A safe deposit box is a narrow metal box that is stored in a locked room at a bank or credit union. The boxes can range in size but are typically within 12 inches long, 12 inches wide, and 12 inches deep. For a small yearly fee that is usually between $50 and $60, customers can pay the bank to store valuable documents and items in the box.
What you need to know
Each deposit box usually has two keyholes and requires two keys to open. One key will be held by the customer, while the other key will remain in the possession of the bank. Having multiple keys adds another layer of security, as both a bank employee and the original owner of the deposit box must be present to unlock and open the safe deposit box.
An estimated 25 million safe deposit boxes are currently used in the United States to store valuable documents and items. Although the contents of each safe deposit box may look a little different for each individual, there are some items that are common to find in safe deposit boxes. The items that are typically included either hold great value or cannot be easily replaced.
Some of the items that can be found in a safe deposit box include:
- Social security card
- Property titles
- Marriage licenses
- Family photographs
- Collectibles
To see a more complete list, check out this list of the 13 Most Common Items to Find In A Safe Deposit Boxes.
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Learn morePhil recently purchased a car and is looking for a safe place to store the car title. He rents a small safe deposit box for $40 at the local bank and puts the car title in the box for safekeeping. Phil notices that there's still empty space in the safe deposit box, so he decides to store his social security card, marriage license, military records, a photograph of his grandmother, and autographed Babe Ruth baseball in the safe deposit box. Now that the items are in the safe deposit box, Phil no longer worries about the valuable items being lost or stolen.
In collaboration with
Aaron Schnoor
Aaron Schnoor is an Assistant Vice President and Trust Officer at Wells Fargo Wealth Management.
Aaron received his undergraduate degree in Trust and Wealth Management from Campbell University in North Carolina, along with a minor in Financial Planning. Aaron continued his education with an MBA in Financial Services, also from Campbell University.
Aaron frequently writes as an industry expert on fiduciary topics related to trusts, estate settlement and generational wealth management. His work has appeared in The New York Times, Forbes, the Trust Education Foundation and many other publications.
In collaboration with
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