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signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5

How do safe deposit boxes work?

I was wondering about banks that have safe deposit boxes. How do the banks charge for them? What ID are you required to have? How do you find a bank with one? How much do they cost? Are they lifetime, or is there a monthly fee or something?



M A R S
Premium
join:2001-06-15
Long Island
kudos:1

»www.ehow.com/how-does_4567292_sa···ork.html



signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5

That doesn't answer my questions, did you check before you posted?

Alright, did a deeper search, for a tiny box it is 30 to 50 bucks (a month?)



Edrick
I aspire to tell the story of a lifetime
Premium
join:2004-09-11
Woburn, MA

said by signmeuptoo:

That doesn't answer my questions, did you check before you posted?

Alright, did a deeper search, for a tiny box it is 30 to 50 bucks (a month?)

A MONTH? Who's bending you over and taking advantage of you?
--
Edrick Smith
Independent Film & Broadcast Producer
»edricksmith.com


signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5

Why do you think I asked the question? But instead of answer it, you say this.



timcuth
Braves Fan
Premium
join:2000-09-18
Pelham, AL
Reviews:
·Charter
·AT&T Southeast
reply to signmeuptoo

I pay for a small box and I can get a pretty good amount of stuff in it. I estimate that it's about 12" wide, 20" long, and maybe 3" deep. I think it costs about $65 per year. Be aware that the contents are not insured in any way, unless possibly they could be covered by your homeowner's insurance. But I doubt even that.

You do have to prove that you are you to access your box. You can have someone else authorized to access your box, if you want.

I suppose you would find safe deposit boxes by calling banks and asking. Even banks that do have them do not usually have them at all branches.

Tim
--
"Life is like this long line, except at the end there ain't no merry-go-round." - Arthur on The King of Queens
~ Project Hope ~



bigred44

join:2008-02-10
Charlotte, NC

what ya putting in there?



BA
Premium,MVM
join:2001-05-24
Vancouver, BC
reply to signmeuptoo

It's best to call up a bank and ask.

My bank gives me a free small safety deposit box ($50 value) because of the balance I keep, but I pay about $35 extra a year to upgrade to a medium sized box. The fees are per annum.

I think you'll need the same kind of IDs you need to open a bank account - state ID and SSN card.



signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5
reply to bigred44

Nothing, but if I did, I'd like to know what it costs. That scene from the Bourne movie made me wonder. How could he just go to a box in another country after God knows how long...



M A R S
Premium
join:2001-06-15
Long Island
kudos:1

said by signmeuptoo:

Nothing, but if I did, I'd like to know what it costs. That scene from the Bourne movie made me wonder. How could he just go to a box in another country after God knows how long...

...

Bob4
Account deleted

join:2012-07-22
New Jersey
Reviews:
·Optimum Online
reply to signmeuptoo

The rates vary quite a bit between banks, so it's best to shop around. The fees are charged annually. There are penalties if you don't return both keys. Most banks require you to have an account at the bank.

My bank charges $38 (plus tax) per year.

It's highly recommended that you keep important papers (e.g., deeds, wills, automobile titles, birth certificates, naturalization certificates) in a safe deposit box.



Edrick
I aspire to tell the story of a lifetime
Premium
join:2004-09-11
Woburn, MA
reply to signmeuptoo

said by signmeuptoo:

That scene from the Bourne movie made me wonder. How could he just go to a box in another country after God knows how long...

It's a movie, we like to stretch the reality in them. I was talking to a friend who works at a TD Bank about getting a Safety Deposit box and I commented about pulling a James Bond Style move to break into the vault and get them he said it's very unlikley and they're very secure. A few weeks later someone broke in James Bond Style through the roof into a bank and got the safety deposit boxes.
--
Edrick Smith
Independent Film & Broadcast Producer
»edricksmith.com


CylonRed
Premium,MVM
join:2000-07-06
Bloom County
reply to signmeuptoo

said by signmeuptoo:

I was wondering about banks that have safe deposit boxes. How do the banks charge for them? What ID are you required to have? How do you find a bank with one? How much do they cost? Are they lifetime, or is there a monthly fee or something?

Just about any large bank will offer the services as well as many credit unions. All of the other questions will be far more specific to the bank or institution that had the box.

Many will have information n their website like this:
quote:
Safe Deposit Boxes

Protect your valuable items and personal documents from being damaged, lost or stolen.

