In this digital world, almost anything that matters is stored virtually in the cloud. To that end, a physical safe deposit box might seem like a relic of the bricks-and-mortar (and high-strength steel) past. However, don’t write off the value of keeping certain valuables securely tucked away in your bank’s vault (That is, if your existing bank has a safe deposit box vault — many are being eliminated.)
Some examples of things you can and should keep in a safe deposit box include prized possessions such as collectible baseball cards or jewelry inherited from a relative. A safe deposit box can also offer critical protection for important documents.
But a safe deposit box isn’t a wise choice for many things. There are items you might come to regret locking away in your bank, which isn’t open nights, holidays or perhaps even weekends.
Access to your safe deposit box could be even more limited during emergencies, including natural disasters (which could even threaten the bank and box itself, depending on where you live). The coronavirus pandemic, too, reduced operating hours for some bank branches, and limited access or required appointments for in-branch services, such as access to safe deposit boxes. Such circ*mstances complicate your ability to retrieve important documents or items when you need them — the answer is to create a financial plan for natural disasters beforehand.
Experts recommend storing important items that you need to access more frequently or on short notice in a fireproof home safe that’s bolted to the floor. But what are those items? Read on for our list of safe deposit box no-nos.
