Bank Deposit Box - Not-So-Safe Deposits!

People believe a bank deposit box is one of the safest places to put your valuables and keep your personal information secure from identity theft.

Go to identity theft solutions to learn more on how to keep your personal information safe.

A bank safety box is not impenetrable, but it beats storing valuables and important papers in a file container or shoe box.

The boxes are resistant to loss, not loss proof. The only way to insure the contents of your safety deposit box is to have your valuables included in your renter's or home-owner's policy.

Only money in bank accounts is insured by the Federal Deposit Insurance Corporation.

Tips On Protecting Your Deposit Box

• This is an important idea to be aware of! Seal all your personal information and valuables in watertight plastic bags, as boxes can be flooded.

• Put your valuables in a vault. Self service boxes may be open for 24 hours and are easy to access, but they're not nearly as secure as a vault in a bank.

• ”Virtual safe-deposit-boxes” are now offered by online vendors and banks. This creates a cyber-backup where digital copies of all your documents can be stored.

• You can also have a backup on your website if you're savvy about the computer.

• Keep current in your payments in the box rental. If you don’t, the contents could be seized by the state as property that is unclaimed.

• You may want to give someone else access to your box. If you become ill or unable to take care of your own affairs, you might consider this. Be extremely careful who you delegate for this responsibility.

• Make sure the person you pick is stable, doesn’t use drugs, and can be trusted explicitly.

Your bank box is one of the most important ways to prevent identity theft and keep your valuables and personal items secure. Don't become a victim!

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