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“My jewelry has a strong sentimental value for me, which makes it irreplaceable. » (Photo subject is a model.) – Getty Images/iStockphoto
Is it safe to store valuables in a bank safe? This seems like a silly question, but about a year ago I went to a local bank and read the rental agreement for a cubicle. I read that the bank discouraged people from storing jewelry and coins in the boxes, so I didn’t rent one. I remember the rep explaining that you needed two keys to open the box.
Are banks responsible for lost items? I guess for privacy reasons there are no cameras in the safe area. I have jewelry at home, but I don’t feel safe keeping it there. I constantly hear about break-ins in my neighborhood. Am I thinking about it too much? Are there other options for keeping your valuables safe? My jewelry has a strong sentimental value for me, which makes it irreplaceable.
Safes are best used for storing important documents rather than items like your grandmother’s diamond ring or pearl necklace. – Illustration from the Market Observatory
Safes have their drawbacks.
The Federal Deposit Insurance Corporation. advises consumers do not confuse safes and deposit accounts. The first is storage space provided by the bank, “so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance in the event of damage or theft,” says the FDIC. “In addition, financial institutions generally do not insure the contents of safes. If you want to protect valuable items in your safe or safe, talk to your homeowner’s or renter’s insurance agent about adding coverage under these policies.
Safes are best used for storing important documents rather than items like your grandmother’s diamond ring or pearl necklace – and you should put cash in a checking or savings account savings where up to $250,000 per account is covered by FDIC insurance. “Good candidates for a safe include originals of key documents, such as birth certificates, property deeds, car titles, and U.S. Savings Bonds that have not been converted to securities electronics,” advises the FDIC. “Other possibilities for the box include family keepsakes, valuable collections, photos or videos of the contents of your home for insurance purposes, and irreplaceable photos.”
Safes are vulnerable to fire, theft or flooding. So it’s a good idea to store items in plastic bags or other waterproof containers for added protection. “Please do not use your bank’s safe to store anything you may need for quick access or when the bank is not open,” the FDIC adds. “This could include passports and originals of your ‘powers of attorney’ that authorize others to conduct business transactions or make decisions about medical care on your behalf.”
As the FDIC notes, you won’t be able to quickly access a safe. The bank will have one key and you will have another, and the box can only be opened with both keys. You’ll only be able to access the box when the bank is open, so it’s not the best place to get something like a passport, which you might need quickly to visit a sick relative, for example. Since many banks are closing some of their physical branches, your box may not be that close. Finally, safes can cost up to $100 per year, depending on the size of the safe.
Safety, like charity, begins at home. One of the best places to store jewelry that has both sentimental and financial value is in a fireproof safe bolted to the floor and hidden or disguised as something else. Security cameras that provide a live feed to your phone provide another level of security. And of course, you can include these items in your home insurance. While no amount of money can replace items with sentimental value, like jewelry that has been in your family for many years and once belonged to beloved loved ones, it certainly doesn’t hurt.
