Safety Deposit Box Much Cost – Know More

Have you any idea what a Safety Deposit Box is? Are you looking to keep a valuable in the Safety Deposit Box and do not know how much it costs? Want to know things that should be, and not be kept in the Safety Deposit Box? The answers are here. Let us know ‘Safety Deposit Box Much Cost’.

Safety Deposit Box Much Cost

The Safety Deposit Box is mostly found in banks, financial institutions, post offices, and large organizations. The Safety Deposit Box is a singular secured box or container kept in a bank vault or inside a bigger safe. You may also find a safety deposit box in hotels or resorts. Hotels and resorts provide these safety box services temporarily as it is only during the time of your stay. The main reason for this safety deposit box is to keep valuable possessions in case of robbery, fire, or flood. It can range between $10 to $500.

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Cost Of A Safety Deposit Box

The cost is not at a fixed price in banks. The cost varies by your bank or financial institution, location, and size of the Safety Deposit Box. The size of the Safety Deposit Box can be as small as 1-by-5 inches and as large as 10-by-10 inches. You cannot open a Safety Deposit Box without first having a deposit account with the bank. Some of the bank’s costs of a Safety Deposit Box in the United States include;

  1. Chase bank- The Cost of their Safety Deposit Box ranges from $50 to $200 annually depending on the size.
  2. Regions bank- The cost of their Safety Deposit Box ranges from $55 to $175 annually depending on the size.
  3. Bank of America- The Cost of their Safety Deposit Box ranges from $75 to $300 annually depending on the size.
  4. Wells Fargo- The Cost of their Safety Deposit Box ranges from $20 to $175 annually depending on the size.
  5. US bank- The cost of their Safety Deposit Box ranges from $60 to $185 annually depending on the size.
  6. First National bank- The cost of their Safety Deposit Box ranges from $15 to $80 annually depending on the size of the size.
  7. Columbia bank- The Cost of their Safety Deposit Box ranges from $30 to $115 annually depending on the size.
  8. BB&T bank- The Cost of their Safety Deposit Box ranges from $90 to $160 annually depending on the size.

 Valuables To Be In A Safety Deposit Box

The Safety Deposit Box is not something you can access every day or anytime. Not all valuables are to be kept in a Safety Deposit Box. Some Valuables that may be kept in the Safety Deposit Box include;

  • House documents- These are your property deed that shows you are the legal owner of that property. Once you want to sell your house, you will need the house documents. So your house documents can be kept in a Safety Deposit Box. 
  • Valuable Jewelry- Due to the risk of theft, you may decide to keep your valuable Jewelry in a Safety Deposit Box. The valuable jewelry may be inherited or a family heirloom you do not wish to misplace.
  • Stock or bond certificates- These documents may be kept in a Safety Deposit Box in case of a fire outbreak or flood. You would not need your stock or bond certificate every time.
  • Marriage certificates- A marriage certificate is not a document you need for a long time except if you want to change your name. 

Things That May Not Be Kept In A Safety Deposit Box 

  • Cash- There is absolutely no reason to keep Cash in a Safety Deposit Box in the bank whether it is a large sum of money or not.
  • Driver’s license- Why would you keep your driver’s license that is supposed to be with you or in your car at all times in a Safety Deposit Box? There is no reason for that.
  • Passport- You do not need to keep your international Passport in a Safety Deposit Box because you may need it anytime whether for your identification or something else.

Conclusion

Opening a Safety Deposit Box is a cheap way of preserving valuables that you are afraid of losing. Some of the banks in this present day see a Safety Deposit Box as an outraged way to keep valuable and as such do not provide those services.

Frequently Asked Questions 

  1. Why are some valuables not advised to be kept in a Safety Deposit Box?

Some of those valuables are things you need now and then, and you cannot access the Safety Deposit Box now and then.

  1. Is insurance covering my valuables kept in the Safety Deposit Box?

The valuables kept in the Safety Deposit Box are not insured. Purchase your insurance if necessary.

Safety Deposit Box Much Cost – Know More

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