Using Safety Deposit Boxes to Store Important Papers
Safety deposit boxes are like tiny storage units in banks and credit unions. They keep important documents, as well as other valuables, safe and secure.
The Benefits of Safety Deposit Boxes: The main benefit is security. Safety deposit boxes are located in secure areas that are generally more resistant to fire, flooding, hurricanes, tornados, earthquakes, and other natural disasters than most houses.
Let’s not forget burglary. If important papers are left in a small home safe or filing cabinet, it is easy for the items (or the entire box) to be removed. Not only do your valuables go missing, but possibly also the paperwork that will help sort it all out, such as serial numbers and documents to prove your loss or even your identity.
Numerous safety precautions protect your safety deposit box. Banks generally verify signatures and identities of anybody who requests access to the box. Handing your key to someone else or sending somebody with the power of attorney to act on your behalf will typically not work (but check with your bank to verify procedures). If you want anybody else to have access to your box, visit the bank and complete any paperwork with that person well before they need access.
Safety deposit boxes are located in secure areas with alarms, video cameras, and high-security locks. In most cases, a bank employee must be with you to retrieve the box. Each box should have required two keys (yours and a bank employee’s), and the most secure boxes are in separate areas, away from the bank entrance.
Along similar lines, you’ll also enjoy privacy. You might not want important information and sensitive documents in your home. A safe deposit box prevents roommates, children, relatives, and anybody else from going through your belongings. At many banks, employees who help you access your box will leave you alone in a private room to open, close, and sort through box contents.
What to Keep in a Safe Deposit Box: Safe deposit boxes are good for small, important, and valuable items (including documents) that you want to protect. These should also be items that you don’t need readily available at your fingertips.
1. Birth and adoption certificates
2. Marriage certificates
3. Copies of wills and Copies of power of attorney
4. Investment information
5. Photos and negatives and Copies of driver’s licenses and passports
6. Household inventories / Real estate deeds /Real estate deeds
7. Bank and credit card account information
8. Stock certificates and bonds .
9. Precious metals, jewelry, and collectibles that cannot be insured
10. Hard drives and flash drives with important data
11. Insurance information
12. Other items that you believe are irreplaceable (or would be difficult or expensive to replace)
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