Video: How to Open a Safe-Deposit Box

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Opening a safe-deposit box is a good idea to store important documents and family heirlooms, and they are available in a variety of sizes. Understand how a safe-deposit box is operated, requiring two separate keys, with money advice from a registered financial consultant in this free video on personal finance.

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Video Transcript

This is financial adviser Patrick Munro talking about how to open a safe-deposit box. Having a safe-deposit box is an important feature in anyone's financial life. There are documents in your life that just need to be in a bank locked up under lock and key. When you go to your bank, make sure that you have a good relationship with them, already set up, that is to say with checking accounts, and maybe some other features so that they do know you. There is a fee, it's usually paid for in an annual installment to the bank, and they'll walk you back into the safe after they sign you're a...signature card and and set up an appropriate way to identify you every time you come into the safe-deposit box. And when you go in there, you'll pick the size of box that is appropriate to your needs, and there is a fee for each size of box. The larger the box, the larger the fee. Once you do report to the bank to use your safe-deposit box, there are usually two keys involved. You have one and the bank officer has another one that's kept in a special pouch at the bank. Once you go into the safe-deposit box, you put in your key first, they put in their key second, and only on the combination of those keys being turned at the same time does the box open. That bank officer will leave you in a private room and you can open up your safe-deposit box and examine the contents. When you're ready to put them back in, the bank officer will return. This is Patrick Munro talking about safe-deposit boxes.

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How to Open a Safe-Deposit Box

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