8 Items Never to Put in a Safety Deposit Box

When it comes to safeguarding your valuables, a safety deposit box at a bank may seem like the perfect solution. However, there are specific items that should never be stored in these boxes. Understanding what to avoid can save you from potential headaches down the road. Here are eight items you should keep out of your safety deposit box to ensure your important belongings are accessible when you need them.

Key Takeaways

• Cash is better kept in a bank account to earn interest.
• Important documents like wills and powers of attorney should be easily accessible.
• Firearms are not allowed in safety deposit boxes.
• Passports should be stored where you can reach them quickly.
• Uninsured valuables may not be protected if the box is lost or damaged.

1. Cash

When it comes to storing cash, I’ve learned the hard way that a safety deposit box is not the best choice. Cash doesn’t earn interest when it’s locked away, and if you ever need it, you might not be able to access it quickly. Imagine needing cash for an emergency, but your money is stuck in a box at the bank! Instead, I prefer to keep my cash in a bank account where it can grow.

Here are a few reasons why I avoid putting cash in a safety deposit box:

1. No Interest: Money in a box just sits there. It can’t earn any interest, which means it loses value over time.
2. No FDIC Insurance: The Federal Deposit Insurance Corporation (FDIC) doesn’t cover cash in a safety deposit box. If something happens, like a bank failure or theft, you’re out of luck.
3. Access Issues: If you need cash urgently, you might not be able to get to your box right away. It’s much easier to withdraw cash from an ATM or bank branch.

Instead of stashing cash away, I recommend looking into high-yield savings accounts. These accounts can offer interest rates of 4-5%, which is much better than letting cash sit idle. Plus, your money is still insured by the FDIC, giving you peace of mind. Remember, it’s all about making your money work for you!

2. Passports

When it comes to storing important documents, passports should never go in a safety deposit box. I learned this the hard way when I heard about a group of students who lost their passports while on a ski trip. They had stored their passports in a hotel safe, and when they needed them, they were gone! Imagine being stuck in a foreign country without your passport. It’s a nightmare!

Here are a few reasons why you should keep your passport at home instead:

1. Accessibility: You never know when you might need your passport. If you have a last-minute trip or an emergency, waiting for the bank to open can be a hassle.
2. Replacement Hassles: If you lose your passport, getting a new one can take weeks. The U.S. Department of State says it can take over 10 weeks for a new passport, even longer if you don’t pay for expedited service.
3. Theft Risks: Keeping your passport in a safety deposit box doesn’t protect it from theft. It’s more likely to be stolen from you while traveling than to be lost at home.

Instead, I recommend keeping your passport in a safe place at home, like a fireproof safe. This way, you can access it whenever you need it without the stress of waiting for bank hours. Trust me, it’s much better to have it close by than to risk losing it in a box you can’t get into!

3. Wills

When it comes to planning for the future, having a will is crucial. I learned this the hard way when I realized that if something happened to me, my family might struggle to find my will if it was locked away in a safety deposit box. You see, banks often seal these boxes when someone passes away, which means your loved ones might not be able to access your important documents right away.

Instead of putting your original will in a bank, it’s better to keep it at home in a safe place. Here’s what I recommend:

1. Store it in a fireproof safe at home.
2. Give copies to trusted family members or friends who might need them.
3. Consider leaving a copy with your lawyer if you have one.

This way, your family won’t have to deal with the hassle of getting a court order just to access your will. I remember reading about a fire at a bank where clients worried about their assets, but luckily, safety deposit boxes were unharmed. However, it made me think about how important it is to have easy access to these documents when they’re needed most. Keeping your will accessible can save your loved ones a lot of stress during a tough time. So, make sure they know where to find it!

4. Living Wills

When it comes to planning for the future, one document that often gets overlooked is the living will. This important paper outlines your wishes regarding medical treatment if you can’t speak for yourself. I remember when my grandmother fell ill; it was a tough time for our family. We had to make decisions without knowing what she would have wanted. That’s why having a living will is so crucial.

Here are a few reasons why you should keep your living will out of a safety deposit box:

• Immediate Access: In a medical emergency, you want your family to have quick access to your wishes. If it’s locked away, it could delay important decisions.
• Avoid Confusion: Without clear instructions, family members might disagree on what to do. A living will helps prevent arguments during a stressful time.
• Peace of Mind: Knowing that your wishes are documented can give you and your loved ones peace of mind.

Instead of storing it in a bank, keep your living will in a safe place at home. Make sure your family knows where it is. You can also give copies to your healthcare provider and trusted friends. This way, everyone is on the same page, and you can avoid unnecessary stress when it matters most. Remember, it’s about making things easier for your loved ones during a difficult time, especially when they might be dealing with emotional challenges like those faced by families in Long Island grappling with housing inheritance challenges.

