How to Open a Safe Deposit Box and Sign the Lease Agreement
Banking institutions across the country store and maintain safe deposit boxes for the safekeeping of valuables and important documents. Prices will vary with each banking institution, depending on the size of the box you lease and the lengths of the lease. Lease terms are typically six or 12 months. Opening a safe deposit box and signing the lease agreement can be done within one appointment.
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Things You'll Need
- Ink pen, blue or black
- Identification documents
- Documents or valuables to place in safe deposit box
Instructions
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Contact the bank to see if you need to be a customer of the bank, need to make an appointment and what identification documents you will need to bring with you. You can also ask about the lease length and costs.
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Arrive at the bank with any necessary documents. The bank representative will guide you through filling out the lease agreement and go over the terms, conditions and procedures associated with having control over the safe deposit box.
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Sign the lease agreement where you are told to do so and make sure it is in the required color ink. Each bank may differ on its policy on the color of ink required, but most of the time, the bank representative will hand you either a blue or black ink pen. The bank representative will give you the keys and request payment.
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Provide payment for your lease term. The bank representative will ask if you have valuables to store at this time. You can then place your documents and valuables in the safe deposit box.
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Tips & Warnings
If you have more than a few pages of documents to store for safekeeping, consider getting a larger box. It may not seem necessary, but you'll have more room and won’t have to fight to get your belongings in and out. A safe deposit box won’t serve its purpose if your documents get damaged because you did not get a large enough box.
Some banks have waiting lists to obtain a safe deposit box. You will need to decide if you want to be put on the waiting list for a box or if you want to use another bank.
Do not lose the safe deposit box keys. If you lose the keys, replacements are often expensive.
References
- Photo Credit Keith Brofsky/Photodisc/Getty Images
