Today, almost everything is done electronically; you might feel like you don’t need a safety locker. However, you must store some personal documents in their original states, such as birth certificates or marriage certificates.
Conversely, you should not store all items in a safe deposit box in banks. There are items that you will end up regretting, locking in your bank. For example, you might need the items in an emergency, during the night, weekends and on holidays. When the bank is closed, you can’t access these items.
Here, you will learn a few items that should and should not be kept in safe deposit boxes.
What Should You Store in a Safety Locker?
1. Stock and bonds certificates
Nowadays, buying stock and treasury bonds is usually done electronically. Ownership of these securities is recorded digitally, and records are stored on a server. In addition, it means that you don’t have to worry about losing the certificate.
However, if you still have old-school paper certificates from previous purchases, they prove you own the securities. Therefore, it would help if you kept the originals safely in a safety box and only kept a copy in your file at home.
2. Important personal records
Personal records such as birth certificates, marriage certificates, divorce certificates, adoption records or death certificates and not needed daily. It is wise to store them in a safety locker.
In addition, getting copies of the documents from the government can be quite a hassle. You need to prove ownership, pay a fee and wait for several days or weeks to get new copies. Keeping them in the safe deposit box would be best to avoid all this.
3. Asset documents
If you own a car or a property, you are issued a title besides a lot of paperwork. All these documents are important to hold onto as long as you own the asset and after selling it. In truth, you might never need them, but if you do, you can easily trace them in your safety box.
You might sometimes face a dispute with your neighbour over land boundaries. You will need all the documents used in the land purchase to settle the case. If you don’t have these documents, getting new copies takes time, dragging on the dispute.
What Should You Never Store in a Safe Deposit Box?
1. Passports
It’s tempting to think you should keep your passport in a safe deposit box for security reasons, as it won’t get lost or stolen. However, emergency trips can inevitably come up during non-banking hours. For example, imagine your child studying abroad gets sick, and you have to leave the country on short notice.
Or you have to make a last-minute business trip. For example, you get a fantastic deal after 5 pm on a Saturday and must travel on Sunday. However, your bank doesn’t reopen till Monday. It means that you have to postpone the trips; hence it’s best if you keep the passport at a Godrej safe locker near you.
2. Cash
Some people store cash in safe boxes at home “just in case”. But is keeping a safe deposit box in a box a better option? If you need the money for an emergency and the bank is locked, you will be out of luck.
The idle cash loses its buying power over time due to inflation. Hence it’s better to put the money in an interest-earning bank account. However, some banks forbid putting money in a safe box, so you must read the agreement well. Additionally, the money stored in a safe box isn’t insured.
3. Spare Keys
We all have a set of extra keys that we keep for emergencies. Spare house or car keys are only remembered when you are locked out of a place you need access to. You only have access to a safe deposit box during work hours.
So, if you are locked outside your house after banking hours, you will have a lot of trouble. If you keep the spare key in your safe box at home, you could also be locked out. Therefore, you should keep your spare key with your trusted neighbour, friend or nearby family member.
Safe deposit boxes will never go out of fashion. You can deposit your items at the bank or invest in a safety deposit box in your home or business. Now that you know what to store and what not to store, you can invest in a good safety deposit box from Godrej today.
