Tuesday, June 28, 2011

What is a Safe Deposit Box?

Many of us are afraid to keep our valuables in our homes. Though we'd love to feel as if our family treasures and important documents are safe, the fact of the matter is that the unthinkable does happen. In addition to being the spoils of a robbery, our valuables can become damaged due to fire, flooding or another act of nature. For this reason, a safe deposit box is a good idea.

A safe deposit box is a locked container kept inside of a bank vault. These boxes come in many different shapes and sizes and are made of a fireproof material. They're not free though. A safe deposit box is rented much in the way one would rent a post office box. The amount of money you pay depends on the size of the box desired.

Items that are good candidates for a safe deposit box are important documents, such as the deed to a house or a last will and testament, and treasured family heirlooms such as jewelry. Anything you'd rather not see fall into the wrong hands should be kept in a safe deposit box.

When you rent a safe deposit box, you'll most likely be presented with two keys. Only persons authorized by you will be allowed to access the safe deposit box. This means an employee of the bank will request identification before allowing access to the safe deposit box. Anyone not on the list of approved persons will be denied access.

Should you desire to make a deposit into or withdrawal from your safe deposit box, you and your box will be escorted to a private room. You will be left alone to view your treasures without worrying about who might be taking inventory.

Keep in mind however, that there's a downside to owning a safe deposit box. Since your valuables are held at a remote location, they're not available at your disposal. This means you will not be able to have convenient access to your stored valuables during non-business hours. If you decide to rent a safe deposit box, be sure you give careful consideration to those items you opt to store at the bank.

In the long run, the benefits of renting a safe deposit box far outweigh the disadvantages. When it comes to your family treasures, it's better to be safe than sorry.

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