Secure Asset Storage: Understanding Safe Deposit Boxes

Small items can be privately hidden in a safe-deposit box.

Safe-deposit boxes are vault containers banks rent to their customers. Safe-deposit boxes allow bank customers to keep personal assets, such as jewelry, valuable documents and currency, in a safe location outside of their home. Safe-deposit boxes ensure privacy, since only renters of the box have access. Access is usually key-based, and usually requires the owner's key and a bank official key to open. Access to safe-deposit boxes is limited to the hours of operation of the bank.

Step 1

Confirm the assets that you wish to hide in a safe-deposit box. Note the physical size of your items. Assets such as precious heirlooms, valuable documents, and stock certificates vary in physical size and demand varying space requirements.

Step 2

Call your local bank branch to inquire about renting a safe-deposit box. Not all bank branches will offer safety-deposit boxes. You may need to call many local banks to ascertain which banks do offer safe deposit boxes. Inquire after the requirements for opening a safe-deposit box. Banks may require customers to maintain a bank account before renting safe-deposit boxes.

Step 3

Select the size of safe-deposit box offered by the bank that will accommodate the assets to be hidden. Designate the individuals you wish to have access to the box. Consider adding an attorney representative who can access your box on your behalf. Sign necessary paperwork, pay the rental fee, and collect the key.

Step 4

Place assets to be hidden in your safe-deposit box. Document all items that are placed in the box. Take photographs of the items and duplicate a list of all items. A list should be kept with your safe- deposit box and at home.

Warning

Do not place items in the box that will be needed in an emergency situation, such as an insurance card.