• Lastingsafe

Why is it illegal to store cash in a safe deposit box?

Updated: Jan 20

Renting a safe deposit box can help protect important personal documents, collectibles, and family heirlooms. But making an informed decision is important:

What is a safe deposit box?

The safe is usually a metal box located in the bank's secure vault and can be rented from a bank. It is usually accessible during normal banking hours. This could mean Monday to Friday from 9 am to 5 pm. No weekends or holidays.

Why use a safe deposit box?

A safe can be a great place to store valuables that you don't want to store at home.

Good things to put in the safe include:

Important document

Gold and silver jewelry and treasures

Jewelry or rare collection

Important contracts and commercial papers

You should not store items you may need in a short period of time or in an emergency. This includes passports, medical certificates or enduring powers of attorney, medical agents, and revocable living wills.

If you rent by yourself, please do not store your will, trust files, or any other content that your heirs may need.

What is the difference between a bank safe deposit box and a family safe?

A family safe may be a major replacement for a safe.

A home safe is a good place for your passport or medical order, or if it is fireproof, you want to stay away from fire.

Is the property in my bank/hotel safe deposit box insured?

Why do you want to consider this? Like your home, theft, fire, floods, and other disasters can also cause serious damage to the bank vault.

If you want to store valuables, there is a common solution: add a special policy to your insurance policy to specifically cover these valuable items. Whether it's your diamond jewelry or rare items, your insurance agent can write a separate policy to cover specific valuables.

The second way: to protect your valuables by some means