What is a safe deposit box and why should you use one?

August 9, 2017

If you have important valuables and documents that you don’t feel comfortable leaving around the house, consider renting a safe deposit box. Located in vaults at Texas Gulf Bank locations, safe deposit boxes* are fire and water-resistant. In addition, they typically offer more security than other available options. Interested in learning more? Here are a few things to know when considering renting a safe deposit box.

Added Security

Your valuables can’t be stolen from your home if they’re not there. A safe deposit box is a great way to give you that extra peace of mind — just in case your home is ever burglarized. Texas Gulf Bank safe deposit boxes sit in protected vaults with sealed doors that are equipped with security systems.

You Hold the Knowledge (and the Key)

Only you know what’s inside your safe deposit box — not the bank, not your relatives, not anyone that you don’t personally tell yourself. You can apply to be the sole title holder of your safe deposit box. This means that you will be the only one who can access the contents. Alternatively, you can apply with another individual for joint control of a single box.

A dual key system protects safe deposit boxes. The bank provides you with two keys of your own, and the bank has a ‘guard’ key. Without the combination of one of your keys and the bank’s guard key, the box cannot be opened.

Items for Consideration

Since you may not always have immediate access to items in your safe deposit box, here is a list of items to store and items that may not be appropriate to store.

Items you should store in a safe deposit box

An inventory of your household possessions. In the event of a natural disaster, you’ll need that information to file a claim on your homeowner’s policy.
Valuable jewelry or rare collectables.
Stock and bond certificates and U.S. Savings bonds. If you have paper ones, it’s a good idea to store them in your safe deposit box until you’re ready to utilize them.
Important documentation. Consider storing paperwork such as original insurance policies, deeds, titles or mortgages.

Items you should not store in a safe deposit box

The only copy of your will. In some states safe deposit boxes are sealed when the owner dies. A good piece of advice is to keep the original of your will on file at your lawyer’s office.
Cash. FDIC insurance doesn’t cover the contents of safe deposit boxes. If you want your cash to be protected from disaster, you should deposit it in an actual bank account.
Anything that requires immediate access. When you store items in a safe deposit box, keep in mind they will only be accessible during normal banking hours. If it is something you will ever need immediate access to, you’re better off keeping it in a safe place at home or elsewhere.

Cover Your Assets

Though safe deposit boxes can provide a more secure option to protecting your valuables than your home, they are not immune to all disasters. Take extra precautions to protect the contents of your box. For example, it is a good idea to seal documents and other items susceptible to water damage in ziplock bags. Furthermore, keep an inventory of the box’s contents and take photos of belongings you place inside the box.

Annual rental prices vary based on box size and location; key deposit–$25.00 per box; and box drilling–$50.00 each plus vendor’s charge.

Interested in renting a safe deposit box from Texas Gulf Bank? Contact us at 800-467-7216.

*Safe Deposit boxes and their contents are:

NOT A DEPOSIT
NOT FDIC-INSURED
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
NOT GUARANTEED BY THE BANK OR AN AFFILIATE OF THE BANK