Most people use the safety deposit box to store valuables they don't want at home. You don't have to worry about anyone else accessing your belongings because only the safe deposit box owner can access them. Most financial institutions charge an annual fee to rent the box and keep them locked up in a bank vault that you can only access with the help of a bank representative. Related Article | The Finance Dictionary: Learn the jargon your Finance friends speak! What Is a Safe Deposit Box?Ī safe deposit box is a metal box that holds your valuable items, such as family heirlooms or legal documents, at either a bank or credit union. Although some items don't belong at home because of the risk of theft or privacy, a bank provides the security you need.īefore renting, you should know everything about safe deposit boxes and how they work.
Thanks to digital banking, it might have been months or even years since you've stepped foot in a bank, but there's one reason to keep your physical bank branch - safe deposit boxes.Ī safe deposit box is the only way to keep important valuables safe outside of using a fireproof home safe.
