safe-deposit box

Safe deposit boxes provide a way for people to keep valuables safe but out of the house and less vulnerable to theft. They are also a way to ensure privacy: Nobody but the keyholder can look at the contents, and the bank cannot access the contents on its own (remember, both keys must be present to open the box).

It is a good idea to consider storing some of the following in a safe deposit box: wills, birth certificates, passports, diplomas, social security cards, property deeds, copies of videotapes of home contents, rare coins, expensive jewelry and copies of insurance policies.

It is important to note that the bank does not insure the contents of a safe deposit box, nor does the FDIC. It is also important to note that if the owner of the safe deposit box fails to make the monthly rental payment on the box, the bank usually has the right to seize the contents of the box or turn the box over to the state as unclaimed property.