![]() ![]() So if you have a safe deposit box, here’s a rundown of what’s best to store and not to store in it. And there are some physical valuables that, for one reason or another, are best stored elsewhere. When your belongings are locked up in a box at the bank, you can only access them when the bank is open - which is a big problem for papers you might need to access in an emergency. However, that doesn’t mean you should use a safe deposit box to store everything you value. For these precious papers and belongings, a safe deposit box is still the safest place. And there’s still no way to make digital copies of physical objects that are valuable to you, such as family heirlooms or collectibles. Even in today’s largely paperless digital age, there are some occasions when you need the original copy of a paper document, such as your birth certificate or the deed to your house. ![]() The New York Times reports that many banks no longer offer them, and many that do say that half or more of their boxes are currently sitting empty.īut safe deposit boxes still serve a purpose. And indeed, there’s evidence that safe deposit boxes are on the decline. Nowadays, it’s so easy to store financial records and other important documents in digital form that the idea of keeping important papers in a locked bank vault sounds ridiculously 20th-century. You should also keep a scanned copy of all documents in the box separate from the originals, just in case.To some people, bank safe deposit boxes seem like a relic of the past. However, it doesn’t hurt to store paperwork in plastic bags or other containers to protect it from water damage. Many safe deposit boxes are ready to withstand hits from weather. You should ask your agent to expand your coverage to add the heirlooms in the safe deposit box.įinally, prepare your box for natural disasters. While Wisconsin Bank & Trust, a division of HTLF Bank has insurance for the money your accounts, we do not have coverage for your personal items in your box. ![]() This could be valuable information to include with your power of attorney or will.īefore you place any valuables in a safe deposit box, contact the insurer with your homeowners insurance policy. Before you register for one, ask about who can have access, and policies if you are incapacitated or pass away. Safe deposit boxes are secure on purpose, so they can be difficult to access. If something happens to you, it could make getting into your safe deposit box complicated – and your family will need the documents to either retrieve property or make decisions to help you. This includes a power of attorney, living will or final will documentation. This includes heirloom jewelry that you rarely wear, stamp collections, or particularly important family photos.Īnything you might need quickly, or when the bank is closed, should not be kept in a safe deposit box. If you or your children were adopted, especially from another country, you should consider keeping all paperwork related to that process in your safe deposit box as well, since getting copies from foreign governments could be next to impossible.īesides paperwork, think about keeping other valuables that you don’t need regularly in a safe deposit box, size permitting. This can cover a wide range of documents and valuables, such as original birth certificates, marriage licenses, military records, degrees and diplomas, house or car documents, social security cards and a home inventory for use when filing a home insurance claim. So, what should you store in a safe deposit box? A good rule of thumb is to keep items that are important, hard to replace and are not needed often. Many of us still have important papers that are very hard to replace, and this offers a place with ample security to protect them. While many things in our lives are digital, these storage options are still relevant. You can ask a Personal Banker for more information about where your institution offers space for your valuables. We work to keep the money of our accountholders safe, but certain locations offer the opportunity for you to rent a safe deposit box. That’s where safe deposit boxes come in handy. While we all hope that our homes are an ideal place for that, sometimes it’s a good idea to keep important items in another location. We all have things that we want to keep safe.
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