Safe Deposit Box: What You Should & Shouldn’t Store

A safe deposit box is a secure and reliable way to store valuable items and important documents. Housed within a financial institution’s vault, a safe deposit box protects against theft, loss, and natural disasters, offering peace of mind to its users. However, knowing what to store—and what not to store—can maximize the effectiveness of your safe deposit box. Here’s a guide on what you should and shouldn’t keep in a safe deposit box.

What You Should Store

1. Important Documents:
   • Property Deeds and Titles: Original copies of property deeds, car titles, and other ownership documents should be kept safe, as they are difficult to replace.
   • Birth Certificates and Social Security Cards: These personal identification documents are critical and can be difficult to replace if lost.
   • Marriage Certificates and Divorce Decrees: Legal documents related to marital status are often required for various legal processes.
   • Military Discharge Papers: For veterans, these documents are essential for obtaining benefits and should be protected.
   • Insurance Policies: Store the original copies of life insurance policies, especially if they contain sensitive information or large sums.
2. Valuable Items:
   • Jewelry and Family Heirlooms: These items often carry both sentimental and monetary value, making them ideal candidates for a safe deposit box.
   • Rare Coins and Collectibles: High-value collectibles should be stored in a secure environment, away from potential theft or damage.
   • Backup Data Drives: If you have important digital files stored on a USB drive or external hard drive, keeping a backup in a safe deposit box can protect against data loss.
3. Original Copies of Legal Documents:
   • Wills (with a caveat): While storing a will in a safe deposit box can be secure, ensure that your executor has access to it. Without access, retrieving the will may require legal proceedings, delaying the probate process.
   • Power of Attorney Documents: These should be stored safely but ensure that the designated individual can access them in an emergency.

What You Shouldn’t Store

1. Items You Need Quick Access To:
   • Passports: If you travel frequently, storing your passport in a safe deposit box might cause delays when you need it quickly.
   • Medical Directives and Living Wills: These documents should be easily accessible to you or a trusted individual in case of a medical emergency.
   • Original Copies of Wills (if not accessible): If your executor cannot access your safe deposit box, the original will might be locked away at the time of your death, complicating matters for your beneficiaries.
2. Cash:
   • Liquid Funds: Storing large amounts of cash in a safe deposit box is generally not advisable. Cash does not earn interest and can be more accessible in a bank account. In addition, in the event of a death, cash may become inaccessible until legal processes are completed.
3. Illegal or Hazardous Items:
   • Contraband or Firearms: Banks have policies against storing illegal items, and doing so could result in legal repercussions.
   • Perishables or Items Prone to Damage: Avoid storing anything that could spoil, degrade, or damage over time, like food or certain types of media.
4. Copies of Keys or Security Codes:
   • House Keys or Security Codes: Storing these in a safe deposit box could cause issues if you need immediate access to your home or security systems.

Final Thoughts

A safe deposit box is an excellent tool for safeguarding items and documents of value. However, it is crucial to consider both accessibility and the nature of what you’re storing. Items that you might need at a moment’s notice or that require quick retrieval should be kept elsewhere. Furthermore, always inform a trusted individual about the location of the key or access procedure for your safe deposit box to ensure that your valuables are accessible in case of an emergency.

By carefully selecting what to store in your safe deposit box, you can make the most of this secure storage option and enjoy greater peace of mind.

California Community Credit Union is committed to offering exceptional products and services tailored to enhance our customers’ financial well-being and security. We invite you to join our community as a valued member! Contact us today at (800) 332-1418 to begin your journey with California Community Credit Union.