The Update

All You Need to Know About Safe Deposit Boxes

Sometimes, that mattress lump just doesn’t work any longer. But even if you’re not yet there, you really gotta have a secure place to keep the documents and important items.

A safe deposit box can be the perfect solution for your peace of mind – and your valuables.

Let’s take a look at safe deposit boxes and how to manage them well.

What is a Safe Deposit Box?

A safe deposit box is a small, secure box housed at your bank or credit union. You can rent these boxes right through your financial institution, with prices generally starting at $25 a year. You may need a single key to open the box, or your credit union may use a dual-key system, in which both you and the credit union must use a key to open the box at the same time. Either way, you can only access the box when the credit union is open, so you’ll only want to store items you won’t need on a regular basis.

What to Keep in Your Safe Deposit Box?

Your safe deposit box should be home to items of significant financial or sentimental value. This can include:

• Important documents, like property deeds, wills and birth certificates
• Expensive jewelry
• Family heirlooms
• Copies of important legal documents

How often should I check my safe deposit box?

Experts recommend conducting a thorough inventory of your safe deposit box at least once a year to ensure the items inside are still relevant and necessary to keep and store. Also, after you’ve experienced any big life event; such as getting married or the birth of a child, be sure to make any necessary updates to your safe deposit box.

Who Should Have Access to My Safe Deposit Box?

It’s best to designate a trusted individual who can access the box in the event of an emergency or unforeseen circumstance. Whoever you choose, be sure it’s someone you completely trust and understands the importance of maintaining confidentiality and security.

What Happens to a Safe Deposit Box After an Owner's Passing?

When the owner of a safe deposit box passes away, procedures for accessing it will depend on the financial institution and the legal requirements of the state in which it is held. Typically, upon receiving notification of the passing, the financial institution will restrict access to the box until proper authorization can be obtained.

If the deceased has designated a trusted individual as a co-signer or authorized user, they may be granted access to the box after presenting appropriate identification and documentation. Alternatively, if the deceased has named an executor of their estate, they may be responsible for obtaining access to the safe deposit box as part of the probate process.

Safe deposit boxes offer a secure and reliable solution for safeguarding valuables and important documents. Use this guide to learn how to manage one effectively.

RGCU Safe Deposit Boxes

If you're interested in utilizing a safe deposit box, stop by RGCU today! Rio Grande has boxes available at our Downtown, Rio Bravo, Westside, and Cabezon branch locations.