A safe deposit box is an individually secured space kept inside the vault of a financial institution. Safe deposit boxes have long been a quintessential feature of bank branches since as early as 1853, because they help safeguard valuable, irreplaceable items.
Safe deposit boxes ensure that your stored valuables benefit from security including alarms, video cameras and high-quality locks. Additionally, safety deposit boxes are designed to be resistant to fire, floods and other natural disasters.
What items should I keep in a safe deposit box?
Here are five items to consider storing in a safe deposit box.
1. Social security cards, original birth and marriage certificates, and adoption papers.
If your social security card is stolen, it could create a cascading effect that will require you to file a credit dispute, freeze accounts and check your credit reports for fraud. That makes it ideal for you to memorize the number and store the card in a safe deposit box. It’s also wise to store personal records such as birth and marriage certificates and adoption papers there.
These documents can be difficult to replace if lost or destroyed, and while you can request copies from government agencies, it will cost you funds and valuable time.
2. Ownership documents such as property deeds, house titles and car titles.
When purchasing real estate, there is a lot of important paperwork that comes with the transaction. It’s critical to help safeguard documents such as property deeds and house titles, which will be needed if you decide to sell your home.
You might also want to store your car title in a safe deposit box. If your car title is stolen, the thief can forge your signature and sell your vehicle, and losing the title would require a visit to your Department of Motor Vehicles (DMV). Because you won’t need to use your car title often, a safe deposit box is a good place to keep it.
3. Physical securities: Paper savings bonds, stock certificates and bond certificates.
Although stock and bond ownership is now managed electronically, investors previously received paper certificates. Some of them are still circulating, so if you have any, your safe deposit box is an excellent place to store them until they’re redeemed.
4. Military records and discharge papers, contracts and inventory of home contents for insurance
Military records, discharge papers and contracts can be difficult to replace if lost or stolen. It’s also smart to keep an inventory of your home belongings, with photos and video supplements on a flash drive, in your safe deposit box. That way, if you lose your home in a natural disaster, you’ll have a record of your home inventory when you file an insurance claim.
5. Sentimental items that are irreplaceable
If you have items with sentimental value that would be difficult to replace, a safe deposit box is an ideal place to store them. It’s common for many safe deposit box holders to store items like old journals, cherished letters from family members or original family photos.
What items should I avoid placing in a safe deposit box?
Here are five items that some people may choose to keep in a safe deposit box, but could be kept securely at home:
- Passports: You may need your passport for business, a spontaneous trip or to provide proof of U.S. citizenship.
- Wills: If the owner of a safe deposit box dies, a financial institution will seal the box. The executor of your will may not be granted access without a court order.
- Power of Attorney: Keeping a Power of Attorney document in a safe deposit box will restrict immediate access during an emergency.
- Cash: Items in a safe deposit box are not insured by the FDIC.
- Spare keys: Keeping spare keys in your safe deposit box could make it difficult to access in the event of an emergency.
Remember that access to your safety deposit box is limited to banking hours, you should avoid storing frequently used items or anything you’ll need in an emergency.
Get a Safe Deposit Box at Zions Bank
If you’re considering opening a safe deposit box, now is a great time. Zions Bank’s Gold Account includes a 3x5 or smaller safe box for $0 rent or up to a $20 discount of larger box sizes for annual rent, subject to availability in your area. Not all branches provide safe deposit boxes, so check with your local Zions Bank branch to inquire about availability.