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Safe deposit box?


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Safe deposit boxes are a real bargain, but they can be hard to find. In many banks, the largest size boxes are harder to come by, but the smaller ones are easier (i.e. the 3x5). The smallest ones can be very cheap too, I think at my local bank they are $20 per year, but they should have some out as examples so you can get an idea of size. I chose the 5x10 because it easily fits a half dozen slab boxes, but if you don't need the space you could go with a smaller one. I wouldn't go any bigger, as you would get a hurnia trying to lift it! Also, I would shop around too, some banks offer boxes for non-customers which might offer a lower price, also some offer discounts for having the annual rent deducted from your account automatically. Finally, don't ever lose the key! They often charge big fees to drill a box and replace the lock.

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What size holds a normal piece of paper...I would probably store some important documents in there as well. I read an article of how people are getting away from safe deposit boxes because they are not insured but oh well, what are the chanced...a lot less than something happening to my house. They also said store everything in plastic bags or tupperwear incase of flood or humitity. True?

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The cases of theft from safe deposit boxes are rare, much less likely than a burglary of your home. Fire or flood can and do happen more often, as evidenced by the many stories of loss from the bank branches in the lobby of the World Trade Center (I used to bank at the Citibank below the south tower). In this case, they are not insured, but then again, they are probably not insured on your homeowners policy either unless you have a specific rider to cover the items. Personally I would rather have my uninsured valuables in a big vault than in my dresser at home. Also, many vaults have fire surpression systems, so situations like an average fire will be more protected, but obviously not a 110 story building collapse. Heck, even in the WTC, all the silver and gold eagles that were in the storage vaults at the Comex came out just fine despite the collapse and fires burning for days. If you are that concerned, you can also buy insurance though the ANA that will cover safe deposit box contents for I think $1.50 per $100 covered (much cheaper than your homeowners insurance could do, I checked, and the cheapest quote I got was about $2.50/$100 and I was incredulous since the cost was the same whether they were in a safe deposit box or on my patio in a garbage bag). Finally regarding tupperware, I've never seen a need, even though I do have some paper in my box. On the other hand, you can use some dessicants to eliminate the humidity if you don't want to have coins tone or paper mildew. This is advisable, and I keep one in my box that can be recharged (the rocks inside the metal case turn pink when they need to be recharged, then you just stick it in the oven for some time at 350 degrees). As for size, it depends on how big the paper is you want to store and whether you want to fold it. Most boxes are 24" deep, so a 3x5 is 3" tall by 5" wide by 24" deep. That size will easily hold most currency (unless it's a French 500 franc note). My box is 5" by 10" by 24" so it easily holds stock certificates or legal size paper without the need to fold it (I keel a legal size file folder in it for important papers). I would advise taking either the largest item you want to store in it, or something comparable and bringing it with you to the bank and just see if it will fit the way you want it. Also, the standard sizes of boxes at most banks are 3x5, 3x10, 5x5, 5x10 and 10x10. There may be larger ones, but it depends on the bank. Good luck!

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I don't personally have one. I have a safe at my home. And it weighs a lot. And it doesn't fit through the door to get it out. It is an old safe, so it doesn't offer any fire protection anymore, just theft protection.

 

If your local bank is close enough to your home, by all means use a safe-deposit box. The closest bank with boxes is a half hour away, so it doesn't make it practical for me.

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Working for a bank, I get a deep discount for any box size I want or a free 3 X 5. The branch closest to my house is out of large boxes, so I'm stuck with a 3 X 10 until a bigger one comes available.

 

Theft from our boxes is incredibly rare, it's usually someone stealing someones ID and keys and impersonating that person to get into the box.

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I have a medium-size fireproof safe due to the location I'm in. Whenever I move back the the US, I'll probably get a safe deposit box. Whether it is for collectibles, important documents, or cherished items, I would highly recommend that everyone have a fireproof box in their home. Having insurance doesn't mean that an item is replaceable. I also use one of those oven-rechargable dessicants in the safe, and I assume it would be a good idea for a safe deposit box too.

Just hope none of your neighbors were "inspired" by the bank robbers in Brazil.

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With this much talk about valuable coins in bank vaults, the banks aren't going to be too safe ;)

 

Looks like the Brazilian robbers are going to strike once more pretty soon at this rate of conversation :ninja:

 

 

They'd be better off grabbing a few rolls of quarters rather than my collection! ;)

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I keep meaning to get one. For some of the coins and some things like Passports, Birth Certificates and insurance related receipts. It's $45 or $55 per year at the Credit Uuion for the size that easily holds folders, papers and coins.

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...On the other hand, you can use some dessicants to eliminate the humidity if you don't want to have coins tone or paper mildew.  This is advisable, and I keep one in my box that can be recharged (the rocks inside the metal case turn pink when they need to be recharged, then you just stick it in the oven for some time at 350 degrees)....

 

 

... I also use one of those oven-rechargable dessicants in the safe....

 

 

Is it possible to order these on the net???? Over here, I have only come across liter sized boxes that are meant for walk-in closets. Nothing small. :ninja:

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