Safe Deposit Boxes

What is a safe deposit box?

A safe deposit box is a safe and secure container used to safeguard irreplaceable documents and possessions.

Boxes are available in a variety of sizes at all of our bank locations.

What does a safe deposit box cost to rent?

Rental fee is based on size of box and can be billed or automatically deducted from your checking or savings account. Contact a Personal Banker for current pricing information.

What should go in a safe deposit box?

Antiques, documents and anything that’s difficult or impossible to replace that isn’t needed right away could be worth putting in a safe deposit box.

Good things to put in a safe deposit box include:

• Personal papers
• Stamp or coin collections
• Jewelry or rare collectibles
• Important contracts and business papers

Keep in mind that a bank may limit the amount of items you can keep in a safe deposit box, based on their value. There may be other restrictions as well, like rules against keeping explosives and anything illegal in the box you’re renting out.

What should not go in a safe deposit box?

Avoid storing items you might need on short notice or in an emergency in your safe deposit box. You also avoid storing items that aren’t typically needed on short notice, but your inability to retrieve them would cause significant problems.

Some examples are:

• passports
• medical directives
• revocable living wills

If your bank branch was shut down or closed you may not be able to get your belongings when you need them. Even if the item you are storing in a safe deposit box doesn’t typically need to be retrieved quickly, consider how simply not having access to the item might be troublesome.

Some items, like a medical directive, shouldn’t be stored in a safe deposit box anyway: If you are incapacitated and need the items, you can’t go get them. Even if you think you have a workaround by having multiple owners with access to the box, you would still be limited to bank hours to gain access.

Why use a safe deposit box?

Safe deposit boxes can provide added safety beyond what you may have available at home. Keeping items in a safe deposit box is a safe alternative to storing them in your own safe. A safe deposit box with the concrete or steel walls, the vault door with triple combinations on it and time clock is a much safer choice.

Are my belongings FDIC insured like my bank account?

A safe deposit box lives within the vault of a federally insured bank but whatever you put inside that box is not insured by the institution or the government. The Federal Deposit Insurance Corp (FDIC) protects only the money in FDIC-insured checking, savings, CDs and money market accounts. Furthermore, there are no federal laws stating that customers must receive any form of payment when an item is damaged or stolen.

If you want insurance on the items within the box, you must purchase it yourself. Why might you consider this? You could lose valuables stored in a bank vault following a natural disaster.

Consider adding a special policy to your home insurance policy or contents insurance policy to cover valuable items. Whether it’s your diamond tiara or a collection of rare magazines, your home insurance agent can write a separate policy, called a rider and Insurers will often give you a discount for storing pricey items in a safe deposit box.

Contact a Town & Country Insurance Agent for details today!

Contact a Personal Banker to purchase a safe deposit box or for any additional questions.