![]() The cost depends on the size of the box, your bank and your region. Recently, some financial institutions have started offering virtual safe deposit boxes, where customers can securely store digital copies of important documents, such as birth certificates, last wills and tax records. McGuinn, a former banker, and president and founder of Safe Deposit Specialists, a Houston-based safe deposit training and consulting firm. But there’s still a demand for them, says David P. Some banks today consider them an outdated service and have stopped offering them. ![]() Modern safe deposit boxes have been around since the mid-1800s. These boxes are often kept in vaults and can be rented by bank customers for a fee. What is a safe deposit box?Ī safe deposit box is a secure container, usually made of metal, that’s used to store valuables at a bank or credit union. Here’s what you need to know about, and what to consider, when renting a safe deposit box. Items that you might need to access quickly, for example, shouldn’t be stored in a safe deposit box. It’s important to make informed decisions about which things to store in a safe deposit box. Still, safe deposit boxes can be a good place to keep important personal documents, collectibles and family heirlooms. Some brick-and-mortar banks have either quit offering them or they’re scaling back. With the growth of digital banking, renting a safe deposit box isn’t as common as it used to be. ![]()
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