Buzz
Safe deposit boxes have long been associated with solving problems, particularly in Hollywood films. In real life, however, they may not always provide the security we expect for our valuables. A shocking report from the New York Times shares the stories of individuals who placed precious items, such as diamonds and rare watches, in safe deposit boxes along with important documents and family photos—only to discover that many of their belongings had vanished.
Although we often think of banks as secure places to store our valuables, safe deposit boxes aren’t subject to the same stringent regulations as other banking services. On top of that, they've become less popular, which means even if you still have one, it might be time to explore other options for storing your belongings. Many of the largest banks in the U.S. have stopped installing safe deposit boxes in their newer branches, and Capital One ceased renting new boxes back in 2016, according to the New York Times.
What should someone do with valuable items now?
Alternatives to Safe Deposit Boxes
If your primary concern is storing important documents, a fireproof, waterproof document safe might be all you need. For those also storing digital media (like flash drives or DVDs), be sure to choose one that ensures the internal temperature stays below 125 degrees.
For items of value, such as jewelry, you might prefer a more robust home safe that’s secured to the floor. If you’re feeling inventive, a hidden-in-plain-sight storage device could be your solution. There are countless possibilities, with one of my favorites being the ridiculously complicated altered Miracle Whip jar.
Advice for Safe Deposit Box Enthusiasts
Although banks are not immune to natural disasters or theft, you might still consider them a more secure place for your valuables than keeping them at home.
The FDIC recommends storing important documents like birth certificates and car titles in a safe deposit box. However, it’s crucial to note that cash is not a suitable item for these boxes, as it isn’t protected by FDIC insurance like it would be in a savings account.
If you decide to store valuables with significant worth in a safe deposit box, you must arrange for insurance coverage for those specific items. Safe deposit boxes do not automatically insure their contents. Some banks may limit their liability to a set dollar amount, such as $500, while others, like the Bank of America's policy referenced in the New York Times article, limit liability to 10 times the box's annual rental fee.
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