Lots of us have safe-deposit boxes (also called lock boxes), and not all of the items hidden inside have particularly moving stories behind them. But every safe-deposit box, by its very nature, holds a little bit of drama. This locked container, deep in the vault of a financial institution, is the best place to keep your irreplaceable possessions.
Once you have figured out what you need to store in your box, get one that fits. The smallest box at the Bank of Prescott is 3" x 5" x 24". This size works for storing papers that can be folded like deeds and birth certificates, and other small items like coins and jewelry. The safe deposit boxes available for rent at the Bank of Prescott vary in size all the way up to 10" x 10" x 24". Annual rental fees (see the table below) are very affordable and range from $26 to $50.
You get two keys. Put them in a separate, safe and secret place. Notify us at once if you loose a key. It takes two keys to open your safe-deposit box; one of your keys and one of the bank's keys. (Contrary to popular myth, if you loose your keys, there is no way the bank can get in your safe-deposit box without drilling out the locks. And that is expensive!) Someone having possession of your key will not allow that person access to your box. The person attempting access must be on the signature card as either an owner of the box or as your duly appointed agent, sometimes called a "deputy." Owners and co-owners have unlimited access to their box, and agents are allowed access as long as the owner desires. At the death of the last owner, however, the agency status of any appointed agent stops. This is very important.
It is a good ideal to keep a list or inventory of the contents of your safe-deposit box. That way you know what is in it without having to come to the bank to see.
Certain items should be stored in your safe-deposit box just as certain items should not. For example, such things as insurance policies; birth, marriage & death certificates; adoption papers; deeds; titles; contracts; military records; stock & bond certificates, certificates of deposit; collectibles such as stamps and coins; inventory of your home; and citizenship papers are all good candidates to be placed in your box. At the same time such things as an original power of attorney; medical care directives & health care proxies; funeral or burial instructions; passport; cash; and anything that if the bank were closed and you absolutely needed it are not candidates for being placed in your safe-deposit box. As a general rule, what should go in your safe-deposit box is anything that would cause panic if lost.
Please remember that placing cash in a safe-deposit box is a bad ideal. For starters, unlike your deposits at the Bank of Prescott, cash in a safe-deposit box is NOT insured by the Federal Deposit Insurance Corporation (FDIC).
See one of our knowledgeable and helpful personnel for your safe-deposit box needs.
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