How to Use a Safe Deposit Box

Video Transcript

"This is financial adviser Patrick Munro talking about how to use a safe deposit box. There are many ways to use a safe deposit box and the most notable is the bank safe deposit box system. Once you go into a bank, ask the person in charge of safe deposit boxes to take you back into the vault. They will show you a selection of boxes. They usually range from small to medium to large and each has a different yearly price tag. You don't want to do this with any bank other than the one that you have an account with because they know you there at the bank. Choose a size that is good for you and the officer will then take you out and register you. Give you a key after you pay the fee and they keep other key and of course when you report back to the bank to deposit whatever you wish in the safe deposit box which is always confidential. You'll have to report into the safe with the bank officer and there are two keys on the safe deposit box system. One is for you to turn. The other is for the bank officer to turn and they will once the safe deposit box is open they'll leave you in a private room to do what you need to do with your box and then you have them come back in and relock the system. This is Patrick Munro financial adviser talking about how to use a safe deposit box."