safe deposits, Uncategorized

Safe Deposit Boxes—Important Things to Know About Them…

As more and more banks digitalize their services, it’s easy to see why safe deposit boxes may seem old and outdated. However, for many, it’s still their go-to way when it comes to storing valuables, documents and other objects that are important to them.

Safe Deposit Box Security

Safe deposits boxes are secured bins located in bank vaults that one can rent for a fee. Upon rental of a safe deposit box, customers receive a unique key that they can pair with a second “guard” key. When combined, these keys provide access to the contexts of the box. Some more advanced keyless systems (such as finger or hand scanning) allow for more security.

It is no secret that safe deposit boxes are falling out of fashion, especially among younger customers. Most younger customers prefer digital storage over traditional storage methods. If you used to store the right things, safe boxes can, however, prove very useful.

What are some good things to keep in a safe box?

Safe boxes are objectively the best way to keep paper documents safe and secure. They are perfect for those documents that you don’t need to carry around with you all the time but are super-important all the same (think birth certificates). They are also ideal for storing documents that are not—or have yet not been—digitalized.

They are, however, not ideal when it comes to items that you might require on short notice, such as passports and other important travel documents.

Avoid storing cash in your safe deposit box.

Make sure that you seal your documents and valuables in safe containers.

Here are some frequently asked questions regarding safe deposit boxes:

  • How much can I expect to pay for a safe deposit box?

Not too much, as prices have gone down. Generally, you should expect to pay anything from $20 to $200 a year. It all depends on the size of your box.

  • How does insurance of valuables and documents work?

Well, the truth is that most banks will not cover the contents of your box. If you are planning on safekeeping jewelry or other valuables, separate insurance, and insurance packages do exist. It usually costs less to cover items secured in safe boxes.

  • Is the safe deposit box fee deductible?

It used to be, but unfortunately, it’s not anymore. Due to last year’s changes in taxation, it’s no longer possible to deduct the fee on your federal tax return.

Safe Deposit Center | 12000 NE 8th Street Ste 100 Bellevue, Washington 98005 United States
Safe Deposit Center | 12000 NE 8th Street Ste 100 Bellevue, Washington 98005 United States

To rent a Safe Deposit Box from an independent provider, give us a call at (425) 455-8333. Visit our website for more information at https://safedepositcenterwa.com/.

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safe deposits, Uncategorized

Bank Safe Deposit Boxes or Private Vaults… You choose!

Most banks are increasingly withdrawing from providing safe deposit box facility, a fact which has made many people who need this service to opt for the private safe deposit box facilities. However, not all banks have pulled out from offering a safe-box service for its customers.

At this point, Safe Deposit Center decided to provide information about a few significant differences between a private safe deposit box and a bank provided vault.

  • Privacy

All Banks give the safe box service to its existing customers who already have accounts in the bank. All bank customers give out their private information when opening accounts, which means that the banks have access to all your data. This means that, if you hold a safe deposit box in a particular bank, then they know it and can stop you from accessing your box in case of any arrears.

Private Vaults only need your photo ID and address proof for you to use their safe deposit box. The private vaults have no access to your confidential financial details. This also means that you are the only one who knows that you got a deposit box with them.

  • Access

Banks give very time-bound access to the safe deposit box you got with them. It is usually during the bank opening hours, and many times it is Monday to Friday.

Private Vaults offer seven-day access to your safe deposit box, and they will give you more extended and late opening hours within the week.

  • Box Size

The size and choice of boxes that banks offer are very limited, and you have to choose either a small one or a little large box. You will also have to select pricing which ranges from being reasonable to expensive with no other options.

Private Vaults offer a large selection of box sizes and have safe deposit boxes with varied sizes for all budgets.

  • Client Access

Banks generally require that you give them an advance notice informing when you need to access your safe box. They also ask for your photo ID on every visit. You may get restricted in some banks on the number of visits to access your safe box in a year.

Private Vaults in most cases only require the access card, which they gave you at the time of opening your safe box. Here you don’t need to inform in advance, and many of them offer unlimited access to your box.

  • Box Contents

None of the Banks allow storing cash in their safe deposit box, which you got in their branch. Generally, it is most of the times explicitly mentioned in their rules.

Private Vaults do not restrict the contents of their safe deposit box. Whatever is in the boxes is entirely private, and you can even store cash.

  • Insurance

Banks require that the contents of your safe deposit box get placed on your home insurance policy. They do not offer protection on your safe deposit box which increases your home insurance policy cost.

Private Vaults offer a full insurance cover for the contents of your safe deposit box leading to a lower premium on home insurance policies.

Safe Deposit Center | 12000 NE 8th Street Ste 100 Bellevue, Washington 98005 United States
Safe Deposit Center | 12000 NE 8th Street Ste 100 Bellevue, Washington 98005 United States

After looking into the pros and cons of both, the final decision will highly depend on what best works for you. It is however clear that Private Vaults focus on the safe-keeping business, making it the best option for the majority.

To rent a Safe Deposit Box from an independent provider, give us a call at (425) 455-8333. Visit our website for more information at https://safedepositcenterwa.com/.

Safe Deposit Center | 12000 NE 8th Street Ste 100 Bellevue, Washington 98005 United States
safe deposits

4 Reasons Why You Should Consider a Private Safe Deposit Company over Bank Safe Deposits

Over the past few years, private storage vaults have proved to be the best storage option for cash and bullion compared to bank safe deposit.

This is because private storage vaults guarantee safety, privacy, and easy accessibility to your items. The preference compared to bank safe deposits can easily be explained based on these 5 factors;

1. Access

Stuck up somewhere and need instant access to your precious items? No need to stress, just visit your private vault facility.

The advantage of private vaults is that they offer unlimited access to your items. You can visit them at any time of the day, any day of the week and still withdraw whatever valuables you need.

Banks, however, have their visiting hours limited to their regular working hours. This means that you only have access to your safe when the bank is open. Bank access is also limited to clients with bank accounts in the specified bank.

The private vaults, on the other hand, offer access to any willing client with original ID and proof of residence.

2. Privacy

You do not want everyone knowing that you own a safe deposit box. This is why private vaults are preferred since their operations are limited to the owners of safes only. The two storage vault keys are stored by the clients for privacy and better security.

Banks require your full information to open an account that will then be linked to your safe deposit box. The box can only be accessed through dual access keys, where one key is kept by the client and the other by the bank.

3. Space

You do not have to worry about space when dealing with storage facilities. Their offers include different box sizes to accommodate different items.

Unlike the banks’ safe that comes in small sizes fit for specific documents, private vaults offer rooms big enough to fit even that treasured antique of yours.

4. Regulation

In banks, government regulations affect regular activities in the bank including the safe deposits. An effect on the bank means an effect on your access to the safe deposit boxes leading to inconveniences.

Private vaults are individually owned and privately managed. You gain full access to the facility based on the agreed T&C for each specific store.

Safe Deposit Center | 12000 NE 8th Street Ste 100 Bellevue, Washington 98005 United States
Safe Deposit Center | 12000 NE 8th Street Ste 100 Bellevue, Washington 98005 United States

Whatever your need is, focus on the above-stated facts and make a wise decision. If you’re looking for a private safe deposit company to store your precious belongings, Safe Deposit Center has got you covered. To learn more about our safe deposits, please visit our website at https://safedepositcenterwa.com/.