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Have you been wondering if your documents and valuables are secure? Perhaps you saw a movie with a spy rifling through several fake IDs and different currencies in a safety deposit box and got curious about which bank has the cheapest safety deposit box.
Safety Deposit Box 101
A safety deposit box is an individual locked container stored inside the vault of a federally insured bank or credit union. They use a dual key system, where the bank or credit union controls the key to unlock the vault and the renter controls the key to their safety deposit box.
Another layer of security is the authorized signature. When the account is opened, anyone who is authorized to access the safety deposit box will put their signature on file with the bank.
Most safety deposit boxes range from 3″ x 5″ to 10″ x 10″. The bigger the safety deposit box, the more it will cost to rent. The location also affects the fee for a safety deposit box.
How To Rent a Safety Deposit Box
Find a location near you with a safety deposit box available for the time you need it. Be sure the bank’s hours work in your schedule so you can access your items when needed.
Next, fill out a rental agreement. This will outline what is allowed in the safety deposit box, the fees and if there is any insurance available. After signing the rental agreement and verify your identity, you’ll get the keys to the safety deposit box.
Which Bank Has the Cheapest Safety Deposit Box?
The cheapest safety deposit boxes can currently be found at Erie Federal Credit Union, Ent Credit Union, Local Government Federal Credit Union and First Bank & Trust. For the cost of a safety deposit box at other banks that still offer the service, check out the table below.
| Bank | Cheapest Box | Size of Box |
|---|---|---|
| ANB Bank | $30 per year | 3″ x 5.5″ x 24″ |
| Vibe Credit Union | $30 per year | 5″ x 5″ |
| Columbia Bank | $25 per year | 2″ x 5″ |
| Ent Credit Union | $15 per year | 3″ x 5″ x 24″ |
| First Service Credit Union | $25 per year | 3″ x 5″ |
| First Bank & Trust | $20 per year | 3″ x 5″ |
| Erie Federal Credit Union | $15 per year | 3″ x 5″ |
| Local Government Federal Credit Union | $18 per year | 3″ x 5″ |
| People First Federal Credit Union | $30 per year | 2″ x 5″ |
| Truist | $45 per year | 3″ x 5″ |
| Lake City Bank | $60 per year | 3″ x 10″ |
How Much Does a Safety Deposit Box Cost at Bank of America?
Some banks, like Chase and Bank of America, Member FDIC, are discontinuing their safety deposit box services altogether. Banks are saying that the cost of the service is too high and many smaller branches just don’t have room.
What Do People Store in Safety Deposit Boxes?
People can store anything they think is valuable in a safety deposit box. That includes items with financial or sentimental value like copies of contracts, marriage or birth certificates, or family heirlooms.
Things Not To Store in a Safety Deposit Box
Each bank or credit union has its own rules about when renters can access their boxes, so it’s not a good idea to store anything that might be needed quickly or unexpectedly, like a passport or COVID-19 vaccine card. Most places will not allow users to store weapons, illegal items or cash in their safety deposit boxes. Even if cash were allowed, there are a lot better places to store it, like an investment.
Even though a will is like a contract, it should not be kept in a safety deposit box unless the beneficiaries are authorized to access it. Otherwise, loved ones may need a court order to access the box after death.
Are Bank Safety Deposit Boxes Worth It?
This depends on what is stored in it. Different people have different situations. A safety deposit box could be very useful for someone who often has people in their home when they aren’t present, like shared housing or for people who frequently move within the same area.
Here are more pros and cons of using safety deposit boxes.
Pros of Using Safety Deposit Boxes
- Only the box renter and the people they authorize can access the items inside.
- Items in a safety deposit box cannot be misplaced.
- Banks and credit unions have several layers of security that homes may not have. It is easier for a thief to steal from a home than from a bank or credit union.
- Safety deposit boxes are cheaper than home safes in the short term.
Cons of Using Safety Deposit Boxes
- Safety deposit boxes can only be accessed when the bank or credit union is open, not in the middle of the night or on holidays.
- Vaults are not disaster-proof. Items should be in waterproof and fireproof bags.
- Items in safety deposit boxes are not covered under the FDIC and may need additional insurance.
- If the rent isn’t paid, the owner may lose the items in the safety deposit box.
What Is Better Than a Safety Deposit Box?
Since no one can predict the future, it is hard to say what would be better. Even in areas with a high risk of natural disasters, items would be better off in a safety deposit box if the renter has people they don’t trust in their home.
An alternative to a safety deposit box is a fireproof home safe. These safes are small and fairly inexpensive. Though it would take years of safety deposit box rental to equal the same cost as buying a home safe, if long-term use is the goal, then a home safe could be cheaper.
Fireproof and waterproof document safes are portable and rated to keep documents, flash drives or other small items safe during house fires. Many can also keep items safe when submerged in water from floods or pipes bursting.
For bigger items or added security, a safe that bolts to the floor is an option as well. They are more expensive, but they cannot be carried out of the house if someone breaks in.
Final Take
Safety deposit boxes are not perfect for every situation or item. For valuables that won’t need to be accessed immediately or unexpectedly, a safety deposit box is a good idea.
Information is accurate as of Nov. 7, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- Jurado & Associates. 2022. "Who Can Access a Safe Deposit Box After Death in Florida?"
- The New York Times. 2022. "The Best Fireproof Document Safe."
- Bloomberg. 2022. "JPMorgan Chase Is Phasing Out Safe Deposit Boxes."
- Experian. 2022. "Do You Need a Safe Deposit Box?"
- Business Insider. 2022. "Banks offer safe deposit boxes at branches to store valuables, but you'll need to set up a plan beforehand."