Five different sizes available at our Gantt, Xenia and Downtown Dayton Member Centers
Rates:
3" x 5" x 22" - $25 per year
5" x 5" x 22" - $40 per year*
3" x 10" x 22" - $50 per year
5" x 10" x 22" - $75 per year
10" x 10" x 22" - $150 per yea
A quick phone call will likely net you the rest of the answers. In this case - you need to do teh research specific to your location\bank\credit union.
--
Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain


dcurrey
Premium
join:2004-06-29
reply to signmeuptoo

Some banks let you have them for discounts or free. PNC give me $100 credit for safe deposit box.



signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5
reply to signmeuptoo

Guys, I am just wondering, I have nothing to put in such a box, nothing so valuable. But that movie just bugs me, it's like he had the stuff in the box for years or something, so I wondered, do people pay monthly for such boxes, or can you pay for, well, like 10 years... Then again, in the scene, he is in, where, Germany or was it Switzerland, I forget... I love that movie, BTW.
--
Join Teams Helix and Discovery. Rest in Peace, Leonard David Smith, my best friend, you are missed badly! Rest in peace, Pop, glad our last years were good. Please pray for Colin, he has ependymoma, a brain cancer, donate to a children's Hospital.


nonymous
Premium
join:2003-09-08
Glendale, AZ
reply to signmeuptoo

said by signmeuptoo:

Nothing, but if I did, I'd like to know what it costs. That scene from the Bourne movie made me wonder. How could he just go to a box in another country after God knows how long...

So is this a movie question or a real question?
Plus well if long term and lazy stick enough cash into an account and have it auto deduct until it runs out. Or maybe some you could prepay for a long long time.
The movie ones that gets me is those lockers at bus stations, train station airports etc. they get out of prison or wherever and years later the stuff is still there. Just those initial quarters and storage for years or some even free.
Nobody checked the locker had been abandon forever and cleaned out the contents.


Hayward
K A R - 1 2 0 C
Premium
join:2000-07-13
Key West, FL
kudos:1

1 edit
reply to signmeuptoo

said by signmeuptoo:

Guys, I am just wondering, I have nothing to put in such a box, nothing so valuable. But that movie just bugs me, it's like he had the stuff in the box for years or something, so I wondered, do people pay monthly for such boxes, or can you pay for, well, like 10 years.

Once again ITS A MOVIE... you really think movie James Bond is REAL??? (Though Ian Flemming based it on a real person but HUGELY embellished) And actually he was in WWII Intelligence service himself.

Mine is annually deducted from my checking account so as long as money there I suppose it could go on indefinitely.

But you don't pay they can't just confiscate it either.

It not paid, then whoever would have to pay the back fees, and then there would definitely be all kinds of questions, mandated for ID besides just having the Key.

Like you are dead, and person is executor of your will, or family.
--


Mele20
Premium
join:2001-06-05
Hilo, HI
kudos:5
reply to signmeuptoo

Here it is difficult to get even the smallest one as the demand is high and there are not enough boxes. All the banks, where boxes are available (usually not at grocery store bank branches), and credit unions, have waiting lists where it could be 4-5 years after you apply before you can get one.

Any valuable papers should be kept in a safe deposit box or you can't get one then keep them in a waterproof box in your refrigerator.

The boxes are usually quite a bit cheaper at a credit union and because of this the waiting list may be very long. Banks usually will discount the cost or waive it entirely depending on what level of banking you are doing with them or maybe if you are over 55. You mustn't lose one or both of the keys or you will be charged big bucks for a replacement key/s. You can access the box during business hours any day, any time but have to sign in at the safe deposit desk in the lobby usually near the vault.

You are charged once a year and generally the payment is an automatic deduction from your checking or savings account. Here, at one big bank, the charge is $43 a year for the smallest box (long, narrow one) and almost one-half off if you are 55+ (only bank here that does that).
--
When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson



lew_b
Premium
join:2003-05-11
Poughkeepsie, NY
reply to signmeuptoo

I'm currently paying $80/year to Chase for a small safe deposit box. Unfortunately my credit union does not offer safe boxes, that is why I'm with Chase.
I keep only very important stuff in there. House deed, car title and my mother's engagement and wedding rings.
The paperwork could eventually be replaced I suppose, but I would be heartbroken if anything ever happened to my mother's old jewelry.
P.S. A lot of banks only allow depositors to rent safe deposit boxes. I guess I'm lucky to have a safe box and not be a depositor
--
Roadkill 2015


MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
reply to signmeuptoo

said by signmeuptoo:

How do safe deposit boxes work?

