you don’t feel are safe within your own home.
When you open a safe deposit box, you are given one key and the bank retains the other. The safe deposit box cannot be opened without both keys, which means that if you want to access the box, a bank representative must be with you.
Effectively Using a Safe Deposit Box: Size
When opening a safe deposit box, it is important that you select the appropriate size. Larger safe deposit boxes will be more expensive, but can hold a larger variety of items. If you only need the box to store important documents, one of the smaller boxes will do; however, if you plan to keep a large amount of jewelry or other items there, you might want to invest in a larger box.
Effectively Using a Safe Deposit Box: Location
Most people open safe deposit boxes with the financial institution that holds their other accounts. This way, you don’t have to make an extra trip if you need to make a deposit and put something in the box. Plus, if you are already a customer, you might be offered a lower rental fee. Just remember that you might want to open your safe deposit box at a bank that is near your home, in case you need something quickly in an emergency.
Effectively Using a Safe Deposit Box: The Key
Make sure that you store your safe deposit box key in a relatively safe place – on your key ring should not be an option. Most people keep their keys in jewelry boxes or drawers at home, but it’s best not to walk around with it on a daily basis. If you need to put something in or take something out, you’ll want the key to be accessible, but not unsafe.
Effectively Using a Safe Deposit Box: Timing
Although a safe deposit box is one of the best places to keep important documents, don’t keep anything there that you might need in a rush. Most banks operate from eight o’clock in the morning until four- or five o’clock in the evening, so you won’t have access to your safe deposit box outside of those times.
Effectively Using a Safe Deposit Box: Access
Although it is possible for two people to jointly open a safe deposit box, be careful whom you select. A boyfriend or girlfriend you’ve known for two weeks should not be trusted with a key to your most valuable possessions. Sometimes it’s better to simply open two and to keep your personal items to yourself.
