It’s Almost 2020! Should You Still Stash Your Cash In Safe Deposit Boxes?
With the advancement of technology, safe deposit boxes have become nothing but an antique object belonging to the analog age since personal banking has now become digital. However, some people still prefer safe deposit boxes to store their important papers, jewelry, and other valuables as they are of the opinion that their stuff is much more secured in these good ole’ boxes. A safe deposit box is a large storage container that is placed in a secured area that is rented or a vault, typically rented or owned by banks, credit unions, and other financial institutions. Customers are provided with a key and they need to inform the bank employee who possesses the second key before they unlock their safe deposit box.
Younger Customers Are Going Digital
There are a few banks that offer keyless systems that enable the customers to access their valuables by scanning a hand or a finger. Even though the proper statistics regarding the use of these safe deposit boxes are not available with the industry groups and federal regulators, but according to banking security experts, the demand has been sluggish. A representative of the Bank of America recently revealed that the demand for such boxes has dropped quite drastically. The young customers are particularly the ones who prefer to store their documents digitally. Less than half of safe deposit boxes of banks are being rented these days. On being asked whether they are providing safe deposit box services to its clients, a majority of the banks replied with a negative. Another major reason why these boxes are not in so much of a use in recent times is that they occupy a lot of space which could be utilized for some other purposes.
Some Leading Banks Are Still Offering Safe Deposit Boxes
JPMorgan Chase representatives divulged that even though there isn’t much of a historical data regarding the use of safe deposit boxes available with them, they have kept these boxes active in over half of the financial services firm’s branches and they are still pretty much in vogue. If the statements of safe deposit box consultants are taken into account, at least a million boxes are being rented and several branches have been including them in their list of services. In reality, some people believe that these boxes are the most secure place to stack up whatever is valuable according to them.
What Can You Store In A Safe Deposit Box?
A question might crop up in your mind regarding what to store in a safe deposit box. The bank boxes are suitable for stacking up valuables, as well as any important document that you wouldn’t need immediately. The list of significant documents comprises birth certificates, mark sheets, property deeds, and paper bonds too. In case you travel abroad quite often, keeping your passport in a safe deposit box might not be a feasible idea. You can get access to your bank box only during the banking hours and not beyond that. Keeping a safe deposit box back at home might a pretty good option in such cases. Estate lawyers do not favor storing wills in the bank boxes since accessing them after the owner’s expiry becomes tough. Clients are generally advised to keep the original document with their lawyers and store a copy of the same in a cabinet or some other secure place.
It’s Not Pragmatic
As per banking security experts, stacking up your deposit boxes with emergency cash is not a very practical thing to do. FDIC provides insurance on the cash that you keep in a deposit account. Unfortunately, the same can’t be said about the cash that’s stored in the bank boxes. Hence, there is every chance that your money might get stolen. In at least one instance, a bank employee was taken into custody who walked off with cash deposit amounting to $30,000 that belonged to a client a few months back. These physical deposit boxes are also prone to risks that are associated with natural disasters. Therefore, experts advise that you should stack all the valuable documents and cash in plastic bags or any other air-tight containers to protect them in case of any water damage.
As you can assume, safe deposit boxes are no more a pragmatic option for today’s banking industry consumers. Going digital is the order of the day. With that being said, you still have the liberty to choose safe deposit boxes and your bank should be ready to offer you the facility.
More in Big Bank Accounts
-
`
Branded Content: A Genuine Way to Connect With Your Audience
Have you ever binge-watched a series on Netflix, only to later realize that the beverage everyone’s sipping on is that brand...
April 23, 2024 -
`
What Car Does Jeff Bezos Drive? Find Out Inside His Exclusive $20 Million Collection
Have you ever wondered what car does Jeff Bezos drive? This man’s tastes in vehicles are as expansive as his business...
April 17, 2024 -
`
Redeeming Your Savings Bonds – Here’s What You Need to Know
Today, savings bonds stand out as a steadfast option for many Americans. If you are pondering over the process of U.S....
April 11, 2024 -
`
How to Make Your Savings Last Long in Retirement | 6 Practical Tips
There is no doubt that navigating the golden years of retirement is an exhilarating phase, filled with the promise of leisure,...
April 4, 2024 -
`
Here’s What Homeowners Need to Know About AAA Home Insurance
Homeownership is a dream for many, but with it comes the reality of ensuring your investment is well protected. This is...
March 26, 2024 -
`
“Chicago Fire Season 12″ and Taylor Kinney’s Return | Is It Sabotaging the Severide’s Character?
“Chicago Fire” has always been more than just a show about firefighters. Fairly so, “Chicago Fire Season 12” is a saga...
March 22, 2024 -
`
What As a “Good” Annual Percentage Rate (APR) on Your Personal Loan?
More often than not, personal loans can feel like trekking through a financial jungle. Among the most baffling elements is the...
March 12, 2024 -
`
The 10 Best Investments to Consider in 2024
The past year surprised many with a resilient stock market that defied expectations, even amidst rising interest rates and potential recessionary...
March 8, 2024 -
`
How Pulley Is Reigning Supreme Over the Fintech Industry
Pulley, a cap table management firm based in San Francisco, is making headlines by challenging established players in the fintech industry....
February 27, 2024
You must be logged in to post a comment Login