5 Factors For A Secure Bank With Safe Deposit Box Rentals

There are numerous factors for a secure bank with safe deposit box rentals. Safe deposit boxes provide security for all of your valuables, such as important documents, data backup drives and jewelry. Certain banks offer these locked boxes located in a secure vault. As a high net worth individual, you should consider finding the right bank to keep your valuables safe. Of course, some banks may have higher levels of security for your items. Consider these factors when looking for a secure bank with safe deposit box rentals.

Cost

First, consider the cost of rent for a bank safe deposit box. In most cases, you will encounter safety deposit box costs to keep you business secure. Typically, the fee will correlate with the size of the deposit box you want to rent. The price for a box can range anywhere from free to around $300 a year. Keep in mind that you will either be charged a monthly or yearly fee, depending on your bank. Rent a deposit box that will be able to fit all of your valuables. Of course, carefully review your lease to be aware of hidden fees such as initial deposit fees, late payment fees or even locksmith fees. Surely, consider all possible bank costs for your safe deposit rental.

Insurance

Second, consider buying insurance for your safe deposit box rental. The contents in your safe deposit box will not be insured by the bank, FDIC or other government agencies. Talk to an insurance agent about adding a policy for your safe deposit box to your homeowner’s or renter’s insurance. You can save up to 50% on your premium just by informing your insurance company that you are using a safe deposit box. Keep track of what valuables you put in your safe deposit box to know its worth. Take the extra step of protecting your valuables by securing them in a plastic bag with your name on it to avoid loss or damage in any catastrophe. Certainly, insurance is an important factor for a secure bank with safe deposit rentals.

What To Store

Then, decide what you want to store in your safe deposit box rental. Safe deposit boxes provide secure storage for valuables that do not need immediate access. Keep in mind that safe deposit box sizes range from two inches by five inches to about 10 inches by 15 inches. They should be used for small valuables, such as important papers, consulting contracts and documents, stock and bond certificates, small collectibles, and heirlooms. Furthermore, consider the risk of unexpected disasters such as plumbing issues or fires. Do not store items that require immediate access in case of emergency. These items include passports, medical papers or other documents that you may suddenly need. Surely, consider what valuables you want to store in your safe deposit box rental.

Accessibility

Next, understand how accessible your safe deposit box will be. Keep in mind that most banks have a variety of limitations that are not always predictable. You will not have access to your safe deposit box during nights, holidays or weekends. Also, banks can be even more limited during unexpected emergencies and natural disasters. Furthermore, pay attention to any weather conditions in your area, such as hurricanes or snow storms, that can cause your bank to haphazardly close. These factors can lead to limited access to your safe deposit box by reduced operating hours, or requiring appointments for in-branch services. Certainly, consider the accessibility for your bank with your safe deposit box rental.

Access After Death Or Bankruptcy

The last factor to consider is how to access safe deposit boxes in the event of death or bankruptcies. In the event of death, there are ways for other people to access the deposit box. Typically, you can set up a meeting with management where the bank will require necessary documentation, such as a will, property deed, or official court documentation. Access to the deposit box may be limited to the executor or trustee of the deceased. Furthermore, if there is a surviving co-owner of the box, the bank can set a temporary block to third party access. In the event of bankruptcy, court documentation is required for access. Keep in mind that each state has different laws on how different situations are handled. Certainly consider the factor of what happens to valuables in a safe deposit box in the event of death or bankruptcies.

There are numerous factors for a secure bank with safe deposit box rentals. First, determine how big of a box you will need to get an accurate pricing estimate. Secondly, take the extra step in protecting your valuables by buying insurance for your deposit box. Next, familiarize yourself with your bank’s hours to know when you will have to opportunity to access your valuables. Then, consider what valuables you feel comfortable keeping in a safe deposit box with limited access. Finally, understand what happens if the owner of the deposit box no longer has access to their valuables. These are 5 factors for a secure bank with safe deposit box rentals.