You have one key, the bank has another.
Both keys have to be used in order to unlock the box (but not simultaneously....... it's not a PAL like launching ICBM's).


gordoco

join:2004-06-05
Boulder, CO
reply to signmeuptoo

I pay $25/year for my safe deposit box at a local bank, deducted automatically from my checking account once per year. I think I'm getting a 25-50% discount for being a long term customer of the bank.

When I want access I have to sign a sheet, and they verify my signature against the one on file when I initially acquired the box before allowing access. I have a key, the bank has a key, and the box can only be opened if both keys are used.


Austinloop

join:2001-08-19
Austin, TX
kudos:1
reply to Bob4

said by Bob4:

It's highly recommended that you keep important papers (e.g., deeds, wills, automobile titles, birth certificates, naturalization certificates) in a safe deposit box.

Our lawyer does not recommend keeping wills in a safe deposit box. One's demise will usually cause the safe deposit box to be sealed for some period of time, which would mean that the will is not accessible to whomever one has designated as executor. Our lawyer recommended getting one of the fireproof boxes for wills, living wills, power of attorney's, etc. and keeping them in the fireproof box.


Insight6

join:2012-08-25
reply to signmeuptoo

I can't speak to all cities and states but can say with confidence that commonly if you don't currently have a safety deposit box good luck trying to get one. The demand at banks are dramatically higher than the supply. Wait lists of many years are common. Plus even finding a specific bank branch can in many cases be impossible. For instance Wells Fargo Bank does not in any way have available a data base or source that can tell you whether or not a particular branch actually physically has safety deposit boxes. (Most don't anyway.) The ONLY way is to call branch by branch to find out. Also, as banks expand or alter their business model they are getting away from adding any new boxes to their all ready thin supply.


Bob4
Account deleted

join:2012-07-22
New Jersey
Reviews:
·Optimum Online
reply to Austinloop

said by Austinloop:

One's demise will usually cause the safe deposit box to be sealed for some period of time,

Not in New Jersey. The executor is allow to retrieve wills and life insurance policies.

You can also add a second (or third) name to the box and access it after death.

Bob4
Account deleted

join:2012-07-22
New Jersey
reply to Insight6

Never had a problem getting a safe deposit box in New Jersey. We have multiple banks on practically every corner. You can't swing a dead cat without hitting a bank around here.



Insight6

join:2012-08-25

said by Bob4:

Never had a problem getting a safe deposit box in New Jersey. We have multiple banks on practically every corner. You can't swing a dead cat without hitting a bank around here.

Yes BUT do all of them have safety deposit boxes? Do the ones that have safety deposit boxes, not all branches do, have boxes that haven't been rented and therefore are available or is their a long waiting list?

As stated in most areas in the US they aren't functionally available.

Bob4
Account deleted

join:2012-07-22
New Jersey
Reviews:
·Optimum Online

Every branch I've ever been in has safe deposit boxes. They may be sold out of a particular size, but I've always found at least one size to be available.

We have a lot of banks here. Hell, I have 4 within walking distance! We don't have that many drugstores or supermarkets. I think my mother's town has 7 or 9 banks, and they probably all have safe deposit boxes.

Safe deposit boxes are pure profit for the bank. My bank gives a $7.50 discount on the first year rental fee.


Austinloop

join:2001-08-19
Austin, TX
kudos:1
reply to Bob4

said by Bob4:

said by Austinloop:

One's demise will usually cause the safe deposit box to be sealed for some period of time,

Not in New Jersey. The executor is allow to retrieve wills and life insurance policies.

You can also add a second (or third) name to the box and access it after death.

That is one state out of 50 (or is it 57). I think I will take my lawyer's advice.

Bob4
Account deleted

join:2012-07-22
New Jersey

If your lawyer says the box will be sealed, you need to get a new lawyer.
See - »www.statutes.legis.state.tx.us/D···.htm#36D


Austinloop

join:2001-08-19
Austin, TX
kudos:1

said by Bob4:

If your lawyer says the box will be sealed, you need to get a new lawyer.
See - »www.statutes.legis.state.tx.us/D···.htm#36D

No, thanks. I honestly don't remember if she said any thing about the sealing, but she did recommend the fire proof box.