Anyone here have a Safe Deposit Box ?

What is the ballpark cost of having one ? I realize they vary by size . What about the legality of keeping cash in one ? I'm reading all sorts of stories about this .

A medium size box is approximately $20 a year. I would ask an Attorney any legal question.

I have one, comes free with my chase bank account. It's probably only 5 inches wide but probably 20 inches deep.

As far as keeping cash in there, my bank sent a letter out saying we aren't supposed to keep cash or guns in the box, but they do not and cannot ask what you have in there.

I paid about $30/yr for a small (5" x 20" ?) box at Capital One. Don't think I've ever heard of the prohibition on cash or guns (wonder how many violate that!) -- but that's not a problem for me since the August 2016 flood. My local branch flooded about 4'. Safe deposit boxes are not waterproof, but fortunately mine was in the row just above the high-water line. Bank called me to just come by and pick up my box and contents; they no longer offer that service.

And I don't think your contents are insured from natural disasters. One might have their homeowners/insurer cover the contents.

Banks don't insure them. You're on your own.
For jewelry riders there's usually a large discount on the premium if you tell your insurance company you're keeping the items in a safety deposit box.
BTW, most homeowners policies have low limits for guns and jewelry for theft. $2500 is the most common I've seen. (check w/ your agent...).

One other word of advice from Katrina. Double zip lock everything in there. Having a flooded nice watch or gun would not be good... and flood doesn't cover your stuff away from home.

I'm not concerned with insurance issues or flooded property . My concerns are limited to what I posted .

I have one but can't remember the annual cost. I have been advised by my bank that you are not supposed to keep cash in it.

Its legal to keep cash in one but they don't accept any responsibility for it. Price varies by bank and size. I'd say $40 to $50 per year for a small box off the top of my head.

You may want to look into it, but I'm positive I don't pay for my box, so you may qualify for a free box also. Plus my location, the safety deposit boxes are on the 2nd floor, so I keep important documents in there. Figured they have a sprinkler system in place for fires and are elevated as to not worry about floods.

noob said:

...sprinkler system...

Click to expand...

Hmm... since (as I have learned) the boxes are not waterproof, a deluging sprinkler system might itself be a problem. IF I get another box, I will put all vulnerable contents in some form of waterproof storage.

We found out the hard way that they are not water proof at a bank in Denham Spring during the flood, I would check the flooding history of the area if the box in on the first floor. If put all items in a water proof container. I would say double ziplock as well, because I have seen a ziplock get a little water in it when submerged for period of time.

I worked for a bank for the past five years up until January of this year and I have some advice:

Keeping cash in a box at a bank is a VERY bad idea. Like VERY, VERY bad. Money up to $250k is insured by the FDIC if the bank goes under if it is kept in the checking account at your bank. Cash in a box at the bank is NOT insured. If something happens where the bank needs to be closed, you cannot access anything stored in the box in the bank. If the bank floods, catches fire, or gets hit by a giant meteorite, your cash is gone and you will never get it back. Obviously the last example is farfetched, but the point is that if the bank cannot be opened, you cannot access your cash.

Next up, banks pay you to keep money with them. I understand keeping a few thousand in cash in hand at your house or somewhere secure, but I would recommend keeping it somewhere that you can relatively control the access to it. But why not keep it at a bank or institution where you are literally getting paid to keep the money there?

If you are worried about someone (wife, gf, etc) knowing where your money is kept, open up an account with Ally or an e-bank and put it there. They pay insane interest rates to you, with no risk of loss...and you can access it at any ATM across the country or via cash advance at a bank.

But I urge everyone here not to keep cash or important things you may want to access in a box at a bank. Whenever you die, it also is a pain in the ass for your heirs to access the box and what not.

I used to have a box at the Read Blvd. Whitney...'til 9/1/05.