Safe Deposit Boxes: What to Store and How They Work

Safe deposit boxes are secure metal containers kept inside bank or credit union vaults. They provide a higher level of physical security than most home safes and are useful for storing small, hard‑to‑replace items and important documents you don’t need to access often. However, their protection is limited in important ways: contents are not insured like deposits, access is restricted to bank hours, and some items are better kept elsewhere.

Key takeaways
* Provide secure, vault‑level storage for valuables and documents, but contents are not federally insured.
* Best for items you seldom need: original deeds, certificates, family heirlooms, physical stock certificates, backups on drives.
* Avoid storing items you may need in an emergency (passports, medical directives) or cash and investments that should earn interest.
* Access usually requires a customer key plus a bank “guard” key or a biometric/keyless system; co‑renters share equal access.
* Banks can open boxes with court orders, for delinquency or closure; abandoned boxes can be turned over to the state.

How they work
* Dual control: access typically requires the renter’s key (or biometric credential) plus a bank employee’s guard key.
* Identification is required at each visit. Some banks require all co‑renters to be present to open a box.
* Renters can add co‑lessees; co‑lessees have equal rights and access.
* Box sizes are small — large boxes are commonly around 10″×10″×24″ — so expect limited capacity.
* Access is limited to the bank’s business hours unless the bank offers special arrangements.

What to store
Good candidates for a safe deposit box are items that are valuable, difficult or costly to replace, and not needed on short notice:
* Original personal records: birth certificates, adoption papers, marriage licenses, citizenship papers.
* Property documents: deeds, car titles.
* Important business or legal papers and hard‑to‑replace contracts.
* Physical financial instruments that are still issued in paper form (rare): stock or bond certificates.
* Military discharge papers (e.g., DD‑214), school diplomas, transcripts.
* Backup media: external hard drives or flash drives with critical data (also keep an additional backup offsite/cloud).
* Sentimental valuables: jewelry, small heirlooms, coin and stamp collections.
* A written inventory of household contents for insurance claims.

What not to store
Avoid using a safe deposit box for items that should be readily accessible or that won’t benefit from being locked away:
* Passports and emergency documents you might need immediately — keep these in a fireproof home safe or a known accessible place.
* Original living wills, advance medical directives, and powers of attorney if they are the only copies — make sure decision‑makers have access.
* Cash — it earns no interest while incurring a rental fee.
* Valuables that are uninsured unless you also obtain appropriate insurance or policy riders.
* Anything illegal.

Advantages and disadvantages
Advantages
* Strong physical security: vaults, alarms, cameras and limited access.
* Better protection from theft and some disasters than many home safes.

Disadvantages
* Contents are not insured by FDIC or similar agencies.
* Access limited to bank hours.
* Possible risk from floods, fires, or other catastrophes (use waterproof packaging for extra protection).
* Banks may restrict or discontinue box offerings as demand declines.
* If rent goes unpaid and heirs aren’t informed, contents can be treated as abandoned and turned over to the state.

Cost and availability
* Annual rental fees vary by bank, box size, and location — typically about $15 to $350 per year in the U.S.
* Some banks waive fees for certain account types or balances.
* Demand has declined with digital alternatives, so availability varies; some branches may no longer offer boxes.

Legal and practical considerations
* Banks may open a box in response to a court order, search warrant, account delinquency, or closure. Your rental agreement or state law may spell out procedures.
* Name a trusted person with power of attorney and inform heirs about the box and its contents; otherwise access after death or incapacity can be difficult.
* Keep a record of what’s inside (stored separately) and where originals are located.
* Consider insurance for high‑value items stored in a box, since the bank does not insure contents.

Practical tips
* Don’t rely on a single storage method — keep copies and digital backups (cloud or alternate physical location).
* Use waterproof packaging inside the box for added protection against moisture.
* Discuss wills and other estate documents with your attorney to ensure accessibility and proper handling.

Bottom line
Safe deposit boxes are a useful option for securely storing small, valuable and hard‑to‑replace items you don’t need frequently. They offer stronger physical security than most home solutions, but they come with limits: restricted access, no federal insurance for contents, and potential legal or practical complications after the renter’s death or if fees are unpaid. Match the box to your needs, inform trusted parties, and consider complementary storage and insurance strategies.