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Keep It Safe: 13 Important Items to Store in a Safe Deposit Box

An individually secured container, usually made of metal, that is securely kept inside a federally insured credit union or a bank is known as safe deposit box. If this service is not provided by your bank, you can even rent from a private safe deposit facility. Safe deposit boxes are an excellent place for the safekeeping of important items including irreplaceable documents, valuables, and sentimental keepsakes.

 

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Renting a Safe Deposit Box

The institution where you rent a safe deposit box will provide you with a key that matches a tandem key that will be held by the institution. The second key, also known as ‘guard key’ will be inserted in your safety box by the institution’s employee when you want to access it. If your institution uses a keyless system, then you will be asked to either scan your hand or finger in order to gain access. Anytime and every time you want to access your safety deposit box, you will be required to produce some kind of identification thing.

You have an option to either rent the safety box in your own name, or add other members to the lease. These people will have equal rights to access the contents of deposit box. Therefore, it is suggested to have at least one co-signer so that he/she can access the contents of the safety box in the event that you are unable to do it.

Safe deposit boxes are far safer than home vaults. This is because they are extremely difficult to break into and are well equipped with video camera, alarms and high quality locks. These safe areas are also equipped to survive natural disasters such as floods, tornadoes, hurricanes, and fires. However, this does not mean that you should store anything and everything inside the safe box.

 

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Store Heirlooms, Collectibles and Important Papers

One of the best places to store hard-to-replace documents like bond certificates, military discharge papers, contracts, business deals etc. along with family heirlooms and collectibles is a safe deposit box. Some of the things that can be easily stored in a safe deposit box (and don’t typically require frequent access) are as follows:

  1. Personal papers, like adoption papers, original birth certificates, citizenship papers and marriage licenses
  2. Copies of wills and powers of attorney
  3.  Military records and discharge papers
  4. School diplomas and transcripts
  5. Sensitive documents that you do not want your family members or roommates to stumble upon (like that stack of love letters from your 6th grade crush)
  6. Car titles and deed to your house
  7. Bond certificates and paper stocks
  8. An inventory of the contents of your home in case you need to file a claim with your home owner’s insurance policy
  9. Important business records and papers
  10. Important contracts
  11. Hard drives and flash drives containing important data as well as backups
  12. Sentimentally and financially valuable collectibles, jewellery, and family keepsakes
  13. Other small items as well as documents that are either irreplaceable or difficult to replace

Although these safety boxes are designed in such a way to withstand natural disasters, it is recommended to store your valuables in a zip pouch or a waterproof container so that there is an added layer of protection against water. This will also help you in keeping all the contents of your safe deposit box organized and stacked neatly. Also, make sure that documents needed for quick reference are electronically copied before being stored in the safety deposit box.

 

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What Not To Store In A Safety Deposit Box

Some things should not generally be stored in a safety deposit box. Most of the banks grant access to safety deposit boxes only on working days, and while many private facilities offer extended evening and weekend hours, you still may not have 24/7 access to the important items stored in your safe deposit box. Therefore, it is important not to save documents and items that you might require at a time of emergency in a safety box. Medical directives and original copies of wills and power of attorney are examples.

This may seem obvious, but is still worth mentioning: it is also suggested not to keep any illegal items in your safety deposit box. If you are truly uncertain, it is always best to consult with your safe deposit facility to ensure that the items you wish to store comply with their policies, as well as local and federal regulations.

 

Cost of Renting A Safety Deposit Box

The size of a safe deposit box determines its cost. There might be some other fees involved as well like late fees, lost key, drilling etc. You should know that these boxes are generally not covered by insurance.

 

Bottom Line

While the existence of safe deposit boxes goes back 150 years or so, there are less and less people opting to utilize them today. The younger generation today relies more on digital storage systems, and those that are newly living on their own tend to keep important papers at Mom and Dad’s house. This new trend can make it difficult for you to find a safety deposit box in your locality as there is a possibility that your bank might not be providing these services at all.

Still, safety deposit boxes are very helpful if you are not particularly a fan of digital storage system. If you want to rent a safe deposit box, you can check with your local bank or a credit union. If you require extended access hours and additional privacy or anonymity, a private safe deposit facility may be right for you.

 

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

If you are looking for a secure place to store your documents or records, Safe Deposit Center can help. At Safe Deposit Center, we offer a variety of safe deposit box sizes as well as open vault storage to accommodate your secure storage needs. For more information about our secure, private storage facility please visit https://safedepositcenterwa.com/.

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4 Reasons You Should Use Secure Document Storage While Travelling

Beginning at birth and growing as we go through life, we all generate a set of important documents that need to be protected at all times. These are documents such as birth certificates, passports, and any others which contain sensitive information or are vital to proving our identity or citizenship. However, these documents cannot be kept under lock and key at all times as we may be required to present them or reference them from time to time. No matter where our travels may take us, we need to have easy access to these documents without the fear of losing them, or losing control over who can access them.

Whether travelling domestically or abroad, smart travellers rely on secure document storage at a safe deposit or private vault facility to protect their identity and safeguard against loss or theft of sensitive personal information. Read on for the 4 most important reasons to protect your documents and your identity with secure document storage (while at home or away).

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1. Security

Safe deposit box and private vault facilities protect your documents with many added layers of security that home storage typically does not.  Should a natural disaster such as a fire, flood, or burglary happen while you are away, you can rest assured knowing that your valuable documents are securely stored off-site.

2. Privacy

Unlike renting a safe deposit box at a bank, the government does not require private safe deposit storage facilities to report on the activity at their facility or the contents of individual safe deposit boxes. This means that the confidentiality of the documents and valuables you choose to store is completely at your discretion.

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3. Designated Access

When renting a private safe deposit box for secure document storage, you may elect to designate access to a spouse, child, parent, or any other trusted friend or family member. Your designee could be your key out of trouble or back into the country should something happen to your passport or ID while travelling. Having someone at home with a key to your private safe deposit box ensures that you can maintain access to proof of your identifying documents – even from thousands of miles away.  If your usual designee will be travelling with you, make arrangements before your trip to grant access and give the key to someone who will be easy to reach and in the vicinity of your private safe deposit box while you are away.

 

4. Quick Recovery

A lost or stolen passport can take weeks or months to recover, and being without it could prevent you from re-entering the country if it goes missing while you are travelling abroad or cruising in international waters. Keeping a photocopy of your passport and other identification documents in your safe deposit box is a smart safeguard that can help you rapidly regain your identity.

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After reading all the benefits of using secure document storage, perhaps you are reconsidering the way you’ve been storing your own set of sensitive documents. You will be amazed by the level of comfort and accessibility a private safe deposit box (or private vault) can provide, especially when you are ready for relaxation. Spending time taking care of papers is the last thing most of us want to do during a vacation. Make use of secure document storage, and enjoy your travels worry-free!

If you are looking for a secure place to store your documents or records, Safe Deposit Center can help. At Safe Deposit Center, we offer a variety of safe deposit box sizes as well as open vault storage to accommodate your secure storage needs. For more information about our secure, private storage facility please visit https://safedepositcenterwa.com/.

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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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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/.