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Safe Deposit Box: What is it?

Safe Deposit Box: What is it?

Let’s start with the basics. A safe deposit box is a fireproof metal box which is meant to hold important valuables. Only you and the people you designate have access to the box. These boxes are at most banks and credit unions, including the majority of our Community 1st Credit Union branches. These boxes usually cost a small fee for the person using it, but if you have something you want to keep in SUPER safe storage, it is well worth it.

So what do you put in your safe deposit box?
A general rule of thumb on what items you should put in the safe deposit box is: If you can’t replace it or if it’s really expensive to replace, then it should go in the box. Here is a list of things you should keep in your safe deposit box:

  • Copy of your last will and testament
  • Deeds, titles and insurance papers for your house, car and other personal property
  • Birth and adoption certificates
  • Marriage and death certificates
  • Custody agreement and divorce decrees
  • Military service records
  • Passports
  • Copy of your health information (vaccinations, hospitalizations)
  • Copy of power-of-attorney forms (if applicable)
  • Social Security cards
  • Contracts and other legal papers
  • A videotape inventory of your household items
  • Valuable heirlooms

Are safe deposit boxes safe?
Easy Answer. YES.  Only you have access to this box, unless you jointly rent a box and give someone else permission to use the box. A safe deposit box is a cheap way to keep your important documents secure at ALL times.

For more information on how you can get a safe deposit box at Community 1st Credit Union, contact memberservice@c1stcreditunion.com or call our toll free number at 866.360.5370!

Posted on Oct 29, 2013, in Community 1st Credit Union and tagged Credit union, Financial Services, Safe deposit box

Any information contained within the contents of this blog are opinions and suggestions of the writers and do not necessarily reflect any policies or positions of the credit union. Any reference made to products or promotions are not guaranteed at any time. This information is not intended to be considered financial advice. It is provided for your education only. Community 1st Credit Union is Federally Insured by the NCUA.