5. Durable Powers of Attorney

When it comes to planning for the unexpected, having a durable power of attorney is crucial. This document allows someone you trust to make decisions on your behalf if you can’t do it yourself. It’s important to keep this document accessible, not locked away in a bank.

I learned this the hard way when my mom was in the hospital. I needed access to her safe deposit box, but without the power of attorney, I would have faced a long wait and legal fees. Here’s why you should keep your durable power of attorney at home:

• Immediate Access: If something happens, you want your designated agent to have quick access to make decisions.
• Avoid Delays: Banks have limited hours, and you don’t want to be stuck waiting for them to open.
• Prevent Legal Hassles: If the document is in a safe deposit box, it could lead to complications after your passing.

In my experience, it’s best to keep the original at home in a safe place and give copies to your trusted agent. This way, they can act quickly when needed. Remember, having a plan in place can save you and your loved ones a lot of stress during tough times. Stay prepared!

6. Medical Directives

When it comes to medical directives, I can’t stress enough how important it is to keep these documents accessible. Storing them in a safety deposit box is a big mistake. Imagine being in a situation where your loved ones need to make urgent medical decisions for you, but they can’t find your directives because they’re locked away. That’s a lot of unnecessary stress during an already tough time.

Here’s what I’ve learned about medical directives:

1. Keep Copies Handy: Make sure your family and healthcare proxy have copies of your medical directives. This way, they can act quickly if needed.
2. Use Digital Options: Consider using medical cloud platforms to store your directives. This makes them easy to access from anywhere.
3. Inform Your Healthcare Provider: Share your directives with your doctor or local hospital. They can keep a file on hand, which can be super helpful in emergencies.

In my experience, having these documents easily accessible can save a lot of heartache. It’s about making sure your wishes are known and respected when it matters most. Don’t let your loved ones scramble to find your directives when they should be focused on you. Instead, keep them in a safe place at home, where they can be found quickly. This way, you can have peace of mind knowing that your wishes will be honored without any hassle.

7. Firearms

When it comes to storing firearms, I believe it’s best to keep them out of a safety deposit box. Many banks have strict rules against this. Even if your bank doesn’t explicitly say no, it’s just not a smart idea. Here’s why:

1. Legal Issues: Depending on where you live, storing guns in a bank might be against the law. It’s important to know your local regulations.
2. Safety Concerns: If a firearm is loaded or if you store ammunition with it, that can create a dangerous situation. Banks are not equipped to handle such risks.
3. Access Problems: If you need your firearm quickly, you won’t be able to get it from a bank during an emergency. It’s much better to have it stored safely at home.

Instead of a safety deposit box, I recommend using a locked gun safe at home. This way, you can keep your firearms secure and easily accessible. Plus, if you have kids, it’s crucial to store them safely and separately from ammunition. Remember, keeping firearms in a safe place is not just about legality; it’s about responsibility and safety for everyone around you.

8. Uninsured Valuables

When it comes to storing valuables, I’ve learned the hard way that keeping uninsured items in a safety deposit box is a risky move. I remember a friend who thought it was a great idea to store her grandmother’s jewelry in a bank vault. Unfortunately, she didn’t realize that if something happened, like a bank robbery or a fire, she wouldn’t be covered.

Here are a few reasons why you should think twice before putting uninsured valuables in a safety deposit box:

1. No Insurance Coverage: Banks typically don’t insure the contents of your safety deposit box. This means if something goes wrong, you could lose everything without any compensation.
2. Access Issues: If you need your valuables quickly, you might not be able to get to them when the bank is closed. Imagine needing a family heirloom for a wedding and realizing it’s locked away!
3. Better Alternatives: Instead of a safety deposit box, consider keeping your valuables at home in a secure safe. This way, you can also add them to your homeowner’s insurance for protection.

In my experience, it’s always best to keep valuable items insured and easily accessible. After all, you never know when you might need them!

Frequently Asked Questions

What items should I keep in a safe deposit box?

You should store important papers like birth certificates, family heirlooms, and valuable collectibles in a safe deposit box.

Why is cash not a good idea for a safe deposit box?

Keeping cash in a safe deposit box is not smart because it doesn’t earn interest like it would in a bank account.

Can I access my safe deposit box anytime?

No, you can only access your safe deposit box during bank hours.

What happens to my safe deposit box if I die?

If you pass away, your safe deposit box may be sealed by the bank, and your family will need a court order to access it.

Is there insurance for items in a safe deposit box?

No, the contents of a safe deposit box are not insured by the bank or the FDIC.

What should I do with my important documents instead of a safe deposit box?

It’s best to keep important documents like wills and powers of attorney in a secure place at home where trusted people can access them.