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

Re: How do safe deposit boxes work?

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).
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When governments fear people, there is liberty. When the people fear the government, there is tyranny. Thomas Jefferson