I had a msi ge70 hard drive slots safety deposit box at a bank at that time, where I kept some valuables, cash, and some sensitive business data.
The Unchained Man, I was having some financial trouble due to some very stupid things I did as a younger man.
Most of us think that one of the safest places to store our valuables is in a safe deposit box in a bank.
That was pure dumb luck on my part though; just a few days before that, I had a serious amount of cash in that box; I could have been seriously screwed.Important business papers and records, important contracts, hard drives and flash drives with backups and important data.However, recent tragedies such as the natural disaster of Hurricane Katrina and the 9/11 attack on the World Trade Center brought to light that a safe deposit box may not be the safest place to hide your cash!In the event of an accident, or sudden death, your dependents will need to retrieve these documents in a timely manner, and that may not be possible if they are locked away in a bank vault.To further protect yourself and your belongings, there are some simple steps you should take.Find an alternative to hiding money or valuables in a bank.This subreddit is a place to discuss anything related to Canadian personal finance.For example, people who have any addiction, financial, marriage, and/or judgment issues may not be ideal candidateseven if theyre family and you love them.Youre better off keeping these items out of your safe deposit box: Passports: Even if youre not a frequent international traveler, you never know when youll need your passport for business, a spontaneous trip, or to help a relative or friend overseas.And before stashing those important papers and photos, make copies to store electronically on your computer or in the cloud.If you have a small safe at home you not only have to worry about natural disasters, but if it is easy to carry the safe out of your house, a burglar can easily break it open elsewhere.Banks call this a bail-in.
If you pass away or become incapacitated, it can be difficult for your loved ones to access your safe deposit box, and, therefore, the only copy of your will.
A safe at home acts as an advertisement for what to steal to any burglar who sees it, which is why some people opt to conceal items in a fake book or diversion can rather than secure valuables in an easy to find safe.Have an in-depth answer.For example, if you have stock certificates stored in a lock-box in the den they could easily be lost in a fire or flood, and that could mean a substantial financial setback for you and your family.Passports, medical directives, the only copies of wills and powers of attorney, and other documents that you may suddenly need are better kept in a secure spot at home, such as a fireproof home safe thats bolted to the floor or wall.Chief among these are any important legal documents that you, or your family, might need to access in an emergency.The most common items people store in their safety deposit boxes include: Family Documents (birth certificates, marriage licenses, passports, etc).A recent 2008 Pennsylvania Department of Revenue survey of 687 safe deposit boxes found that 172 had "cash or coins.".In extreme circumstances, when the fdic can't find another bank to take over, they will arrange for customers to collect the contents of their safety deposit boxes within the first few days following the banks closure.You might get away with a lower premium, as the items will be more secure than they would be in your home.The convenience alone makes it an attractive alternative to a home or office safe, and with your possessions being stored along side of the bank's own assets you can be sure they will be properly protected.Yes, sir, they answered, We have.Depending on the policy, that may be enough to cover your needs.Here are tips to help you decide what to keep inand keep out ofa safe deposit box.Other nations likely have similar legislation.Do not store original copies of documents you require immediate access to, such as receipts, wills, funerary directives, etc.Cash: Again, the money you deposit in a federally insured bank or credit union is protected up to 250,000 per depositor per bank, but cash in your safe deposit box is not.
Be patient with them.
Bank vaults, of course, are harder to break into and are located in secure areas with alarms, video cameras, and top-notch locks.
Store only items that you wont need in an emergency.
Financially and/or sentimentally valuable jewelry, collectibles.