How do safety deposit boxes work?

Answer Safety deposit boxes are provided by financial institutions and hotels as a service to customers. The boxes are located in basements or other private areas, usually in a vault, and are secured unde... Read More »

Top Q&A For: How do safety deposit boxes work

Are safety deposit boxes safe?

On One Hand: Protect ValuablesSafety deposit boxes, also called safe deposit boxes, are locked storage boxes located in a bank vault. These allow you a place away from home to store birth certifica... Read More »

Are safe deposit boxes insured?

The Federal Deposit Insurance Corporation, which insures traditional bank accounts for losses up to $250,000, does not insure safe deposit boxes. Although your bank may provide some coverage, the F... Read More »

What are new york state laws regarding safe deposit boxes of deceased individuals?

On One Hand: Only Co-owner or Authorized PersonsIf the deceased has a will, the safe deposit box will be sealed by the bank upon death notification. Unless the deceased had a co-owner when they le... Read More »

Can i put cash in a safety deposit box?

Putting cash in a safe deposit is legal under federal law; however, some banks may have their own rules regarding the contents. Banks generally frown on depositing cash in a safe deposit box for tw... Read More »