Regulators require banks to have certain minimum security procedures.
Popular Brands at Safe Options, copyright Safe Options Limited All rights reserved.But there are some things you should know before entrusting your valuables to one.Flood water from disasters like Hurricane Katrina can mean extensive damage to pictures, documents or other valuables held within safe-deposit boxes, he says.How they work, a safe-deposit box is a long, narrow box held in a secured area of a bank that customers lease, typically a year at a time.Safe-deposit boxes are also not a great place for items such as power of attorney documentation or a will, which loved ones might need if something happens to you, Reynolds says.Reynolds, chief of outreach and program development at the Federal Deposit Insurance Corp., or fdic.Honeywell Safes, Paper Shredders and Door, locks are manufactured and distributed exclusively by LH, licensed Products, Inc.Test Your Knowledge - and learn some interesting things along the way.Jewelry, weapons, credit Cards, cDs/Tapes, wallets/Purse, cash Watches Medicines Checkbooks Heirlooms).In the event that a bank branch with your safe-deposit box in it is destroyed, dont expect the banks insurance policies to cover your belongings.Like an apartment lease, if lessees dont pay, they get evicted.Many banks specifically say in their safe-deposit box agreements that their insurance doesnt cover your stuff.A good rule of thumb is, if you might need to access the item outside of bankers hours, it should probably stay in your home, says Luke.
Boxes usually have two keyholes: one for your key and one for a guard key.
Even expensive, hard-to-crack home safes can be defeated by breaking into a home and forcing the owner to open them.A safe-deposit box has certain protections that would be much more secure than a home safe, Reynolds says.In contrast, a safety-deposit box is typically held inside a bank vault and protected by many of the security measures that banks deploy to keep their own cash reserves safe, Reynolds says.Lowest Price or we'll Double the Difference.If no ones home, criminals who cant crack a safes lock have been known to remove the entire safe and take it to a remote location to open.VAT number: is a trading name of Safe Options Limited, a company registered in England and Wales.The vault usually is strong enough to withstand high winds and even tornadoes, but its water that is really what you cant always be sure about, he says.
Annual Property Loss.6 Billion - (2012-FBI what Can You Lose?
If consumers want protection for the valuables in their safe-deposit box, they should talk to their insurance agent for options of what might be available, Reynolds says.
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If the bank loses track of you because youve moved or because of some other reason, state laws may require the bank to drill out the box and send the contents to your states unclaimed property office.