Arranging to have a safe deposit box at your bank is an uncomplicated process. A yearly rental fee and a key will provide you great peace of mind, and may earn you a reduced rate on your homeowner's insurance.
Step 1: Your Bank Location
If the branch where you bank has safe deposit storage, ask about box sizes, annual fees and key rates. If safe deposit boxes are kept at another branch, find out the nearest location and contact them. You may have to open an account there to arrange automatic yearly fee payments.
Step 2: Opening Your Safe Deposit Box
Most banks offer a discount on safe deposit boxes for established customers. So it’s always best if you use your own bank. After you have decided on a bank, you will be given a lease agreement for your safe deposit box. If you choose to allow anyone else access to your box then they also must be there to sign said agreement.
Step 3: Choose a Box Size
- A small box, 2 x 5 x 12 inches long will cost $15 to 25 per year.
- Key deposit will be another $10 to 25 for any size of safe deposit box.
- A medium box will be about 4 by 10 inches and the same length, for $40 a year.
- A large box up to 15 by 22 inches wide, and 22 inches long, will cost around $185 but could be up to $500. Use one this size for collectibles such as jewelry, porcelain figures, plates, fine art or gold.
Many banks waive safe deposit box fees if a minimum deposit of over $10,000 is kept in the customer's account.
Step 4: Using the Box
Come to the bank with your safe deposit box key. You will need to sign an admission slip to get access to the Safe Deposit area of the vault. A Safe Deposit Area attendant will take you to the vault. With the bank's Guard Key and your key, open your Safe Deposit Box slot.
The attendant will take you to a viewing area where you can open, remove and add items to the box.
Step 5: Tips to Use a Safe Deposit Box Effectively
- Put a checklist inside the box listing all its contents.
- Keep a copy of this list at home and update it as needed.
- Photograph valuable objects you are putting in the box, like jewelry and coins. Keep these photos in a home office or file them with your lawyer.
- Make sure to close your safe deposit box and retrieve its contents when you move from your household, or any time you change banks. Boxes that are not used for 3 years or unpaid for 1 year will be listed as unclaimed by the bank. They can be drilled open, and the contents removed and sold.
- Also, be sure to give the executor of your estate your safe deposit box key and power of attorney to access your box, before you die. This will ensure its contents end up where you have specified they should go.
