Most people think that safety deposit boxes at the bank are the best way to keep your valuables safe. Unfortunately, that’s not necessarily true, as there are several reasons why they could actually cause you more trouble. Here are 18 reasons why you should stay away from safety deposit boxes.
Limited Access
Safety deposit boxes are only available during bank hours, which means you’re out of luck if you desperately need something out of those hours. Emergency hours don’t care about business hours, so having limited access to your valuables can be a pain when you need them the most. You’re better off keeping them somewhere where you can use them.
No Insurence
While your bank accounts are covered up to a certain amount, whatever’s in your safety deposit box isn’t covered by FDIC insurance. If something happens to your valuables, there’s no government safety net to bail you out. Of course, most banks will have their own insurance policies to cover these things, but it’s still a little shocking.
Risk of Bank Failures
Banks don’t go under often, but it does happen. If your bank fails, you might not have access to your safety deposit box for quite some time while they’re figuring out the administration side of things. You won’t be able to get your passport or any important documents out because the bank’s closed permanently.
Natural Disasters
There’s no such thing as a perfect bank, and natural disasters like floods or earthquakes can hit anywhere. If the bank gets hit, your safety deposit box might be, too. Unlike your home, you have less control over the protective measures in place, and recovering those important items is pretty much impossible.
Legal Issues
In certain cases, like a lawsuit or a divorce, lawyers and courts have the right to seal your safety deposit box, so you won’t be able to get anything that’s inside them. Do you really want to give someone else that right? These legal issues can cause you more stress and delay that you just don’t need.
Cost Over Time
Most safety deposit boxes come with an annual rental fee that can seriously add up over time. It might start small, but you’ll probably soon find that keeping things at the bank isn’t as economical as you once thought. Just think about how much cheaper it is to get a high-quality home safe, as that’s a one-off fee.
No Access For Heirs
If you pass away without setting up the right paperwork, your descendants might have some serious trouble getting into your safety deposit box. They’ll have to deal with lots of legal challenges that are more stressful than they’re worth. To avoid this, you might want to scrap the safety deposit boxes altogether.
Sharing Access
Similarly, just sharing access to your box with someone else means a lot of paperwork and red tape. It’s not easy to set up joint access or give them permission, as you’ll have to jump through several hoops at the bank. This whole process can end up wasting a lot of your time and effort, which just isn’t worth it.
Privacy Issues
While it’s true that safety deposit boxes keep your belongings out of sight, the bank knows you’ve got a box and what might be in it. In some cases, they can reveal this information during legal investigations without your permission. Those boxes don’t look so private anymore, do they?
Limited Size
Safety deposit boxes come in standard sizes, which means that not everything will fit, especially if it’s big or weirdly shaped. If you want to put something in that’s larger than usual, you might have to think outside the box, literally. And if you’ve got quite a few items, good luck trying to make them fit.
No Fireproofing
Not all bank vaults are fireproof, so if there is a fire, your safety deposit box might not stand up to the heat. Anything irreplaceable inside them could be at risk, which sort of defeats the purpose of putting your stuff in there. You’re taking a gamble with security, and that’s never a good thing.
Not Using Them
Unless you’re going into your box often, it’s easy to forget what’s in there or even that you have it. This can lead to you forgetting to manage them or keep an inventory of what you’ve stored, which could mean you forget about an important item when you really need it. You should keep your things somewhere you’ll remember them.
Digital Documents
You can store most of your documents digitally and securely from your own home, thanks to encrypted drives and cloud storage options, so why go to the bank? It’s a lot easier and quicker to do it all from home, especially since you can save space doing it, too. And let’s not forget that you’ll have backups in multiple digital places, which is a lot more secure than the bank.
Changes in Technology
Likewise, there have been many improvements in home security technology, which means it’s a lot easier to keep your valuables safe at home. You could get a high-tech safe or even a good home surveillance system, and both of these will give you security without the limits of bank hours, for example. After all, you can’t put a price on convenience.
Possible Neglect
Sadly, not all banks look after their safety deposit facilities, and some of them cut corners on maintenance. It’s a risk that you can’t ignore, and it can have serious consequences for your valuables. After all, the last thing you want to worry about is whether your bank is skimping on taking care of those safe spaces.
Changing Bank Policies
Banks can change their safety deposit box policies or fees at pretty much any time. They might increase the costs or change the terms whenever they feel like it, and you’ll just have to go along with it or go through the hassle of finding somewhere else to put your stuff. It’s a real inconvenience that’s just not worth it.
Auditing the Contents
Trying to prove what was in your box when you’re trying to make an insurance claim is a nightmare. Without regular audits and detailed records of what you’ve stored, this whole process becomes a lot harder, and it’ll make you regret having the box in the first place. Keeping these audits is a hassle and also an extra expense you don’t need
Security Breaches
Every now and then, you’ll hear on the news about a bank heist where thieves have targeted secure spots, and that includes security boxes. If that happens to you, no amount of money is going to get your valuables back. Banks aren’t invincible, and these things do, unfortunately, happen.
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