By: Value News | Category: Financial Services | Issue: October 2013
Protect your valuables in a safe deposit box like the ones seen here. Pictured is Matt Klem.
Seven years ago, a flood surged through my house, destroying practically everything I owned. As my husband and I were sorting through the mucky mess, we found that our wedding pictures were discolored and damaged, my husband’s baseball card collection was soiled with soot and ultimately ruined, and all of our tax documents past and present were swept away in the rushing current never to be found.
For years, I stressed over the thought of a random tax audit. What would I do? I had no records, no supporting documents. And, my husband was devastated knowing that he had worked so hard and long to build a valuable collection only to see it now worth next to nothing.
If only we had protected our valuables in a safe deposit box at the bank.
RCB Bank employee Debbie Jones has owned a safe deposit box for many years and highly recommends them to anyone who has important papers, family heirlooms or other items that would be hard pressed to replace.
“It’s a much safer place to store important documents than at your house, in case of a fire, flood or other natural disaster or in case of a burglary,” said Jones.
When deciding if a safe deposit box is right for you or what items to store in your box, ask yourself, “If this item was lost, can I easily replace it?” If the answer is no, then consider storing your keepsakes it in a safe deposit box. Common items include:
• birth certificates,
• loan documents,
mortgages, property deeds
• life insurance policies,
homeowner’s policies, car
• stock or bond certificates
• gemstones, collectables,
“The list goes on,” Jones said. “I even have the originals of a few one-of-a-kind photos of my grandparents in there for safekeeping.”
When it comes to privacy and security, each safe deposit box takes two keys to access: one is held by the bank staff and the other by the box owner. It takes both keys to open the box.
Box rentals range from $20 to $75 annually, depending on the size of box.* RCB Bank allows its customers the ability to set up an automatic debit from their bank accounts.
Access to safe deposit boxes is usually available during normal business hours.
“I just take my key to the vault, sign in and I’m in,” said Jones. “They’re relatively inexpensive, easy to access and it gives me peace of mind to know that I can go to one place and find everything that I need safe and sound.”
Information listed is based on RCB Bank Safe Deposit Box rental prices. Fees, box sizes and payment plans may vary at other financial institutions or safe deposit box providers.
Contents of your safe deposit box are NOT insured by the Federal Deposit Insurance Corporation or any government agency.