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

By Pamela Knight

Services for Real Estate Pros with Urban Knight Enterprises, Inc.

September 28, 2008 12:58 PM

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

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Joan Bergstrom

Joan Bergstrom Mobile Notary - Riverside, CA

Mobile Notary, Riverside CA

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 28, 2008 04:14 PM

Pamela Knight

Urban Knight Enterprises, Inc. - Phoenixville, PA

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.

Sep 30, 2008 10:25 AM

Joan Farley

Farley's Legal Support Services - Bowie, MD

Mobile Notary and Process Server

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.

Sep 30, 2008 03:14 PM

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

Sep 30, 2008 03:48 PM

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.

Oct 02, 2008 08:47 AM

Anonymous

Michael Sanders

I don't (for one minute) believe that ANY bank respects their customer's privacy (contrary to their claims, otherwise). The bank most likely has a copy of your key that they claim not to have. Then, AFTER you place your items in your rented safety deposit box, they probably inventory the contents. You'll never know they did that. But, you can be sure that any illegal items would be reported and seized; then, you would be arrested and the contents of said safety deposit box confiscated (to be used as evidence against you).

Feb 27, 2014 03:29 PM

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

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