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If you have any important papers about which you would say, "If I lose this, I'm in deep trouble,"
it is time to store these items in a safe deposit box.
Millions of Americans use safe deposit boxes in financial institutions every day, storing everything from
insurance policies to birth certificates to certificates of deposit. All too often, obtaining a safe deposit box is "the good idea"
that people put off doing. Once that stamp collection, heirloom jewelry or family photo is stolen or lost in a fire, it's too late.
We offer these suggestions and answers to commonly asked questions on renting a safe deposit box:
- Do not put anything in a safe deposit box that may be needed when the Bank is closed for
the night, weekend or holiday.
- Videotape the contents of your home or business and then place that videotape in your safe deposit
box. This protects you if something is stolen or lost in a fire.
- You can jointly rent your safe deposit box with a spouse, child or other person who would have
unrestricted access to the box. Merely giving someone else a key is not enough to grant access; he/she must also sign the Bank's rental
contract as a joint-lessee. Another option is to appoint someone as an "agent" or "power of attorney" to have access
to your box.
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| Obtaining a safe deposit box
is "the good idea" that people put off doing. |
- Law enforcement officials can obtain a court order to force open the box and seize the contents, if they
persuade a court that there is "reasonable cause" to suspect you are hiding something illegal. The IRS can also "freeze" your assets and
put a hold on your accounts, as well as a safe deposit box.
- The Federal Deposit Insurance Corporation (FDIC) does not cover the contents of safe deposit boxes,
just deposits in accounts at your Bank. A safe deposit box is simply a storage space provided by the Bank.
Community Business Bank has safe deposit boxes to rent at both our Sauk City, Lodi and DeForest locations. Call CBB
at (608) 643-6300 (Sauk City) or (608) 592-7788 (Lodi) for more information.
More Tips on Safe Deposit Boxes...... |
