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Safety Deposit Box: Requires an account?
Old 10-18-2005, 12:23 PM   #1
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Safety Deposit Box: Requires an account?

Does renting a saftey deposit box require one to have an account with the bank. My checking is thru Fidelity and they don't have boxes for rent.

Anyone know a way around this?
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 01:14 PM   #2
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Re: Safety Deposit Box: Requires an account?

Depends on the bank. Ask around. We wanted a safe deposit box at the bank where we maintain a checking account (handy to have a local place to deposit checks, etc.). They told us the waiting list was something like 10 years! Apparently the newer, smaller branches being built these days have tiny vaults, so there aren't enough boxes to go around. However, they didn't require you to have an account; they just charged you less if you did.

We ended up just sticking the will etc. in the freezer of the basement fridge. It should outlast anything but the worst fire (being insulated and all).
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 01:18 PM   #3
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Re: Safety Deposit Box: Requires an account?

You can probably open free checking account. I fel it is always helpful to have a local account anyway.

Ha
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 02:04 PM   #4
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Re: Safety Deposit Box: Requires an account?

I know that everybody calls them "Safety Deposit Boxes," but I think the real name is "Safe Deposit Box." I think "safety" evolved from people running together the "safe" and "de" from deposit. Sorry, I just had to rant. Ignore me.
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 02:47 PM   #5
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Re: Safety Deposit Box: Requires an account?

Get fudge??

What's wrong with violins on TV??
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 02:57 PM   #6
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Re: Safety Deposit Box: Requires an account?

Depends on what you want it for and how long you expect to need it, but purchase of a fireproof safe can be cost effective -- especially if you can pick one up used.

http://ezinearticles.com/?The-Benefi...Safes&id=71384

". . .A fireproof home safe is an easy way to protect your most important documents and belongings in case of a home fire. A safe deposit box at your bank, however, is the safest way to store your important papers. But if you need more space or would just like to keep your important belongings at home, you need a fireproof home safe.

Most safes are fire-resistant, not fireproof. The fire-resistant safes are rated by the Underwriters Laboratories. They rate safes based on how long they can protect paper in a fire at different temperatures. Class-C fire-resistant safes will protect paper from a 1,700-degree fire for one hour, a class-B safe for two hours at 1,850-degrees, and a class-A for four hours at 2,000-degrees. You will need a specialized safe to protect computer documents like disks from fire.

Small fireproof safes start at around $50. These hold only a few hundred cubic inches and weigh less than 20 pounds. If you need more space, then you will need to spend more money. Larger fireproof home safes start at around $200, but can cost thousands. Fireproof safes that expensive are usually for guns or commercial use.

Many Internet retailers sell fireproof home safes, many at low wholesale prices, but you may have to pay for shipping. Try to see the safe in person before you buy it, since returning the safe will be expensive. Check out your local home security stores. Remember, you are putting your most important documents in the safe. Make sure it is the one you want. . . "

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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 03:00 PM   #7
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Re: Safety Deposit Box: Requires an account?

No particulars, but my neighborhood Lowe's has 3-4 different models of safes.
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 03:18 PM   #8
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Re: Safety Deposit Box: Requires an account?

Two other issues that you might want to consider:

1) I'm pretty sure your home owner's insurance doesn't cover stuff in a safe deposit box. Don't quote me on this one.

2) Some probate laws require that your safe deposit box be sealed as part of probate, and that might impede access to certain important things (like your will). Don't quote me on this one either.
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 03:32 PM   #9
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Re: Safety Deposit Box: Requires an account?

My gun safe is my safe deposit box. I keep all my important papers, bonds, DW's jewelry, house and car titles, trust books, last few years of tax files, back up computer disks in a second smaller fire-resistant case, and a few firearms of course. I keep a few bucks in there too as "just in case I need it" funds.

Don't need no stinking bank!
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 03:53 PM   #10
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Re: Safety Deposit Box: Requires an account?

Quote:
Originally Posted by wab
1) I'm pretty sure your home owner's insurance doesn't cover stuff in a safe deposit box.* *Don't quote me on this one.
I have heard the same thing. Any idea if it's easier (or cheaper) to get a rider to cover your valuables at home rather than in a safe deposit box?

I just have a fire box at home.... it's not bolted to the floor like it should be, but it sure is heavy.
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 04:02 PM   #11
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Re: Safety Deposit Box: Requires an account?

Thanks for the feedback. A bit of food for thought and gives me a few options. The home safe is ideal but I don't have a home.


We'll, the best I've found so far is : Bank One is being bought by Chase and will change names on the 24 th. If I put in $3,500 into a basic account, I get the small deposit box free.

I did a lot of walking along Michigan Ave and that was the best I could do. Tried 4 places and all wanted an account.

PS: The treatment I received at the various banks varied as much as my sex life.
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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 07:13 PM   #12
 
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Re: Safety Deposit Box: Requires an account?

Quote:
The home safe is ideal but I don't have a home.
The one I have would fit in a shopping cart.

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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 07:30 PM   #13
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Re: Safety Deposit Box: Requires an account?

Quote:
Originally Posted by OldAgePensioner
The home safe is ideal but I don't have a home.
Quote:
Originally Posted by TromboneAl
The one I have would fit in a shopping cart.
So Al, are you like one of those homeless people living on the street with all your worldly goods in a safe in your shopping cart? Do you keep the beaver in there?



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Re: Safety Deposit Box: Requires an account?
Old 10-18-2005, 07:44 PM   #14
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Re: Safety Deposit Box: Requires an account?

Quote:
Originally Posted by REWahoo!
So Al, are you like one of those homeless people living on the street with all your worldly goods in a safe in your shopping cart? * Do you keep the beaver in there?



It's widely known that it's important to keep your beaver safe.

JG
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Re: Safety Deposit Box: Requires an account?
Old 10-19-2005, 07:08 AM   #15
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Re: Safety Deposit Box: Requires an account?

And what would be the combination to the beaver's safe?
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Re: Safety Deposit Box: Requires an account?
Old 10-19-2005, 08:31 AM   #16
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Re: Safety Deposit Box: Requires an account?

Three chores to the left to clear it, a large gift for the first number, two lawn mowing to the right, another gift for the second number, take out the trash, and a prayer to the right. Should open right up.
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Re: Safety Deposit Box: Requires an account?
Old 10-19-2005, 10:47 AM   #17
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Re: Safety Deposit Box: Requires an account?

The master combination: 8)

Candy
Is dandy
But liquor
Is quicker.

Ogden Nash, "Reflections on Ice-Breaking"
US humorist & poet (1902 - 1971)



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