How to Recover Safe Deposit Boxes
A safe deposit box is a metal container, normally fireproof, that is used to store personal property at a bank. Cash, jewelry and important documents such as wills are frequently stored in deposit boxes so that they will be more secure than they would be at home. If the bank happens to fail, deposit boxes are cut open and their contents are taken out (if they had not been claimed prior to the bank's collapse). Recovering deposit boxes can be time-consuming but is a worthwhile process to recover your valued possessions.
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Instructions
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Contact the bank. There should be a contact person responsible for talking to any concerned customers. Explain that you are trying to recover the contents of your safe deposit box and find out of the bank still has it or if it has been turned over to a third party.
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Schedule an appointment with your state's Unclaimed Property Office. Every state has a department that deals with lost and unclaimed assets. This normally applies to assets when someone dies, but bank failures would also fall under this department.
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Meet with someone from the Unclaimed Property Office and bring any proof of ownership with you proving you as the owner of the box's contents. If the property in the box has already been auctioned off, you would only be able to recover the financial value of the items. Documents could have already been shredded or destroyed, so you want to have this appointment as quickly as possible.
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Tips & Warnings
If your property has already been auctioned by the government and you still want to recover it, you can hire a firm to try to track down the missing items. This can be an expensive option.
If your property was destroyed by flooding, fire, or has been stolen from the bank, you may not be able to recover any damages since deposit boxes are typically not covered by the FDIC. Check your specific policy to verify what protections you have in the event of property loss inside the bank.
References
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- Photo Credit box image by Albert Lozano from Fotolia.com
