Also, financial institutions generally do not insure the contents of safe deposit boxes. It is storage space provided by the bank, so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance if damaged or stolen. A safe deposit box is not a deposit account. That's because, by law, the FDIC only insures deposits in deposit accounts at insured institutions and only in the rare instances when a bank fails. Reynolds, Chief of the FDIC's Community Outreach Section. Among the reasons: 'Cash that's not in a deposit account isn't protected by FDIC insurance,' noted Luke W. You're better off stashing your cash in a bank deposit account, like a savings account or certificate of deposit, than in a home safe or a safe deposit box. For guidance on where to store your original will, check with an attorney about what is required or recommended based on state law. That could include passports and originals of your 'powers of attorney' that authorize others to transact business or make decisions about medical care on your behalf. Other possibilities for the box include family keepsakes, valuable collections, pictures or videos of your home's contents for insurance purposes, and irreplaceable photos.īe mindful not to use your bank safe deposit box to store anything you might need to access quickly or when the bank is not open. Savings Bonds that haven't been converted into electronic securities. Good candidates for a safe deposit box include originals of key documents, such as birth certificates, property deeds, car titles and U.S. Think about what should or should not be kept in a bank's safe deposit box. Here are a few choices, including safe deposit boxes and home safes, along with suggestions on how to assess each option for your specific needs. Over time, your valuables change, and so do your options to protect them. FDIC Consumer News - Winter 2018 Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables

Us bank safe deposit box fees