A safety deposit box is a special storage compartment you can rent at a bank. You can use it to store important documents and items that you do not feel safe keeping in your home. You may even decide to store some of your spare cash in the safety deposit box in case you ever hit a rough spot. Keep in mind, though, that you will not be able to access the money in an emergency when the bank is closed.
Step 1
Speak with one of the bank tellers and determine whether you can store the cash in the safety deposit box. Most banks prohibit the storage of cash, though, because they miss a deposit. When you deposit money into your bank account, it allows the bank to use it for various reasons. When you put the money into a safety deposit box, they do not have the option to use the money.
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Step 2
Select the size of safe deposit box you wish to rent (the size varies from bank to bank, so ask your teller for the available size dimensions). You will need to sign any forms the bank provides to you and pay the deposit and the annual rental fee. The cost and deposit will vary depending on the bank branch you select. Different banks have different procedures for opening a safe deposit box.
Step 3
Sign the admission slip that gives you access to your safety deposit box. Produce your safety deposit box key so that the bank can open it for you. Without that key, the bank may not be able to open your safety deposit box at all.
Step 4
Accompany the bank teller or the bank president to the safety deposit box storage facility. Count the money one last time before you store it (this is for your records). Open your box, and deposit the cash into it.
Tip
Create a catalog of everything you store in your safety deposit box. This includes the amount of money you deposit into the box. Consider storing money in a savings or bank account instead of a safety deposit box. An account is usually FDIC-insured and may accrue interest over time. When you put money in your safety deposit box, it does nothing but accrue dust. Most banks will want you to open a checking account if you wish to open a safety deposit box. Use a bank where you already have a checking account or prepare yourself to open one when you attempt to open a safety deposit box.
Warning
Most banks do not insure the contents of a safety deposit box, including money. While it is very unlikely that someone can break into the bank and steal the contents, it can still happen. Never put anything into a safety deposit box before you consider to risks to your property.
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