What is a safe deposit box? A safe deposit box is a locked container located in most banks that are used to store valuables or important documents. These deposit boxes are secure inside your bank, and customers can lease an individual box to store their things. Why would I want a safe deposit box? Where can I rent a safe deposit box? How much do they cost? Keep reading this post to find out everything you need to know about safe deposit boxes and why you might consider one.
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What Goes In
As stated before, safe deposit boxes are used to store valuables and important documents. Because you can only access your box during bank hours, it is recommended you only store items that do not require immediate access. For example, you should not store passports, medical directives, or revocable living wills. These items might require immediate access in cases of emergency. Having access to the box during bank hours limits what you should put inside. Things you should store: birth certificates, meaningful jewelry, or other personal papers.
Is it Safe
Safe deposit boxes are very secure. They are found in the banks vault and require identification to access. Furthermore, most typical safe deposit boxes require two keys to open. One from you, and one from the bank. However, no space is entirely safe from natural disasters or other emergencies. If you have important documents, you might want to take extra precaution and use waterproof covers to ensure protection.
How many people have access to the box? Usually, a safety box is under one name. If somebody else needs access to the box, the account holder will need to give prior authorization.
Where to Rent
The best place to rent a safe deposit box is at a bank where you have an account. If you don’t have a Checking Account yet, check out our complete list of Bank Bonuses for all your banking needs! When opening a new bank account, you could have access to great account features and also take advantage of some huge bonuses!
To get started, call or visit your local branch. Because space is limited, there may be a wait list or slim availability. This might require some extra research or planning to find a location with open slots.
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How Much Does it Cost
When it comes to safe deposit boxes, there are different sizes and prices to choose from. Some banks offer a free safe deposit box as one of the many account features. However, if you don’t have access to this feature, the average cost of a box depends on the size you want, the bank, and even the bank location. The table below has average rent prices for some notable banks. Keep in mind, actual prices will vary.
Average Safe Deposit Box Price
| Box Size | 3 x 5 | 5 x 5 | 3 x 10 | 5 x 10 | 3 x 10 |
| Bank of America | $75 | $125 | $150 | — | $300 |
| Chase | $50 | $90 | $90 | $115 | $190 |
| Wells Fargo | $80 | — | $125 | $175 | $175 |
| US Bank | $63 | $85 | $112 | $133 | $184 |
| BB&T | — | $50 | $55 | $70 | $115 |
| Regions | $55 | — | $88 | $151 | $173 |
| PNC | $42 | — | — | — | $75 |
Conclusion
Safe deposit boxes are a secure place to store your most valuable documents or items. However, it’s not ideal for all valuable items, like passports or medical directives. It’s important to keep these things safe, but you will want to have more access to them in rare cases or emergencies. Are you interested in opening a safe deposit box with your bank? If so, get started as soon as possible because space is limited.
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