A safe deposit box is all you need to have your valuables safe and untouched. A box at a local bank or credit union may be the best place to store documents, jewelry, and other small valuables. However safe the safe deposit box is, the basic drawback is that you can access it during banking hours, which means not on holidays. It is not of much use at the time of an emergency. Thus there are some things that you need to have handy during the time of real emergency and to assist with this, FinanceShed has listed the Things you must not keep in Safe Deposit Box.
Keeping the Liquid Cash in a safe box is not a good idea as at the time of an emergency, the thing you will need the most is cash. It is probably not an acceptable thing that you don’t have access to your own money when you need it just because the bank is closed or it is a holiday. Also, the ideal money is good for nothing as it will not increase its value by just being ideal so you can instead try to put the money in an interest-bearing account or certificate of deposit. Also, there are banks that do not allow to deposit your cash in the deposit box. Hence you should avoid keeping Cash In Safe Deposit Box.
Original copy of your Will
You will probably not want to have a delay in settling your estate and let some of your last wishes to be ignored just because you kept the will in your safe deposit box. Only you can have access to your safe deposit box or if in case you have a co-signer, he will get the right to the same. If a person dies it can create a bit of trouble as the box would be sealed and to open it their heirs may need a court order.
It is not at all advisable to keep your uninsured valuables in a safe deposit box even though items in a safe deposit box are secure. Before depositing any valuable to such a safe deposit, you should make sure they’re covered by your homeowner’s insurance policy or a special rider, just in case. The items in the safe deposit box are not protected even if you have deposited the same in a federally insured bank or credit union. You can invest in Gold Stocks to reap maximum benefit of your valuables.
It is obvious that unless you are a global business executive, you won’t need your passport every now and then and thus it may happen to you to keep your passport in a Small Safe Box or a safe deposit box but that probably will be the huge mistake you are doing as there it won’t get lost or damaged. There can be emergency trips that can arise during non-banking hours that can be due to medical issues and other issues.
If you have lost your key while returning from a party, imagine how it will feel to stay the whole night in the streets. It’s not tempting enough we are sure. Even you do lose your keys during the bank hours but you do not have the key or required document to your safe deposit box, you may not access the box.
The safe deposit boxes are not secured and we recommend you could speak with your homeowners’ insurance, to cover valuable items in a safe deposit box.