Thinking Inside the Safe Deposit Box

In the age of cloud storage and digital recordkeeping, a safe deposit box may seem like a relic from another era. However, some items such as property deeds, original birth certificates, or family heirlooms are difficult or expensive to replace. Storing them in a safe deposit box will keep them safe and secure.

Here are 5 things to think about before placing your items inside a safe deposit box.

1. Safe Deposit Boxes are not insured. Unlike money in your bank deposit account, the contents of your safe deposit box are not FDIC protected. If something has a high market value, be sure to visit with your insurance agent to insure it independently.
    
2. Keep track of where your safe deposit keys are kept. Renters are issued two keys when the box is opened. If one key is lost, renters are charged $25 for the lost key and asked to bring in the remaining key and to close the box. If both keys are lost, the box must be drilled in the renter's presence. The renter is charged the cost of drilling (drilling costs can vary from $120-$350 or more) plus $50.
    
3. Decide who you want to have access to your safe deposit box. We recommend that you appoint an agent in the event you need someone to access your safe deposit box for you. (For example, you become ill, disabled, or take an extended vacation). A handwritten note will not suffice. An agent appointment requires that the renter and the agent be present during the appointment and the agent receives a key from the renter or know where a key to the box is for future access. It's important to remember that the bank takes no responsibility for the agent's action. Upon proper notification of the renter's death, the agent's rights of access ceases.
    
4. Understand content removal restrictions. In the case of joint renters, other authorized renters can remove all contents without restrictions upon the renter's death. If it is a sole renter, access is restricted to someone who presents a (Will Search) court order. First Citizens may also grant access to a spouse, parent, adult descendant, or person named as the estate representative in the will. However, only the life insurance policies, burial deed, or Will may be removed until the proper estate documents are provided.
    
5. Use zippered plastic bags to keep your contents organized. Vaults are "resistant" to fire, floods, burglary, and other unavoidable perils. Even though safe deposit boxes are designed to withstand natural disasters, it's a good idea to put anything that could be damaged by water into a waterproof container such as a zippered plastic bag. This adds another layer of protection and also helps keep the safe deposit box organized.

Maintain a complete inventory of the items in your safe deposit box. Keep this inventory list up-to-date and in a safe place. If you put something in or take something out, record doing so in your inventory list. You might also want a photocopy of all the important papers in the box in case you want to refer to them at home.

Safe deposit boxes are rented annually with rent paid one year in advance. The rent can be set up to be automatically deducted from the renter's First Citizens account. This will save both time and money!

Are you in need of a safe deposit box? We've got some options! Sizes vary by location and are subject to availability. If you have any questions, stop by any of our locations or give us a call at 800-423-1602.