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How To Use A Safe Deposit Box: Metro : Nigerialog.com - Nigeria's Premier Online Forum

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How To Use A Safe Deposit Box

By: Adenosine (M) |Time : April 04, 2017, 07:31:23 AM
Safe deposit boxes are miniature vaults you can rent to store jewellery , family heirlooms , documents and other things you care about.
 They are a good way to keep your valuables protected from robbers , according to https: //
www . nerdwallet . com. To access a safe deposit box, you need two keys : one that you keep and one that the bank holds . This system ensures that neither party can access the box without the other . You can access a box only if you are the registered owner , and you must typically produce identification and the key to the box before entering the vault.

Banks are not permitted to know the contents of these boxes, so you will be able to open and sort through yours in private .

You can ’ t keep just anything inside a safe deposit box; most rental agreements forbid storing items such as firearms , drugs and hazardous materials .

How safe are safe deposit boxes ?

Before matters of cost or convenience , you probably want to know just how safe your items will be in a safe deposit box.

Specifically , are they more secure than if you kept them locked up at home ?

Many safe deposit boxes sit in vaults protected by steel - barred concrete walls ; equipped with heat , motion and vibration detectors; and sealed with doors that weigh more than three tonnes.

Some things you should do when you have a safe deposit box are : Tell your family that you have a box and document how you intend to pass on the contents; decide whether you
need insurance ; store your items in sealed containers to prevent water damage; and check your box once per year and keep a photograph of its contents .

Things you should not do are don ’t store cash but keep extra money in a savings account or fixed deposit where it will be insured and you will collect interest; store items you may need in an emergency because you will have access
only during business hours ; and do not forget to pay your rental fees . Setting up automatic payments can minimise
confusion .

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