Safe Deposit Box question

[Fern]

My bank is raising its rates on safe deposit boxes. I've had mine there all these years, never touch it, just contains deed to my house, my birth certificate and a few other documents like that.

It's only about $30 a year, but i've cut corners everywhere else i can think of, and still looking to save $$. Sort of seems like a waste.

I'm tempted to just close the safe deposit box and keep it home. Do you think it's a good idea?

[Max'sMommy]

We did that and got a fire proof box for home, on sale at Target, should something happen our important info will be secure.

[34saving]

As well as a safe place at home, make a copy and give them to somebody you trust. Obviously the copies won't work like the originals, but originals can always be replaced and having a copy makes that process a lot easier!

[gakline]

I have a safe deposit box and a safe. ok, I know this will sound wierd. I've heard however that you should keep a copy of any important documents (such as your will) in the freezer. Seal it in a plastic bag and just leave it there. The reasoning behind it is if there's a fire, the freezer will be the safest place. Of course I heard this after I bought a small safe.

[Max'sMommy]

Sounds like it would work to me!

We also have two different family members that have copies of all our info- liscense, birth certs, marriage cert, ss#, ect. And a copy of what I am allergic too meds wise- just in case, and weather we are organ doners, plus a copy of our doner cards, will and living wills.

Hopefully they will never need this info, but just in case...

[Fern]

Hmmm, excellent idea about the freezer. I'd never heard that before. Well, it IS encased in metal

[Fern]

The safe deposit boxes i looked at in Wal Mart say they're only guaranteed against ONE HALF HOUR of fire...I mean, what happens if the fire burns longer? Then you're out of luck i guess. I would figure a refrigerator would protect it for at least as long.

[Jorge]

We have a fireproof safe at home because we got tired of paying the safe deposit box fee. Works fine and makes it easier to access. I agree with making copies of everything and keeping them with someone you trust, though.

[CRFSaver]

The only thing I would caution people about is the one thing a home safe can't protect you from and thats theft. A thief can always steal your safe and take it with him. My uncle had the same idea to save money by buying a safe instead. The safe is gone as well as a bunch of personal things.

While documents can be replaced there are something that cant. That ring your grandmother had that you will give to your daughter someday. The pocket watch your grandfather used till he retired. The sentimental things like that can't ever be replaced.

My advice is to check at your local credit union. Many times they aer much cheaper then local and national banks.

[Jorge]

Several people I know secured their safes in their foundations of their homes... or some other way. The safe doesn't have to be in plain sight... my parents always had one hidden behind a wall.

[terry1156]

I think the main thing you want is a safe place for your important documents and valuables in case something unfortunate happens. A safe or a safety deposit box will both work in these situations.

[gakline]

Originally Posted by CRFSaver

The only thing I would caution people about is the one thing a home safe can't protect you from and thats theft. A thief can always steal your safe and take it with him. My uncle had the same idea to save money by buying a safe instead. The safe is gone as well as a bunch of personal things.

Then again, how many thieves are going to look in the freezer?

[CRFSaver]

A friend got mugged one time. When the thief cornered him the first thing he told the guy was to take his shoes and socks off and give him his wallet. Guess where he had stashed his money?

What is scary is thiefs seem to know where to look. After all, they are thiefs...

[Bluezy]

True. Especially if thieves do their research on this site. I think I will stay with a safe deposit box in a bank requiring ID each time it needs to be accessed.

[marglo]

We thought of doing this in the past and decided not to because of theft. But recently we found out that some banks...US Bank is the one...will allow you to have a free safe deposit box if you keep even a little money in a checking account there. So we now keep $25 in a checking account with US Bank and get the safe deposit box free! If you need a large box perhaps this wouldn't work, but we just use a "smaller" one....it's quite long though and holds a lot.