Comments on: How To Use Safe Deposit Boxes

By: george3

george3 — Sun, 12 Jul 2009 13:44:48 +0000

How do I keep the inside of my fireproof safe dry (absorbing moisture)?

Thanks in advance for any input.

By: Melissa

Melissa — Thu, 05 Feb 2009 20:25:21 +0000

I just opened a box at my bank. I was surprised that the teller not only stayed by my side the whole time but he watched as I put my things into my safe deposit box. It felt really uncomfortable. If it happens again, I don’t know if I will keep it.

By: jim

jim — Wed, 08 Oct 2008 14:56:02 +0000

Jack:
1. I don’t see why not but I also don’t see what that gets you (other than the fact that the contents of the box are secret). In other words, for 99% of the population, you don’t get much out of putting cash in a safe deposit box.
2. Not that I know of.
3. Don’t see the point, but then again I don’t need to hide money.

By: Jack Charron

Jack Charron — Wed, 08 Oct 2008 14:49:13 +0000

Thank you for your article.
I have several questions.
1. Should money be kept in a safe deposit box?
2. Are there laws that restrict or prohibit money from being stored in a safe seposit box?
3. What are your thoughts on placing money in a safe deposit box?

By: Rob

Rob — Mon, 06 Oct 2008 18:11:15 +0000

Just wanted to add “Gold” to the Don’t Put Inside list. US Gold confiscation has happened before ( FDR did it ) and could certainly happen again. If you own gold, best to keep it yourself, under the radar.

By: Eric

Eric — Sat, 27 Sep 2008 14:22:41 +0000

I looked into a safe deposit box at my bank and walked away deciding not to get one. $250 / year was too steep for a legal sized box, even if I could get one, and it sounded like there might be a 1 year waiting list. For $250 I can buy a nice fireproof lock box and hide it somewhere safe.

By: Brad

Brad — Thu, 25 Sep 2008 14:25:40 +0000

Hundreds of people learned this summer in Iowa City and Cedar Rapids that safe deposit boxes are not immune from quickly rising waters. For months now, firms have been teaching people how to dry out their contents with special materials and how to stop the mold growing inside their documents. Even high and dry boxes started growing dark mold on the documents.

Everything inside your safe deposit box needs to be placed in an envelope inside a sealed plastic bag. The envelop will keep the melted plastic off the contents in case of fire/heat.

By: Meg

Meg — Wed, 24 Sep 2008 20:36:12 +0000

I still think of safe deposit boxes as mysterious and exciting, and I work at a bank so I should know better. I’ve been wanting to get one lately for the basic reasons: I need to put my social security card, passport, and perhaps some backup documentation of insurance, etc in there.

But at the same time I imagine myself keeping inside some expensive jewelry – which would require trips to the box whenever I wanted to wear it for a party – along with a wad of cash (perhaps in different denominations). I could be that mysterious lady who comes into the bank once or twice a month – to get travelers checks, exchange money, visit my safe deposit box; all the tellers would wonder at what an exciting life I must lead!

OK back to reality.

By: CK

CK — Wed, 24 Sep 2008 20:03:26 +0000

Yes, any estate attorney will cry if you tell them you keep your will in an safe deposit box.

Buying a sweet fireproof/resistant safe seems to be the way to go.

By: Evan

Evan — Wed, 24 Sep 2008 19:36:06 +0000

Jim,

You should really stress the Will in the safe deposit box more. When I was clerking (i.e. law student working for penuts) during law school I was at a firm that had to deal with this situation. IT WAS A MESS!

By: Cathy @ Chief Family Officer

Cathy @ Chief Family Officer — Wed, 24 Sep 2008 19:27:55 +0000

We’ve had a safe deposit box for a few years now – I like knowing that I have secure copies of important docs (I have duplicate originals of docs like birth certs and marriage certs – just paid extra for ‘em), and that the really nice jewelry I never wear anyway is as safe as can be.

But the effort it takes to get in there does minimize my trips. It’s not *that* bad, but it requires waiting in the teller line, informing the teller that I want to go back there, walking down to the end of the counter where the gate to go to the back is, then several minutes of signing papers and waiting for the teller to find the right keys. Then after I do what I need to do with the box, I have to go find the teller – they have to walk away to give us privacy, but they don’t exactly wait right outside the door. And then waiting til the teller puts the box back and gives me my key back, etc.

I guess what I’m trying to say is that retrieving docs is not something you can really do in a rush.

And thank you for the reminder to check with my homeowner’s policy – I don’t think I ever did that, so I’ll have to do that now.

By: jim

jim — Wed, 24 Sep 2008 18:45:32 +0000

Argh, I kept trying to make sure I wrote the right thing and missed a few places.

By: Chutzpah!

Chutzpah! — Wed, 24 Sep 2008 18:44:18 +0000

Small nag, Jim! Safe deposit box, not safety deposit box!

Awesome blog btw! Congrats on going pro!

-Chutzpah!

By: MissMartha

MissMartha — Wed, 24 Sep 2008 16:36:02 +0000

Don’t put your passport in a safety deposit box if you have a family member who is traveling outside of the country. This way, if you have to take an emergency trip you have access to your passport.