Safe deposit boxes are commonly used to store important documents, valuable items or heirlooms. However, not everything is suitable for storage in a safe deposit box. Understanding what to keep and what not to keep in these boxes can save you from potential hassles and risks. So, let’s unravel the mystery and take a sneak peek into the things you should never keep in a safe deposit box!
1. Cash
Yes, you read it right! Storing cash in a safe deposit box might seem like the safest option, but ironically, it’s not. Firstly, the cash stored in a safe deposit box is not insured by the Federal Deposit Insurance Corp. If the bank is robbed or goes through bankruptcy, you may lose your money.
Secondly, in case of quick access needs, it may not be possible to get to the box in time, especially if the bank is closed. It would be safer to keep your cash in a high-yield savings account, where it earns interest and is protected by the FDIC. For saving solutions, you may consider this collection of books on saving strategies.
2. Original Will
Keeping your original will in a safe deposit box is a common mistake. In many states, the box may be sealed upon the death of the owner, making it difficult for your heirs to access the will. The legal procedures to open it can be tedious and time-consuming.
It’s advisable to keep your original will with your attorney or in a safe place at home, with a copy in the safe deposit box. If you’re planning to write your will, the books available here might come in handy.
3. Anything You May Need in an Emergency
Items that might be needed in an emergency, such as passports, medication, or power of attorney documents, should never be kept in a safe deposit box. In the event of an unexpected situation or a disaster, you may require quick access to these items.
If the bank is closed or inaccessible, retrieving these items could be delayed, leading to potential problems. Instead, consider a home safe or a secure location that is easily accessible during emergencies. To keep your important documents organized at home, consider these document organizers.
4. Uninsured Valuables
While safe deposit boxes are generally secure, they are not invincible. Incidents like burglaries, natural disasters, or fires can still damage the contents. Storing uninsured valuables like jewelry or priceless antiques in a safe deposit box is risky as these items may not be covered by the bank’s insurance.
It is a good idea to get your valuables appraised and insured separately.
5. Property Deeds
Original property deeds are another item that you should not keep in a safe deposit box. If you need to sell or refinance your property, you will need immediate access to these documents. Given that banks have limited operating hours and can be closed on holidays, you might face unnecessary delays.
Instead, keep these documents in a secure location at home or in a fireproof safe. If you need advice on managing property deeds, these resources might be helpful.
6. Family Heirlooms
Family heirlooms are often priceless, carrying tremendous sentimental value. Losing them can be heart-wrenching. While safe deposit boxes can provide a certain level of protection, they cannot guarantee complete safety against unforeseen events.
Also, in case of your unexpected demise, your family might face challenges in accessing the heirlooms from the safe deposit box due to legal complexities. Storing them in a home safe or getting them insured might be a better option. For tips on preserving family heirlooms, consider this book collection.
7. Collections
Whether it’s a collection of stamps, coins, or baseball cards, it might not be the best idea to store them in a safe deposit box. These items can be irreplaceable, and their loss can be devastating, both financially and emotionally.
Moreover, many of these items may increase in value over time. If they are locked away in a safe deposit box, you might miss opportunities to sell or trade them when the market is favorable.
8. Unidentified Keys
Storing unidentified keys in your safe deposit box might seem like a good idea, but it can lead to confusion. Imagine the frustration when you’re looking for a key, only to find a bunch of unidentified keys in your safe deposit box, with no clue about what they open!
Instead, label your keys clearly and store them in a secure location at home. Consider using a key organizer for better management of your keys.
9. Confidential Documents
Although safe deposit boxes are secure, they are not always private. In some cases, the bank may have the right to open your box, particularly if they suspect illegal activities. Therefore, storing confidential documents in the box may not be the wisest decision.
Instead, consider storing such documents in a secure location at home, preferably in a fireproof safe. Check out this range of fireproof safes that can help protect your confidential documents.
In conclusion, while safe deposit boxes can provide a layer of protection for valuable items, they may not be the best choice for everything. Remember, quick access, insurance, and privacy are essential factors to consider when deciding what to store in a safe deposit box. By understanding what not to keep in these boxes, you can avoid potential risks and make the most of your safe deposit box.
