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A lot of our most valuable items aren’t used every day. Whether it’s the family necklace, which you only pull out for special occasions, or your birth certificate, just because they are kept out of sight doesn’t mean they are out of mind. To make sure they remain as secure as possible, many people invest in safe deposit boxes to keep them in. Housed in the vaults of banks and credit unions, they offer a high level of protection, as the guide below explains.

Why Rent a Safe Deposit Box?

Keeping valuable pieces at home leaves them vulnerable to burglary—especially if you have a regular routine—like a job—which keeps you out of the house for extended periods of time. Even a safe is crackable. However, because banks are responsible for looking after many people’s valuables, they can invest in the technology and staff to keep them protected at all times. This can also ensure that your prized belongings are safe in the event of a house fire or other natural disaster.

Best Practices

banksIf you choose to utilize a safety deposit box, keep up with your annual payment so that your account doesn’t become delinquent. In some cases, this could result in you forfeiting your items to the bank until the debt is repaid. If you’re worried about forgetting, ask about automatic payment systems or paying for each year in advance.

Additionally, since many people use these containers to store important documents, like wills, make sure that other family members know about the box’s existence. They should also know how to find the key in case of your passing. Keep it in a secure place and return it to that location after every use—if you lose it, you will likely have to go through a lot to prove your ownership before being re-granted entry.

 

Want to open a safe deposit box? Turn to the professionals at Estacado Federal Credit Union. This credit union offers a range of financial services—from savings accounts comparable to any bank to personal loans. They serve residents in the Texas counties of Yoakum, Gaines, and Cochran, as well as those in Lea County, NM. Visit them online for more on these offerings or call (575) 393-1596 with questions.

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