How to Open a Safe-Deposit Box

Do you have lots of valuable items lying around your home? Using a safe-deposit box is a sure way to safeguard your valuables and important documents. Follow these few steps to protect your treasured goods.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Safe-deposit Boxes
• Power Of Attorney Forms
• Banks

1. Select a bank with a safe-deposit box section. Keep in mind that banks often give existing customers discounts on box rental rates.
2. Determine what size box you need. Will you be storing only documents, or will you need a larger box for items such as jewelry?
3. Fill out and sign a safe-deposit box lease agreement. Anyone you want to have access to the box must also sign the agreement.
4. Pick a safe, accessible place to store your safe-deposit box keys.
5. Place your valuables into the safe-deposit box.

Tips & Warnings

• If you are the only person authorized to access the safe-deposit box, consider giving a trusted individual the power of attorney to access the box in the event of your illness or death.
• Select a bank that is convenient to your work or home.
• Do not use the safe-deposit box to store documents you might need while the bank is closed. This includes passports and power of attorney papers.
• The keys you receive when you lease your box are the only keys that will open the box. If you lose the keys, report it to the bank immediately. Most likely, you will have to pay a locksmith to open the box and replace the lock.
• If you do not pay the rental fees on the box, any property in the box might be turned over to your state's unclaimed property office.
• The contents of safe-deposit boxes are not FDIC insured.