Getting a safe deposit box can be a cheap way to protect your important documents. There are several benefits of a safe deposit box, including cost, size, and legality. In addition, a safe deposit box can be an extra layer of protection, which can make your documents more secure. However, you must be careful when choosing a safe deposit box. Before committing to a safe deposit box, read the following information to choose the best one for your needs.
Pre-authorization
To initiate a pre-authorization for a safe deposit box, you will need to log in to the Safe Deposit Box system. From the Application Toolbar, type DLDCUSWL to bring up the Safe Deposit Box Customer Waitlist screen. From here, you can select a box type and enter the reference for the contract. Once the contract is selected, click the Authorize button to submit the transaction. If you do not intend to make any transactions for a year, you can reverse the transaction by clicking on the Reverse icon on the toolbar.
Size
The amount of money you keep in a safe deposit box will ultimately depend on the size and type of box you choose. Generally, category 3 deposit boxes hold at least a million Swiss francs or euros. However, some banks are more lenient than others. If you have cash or other valuable items to store in a safe deposit box, you'll probably want a smaller one. If you have a high level of security, you might consider a larger one.
Cost
A safe deposit box is a great way to store important documents like passports and power of attorney documents. You can also store jewelry, artwork, and other items in a safe deposit box. The cost of renting a safe deposit box can range anywhere from $15 to $500 a year, and the size of the box determines the rental price. Safe deposit boxes come in a variety of sizes, and the average size is around three by five inches.
Legality
There are several myths surrounding the legality of a safe deposit box. The truth is that federal law does not specifically prohibit the possession of any item in a safe deposit box, but the bank's contract often does. Items that are prohibited include illicit drugs, stolen money, illegal goods, and certain weapons and explosives. Federal laws also prohibit the use of a safe deposit box to hide cash or other valuable items from tax collectors.
Insurance
A safe deposit box is a valuable item that you may want to protect from losses or theft. Unlike most other types of property, these boxes are not insured by the bank, and you will have to purchase your own insurance to protect your assets. Unlike other types of property, however, safe deposit boxes are not covered by the FDIC. Therefore, you can choose to buy insurance for your safe deposit box from your bank or a different insurance company.
Place to rent
If you want to store your valuables safely, one of the best places to rent a safe deposit box is a bank. Banks are specialized institutions that specialize in storing money, so they will have vaults devoted exclusively to safe deposit boxes. Contact a bank branch in your area to learn more about their safe deposit box offerings. If the bank you have selected does not offer safe deposit boxes, you may want to consider a private storage firm. You may only need one piece of identification when renting a box from a private firm.safe deposit box