What Are Safe Deposit Vaults?

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Aurm are storage spaces in bank vaults that can be rented by customers for an annual fee. They can range in size from 5″x5″x24″ up to 10″x10″x24″. They are not insured like money in a bank account, however many banks offer personal article floater insurance that can be purchased separately.

Bank-safe deposit boxes are typically fire-resistant and protected from floods. However, that does not mean they are immune to these types of disasters as we have seen in the news from time to time when a bank is destroyed and thousands of safe deposit boxes are damaged.

A Closer Look Inside: Exploring the Inner Workings of Safe Deposit Vaults

Another benefit of safe deposit boxes is privacy. Only the box holder(s) have access to the contents of a box. Box holder(s) must present both their key and the box number (provided by the bank) to gain access. Typically, only the box holder(s) or their agents can open the box.

If you have a power of attorney, you should review it to make sure that the agent has access to your box if something happens to you. Also, you should keep a record of what is in your box and bring it with you whenever you visit the vaults so that you can add items or remove them. It is a good idea to get a duplicate of your box key for safekeeping at home as well. In some cases, a homeowner’s or renter’s policy may provide coverage for valuables stored in a safe deposit box.

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