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Tips on what contents to store in your Bank Safe Deposit Boxes!

Urban Knight Enterprises, Inc. specializes in performing safe deposit inventory for many bank institutions. Banking institutions are typically not allowed to used internal notaries to perform or assist in the inventory of bank safe deposit boxes.

Often times, we are asked what can or can not be stored in safe deposit boxes. We have compiled a comprehensive list. Please be advised that you don't have to put all of the items below into your box. Once you decide what items you are going to store there, keep a list of the contents, updating it whenever you add or remove items. The list should include the location of the box and key.

A good list to start with:

Deeds, Divorce decrees, Marriage certificates
Military records, Mortgage papers
Passports Photographs/negatives of valuables
Retirement plans
Stock/bond certificates and notes
Wills and TrustsAdoption papers
Automobile titles
Birth certificates, Citizenship papers
Contracts, Copyrights and patents
Court recorded documents
Death certificates, Inventory of valuable possessions (including appraisals and receipts)
Leases
Life insurance policies
List of insurance policies and numbers

Note: There are some items that are deem unlawful to store in safe deposit boxes. Check your State Regulations.

Fire Arms (guns, bombs,etc.)

Money (large lump sums of loose money)

Gold/Silver Bars

These items are usually flagged, recorded and the local authorities are notified.

Urban Knight Enterprises, Inc. **www.UKENotary.com** 610.935.5944 or 484.682.6249

Posted by Pamela Knight on 09/28/2008 07:58 PM

Comments (5)

Safe Deposit Boxes in the Regional (Localism) Channel

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5 Comments on Tips on what contents to store in your Bank Safe Deposit Boxes!

SEP

2008

How would the bank know you stored loose money ( I would like some of that loose money by the way) to store?

I thought no one looked inside these boxes. Thanks for the post it is nice to know what can be stored legally.

SEP

2008

Hi Joan,

If a local, state or federal law enforcement agency persuades the appropriate court that there is "reasonable cause" to suspect you're hiding something illegal in your safe deposit box (guns, drugs, explosives, stolen cash or money obtained illegally), it can obtain a court order, force the box open and seize the contents.

The IRS can freeze your assets, if you fail to pay your taxes, or in a dispute matter.

Private parties also can freeze your assets but doing so involves going before a judge and proving that there is a legitimate dispute over a debt.

This is a very good article. My mom's friend is a senior citizen. She bought $30,000 in gold blocks and had them stored at the back security deposit box. With banks folding at a rapid rate, am I correct to assume that F.D.I.C. on covers monetary deposits and not gold blocks sitting in a deposit box? She says she wants it to cover her funeral expenses. Go figure.

The F.D.I.C. doesn't cover items in a security deposit box, including gold or money to name a few.

OCT

2008

Hey Joan and Joan: You are both correct!

Please share this information with all that have safe deposit boxes. Please see my other blog on:

What to do if your bank fails and you have a Safe Deposit Box there?

By law, the FDIC only insures deposits in deposit accounts at insured institutions. Although you may be putting valuables, including cash and checks, into an area of the bank that has the word deposit in its name, these are not deposits under the insurance laws that the bank can use, for example, to make loans to other customers. A safe deposit box is strictly a storage space provided by the bank.

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