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What You Should/Shouldn’t Store in a Safe Deposit Box

safety deposit box

Wondering what to put in a safe deposit box? While not advised for cash, it’s ideal for some important documents and valuables that aren’t needed often.

What Is a Safe Deposit Box?

A safe deposit box is a highly secure container that’s typically stored within a bank’s (or other financial institution’s) vault for especially safe keeping. Safe deposit boxes are available for rent in a range of sizes to suit users’ varying needs. They come with numerous safety features to protect whatever the user chooses to store inside them against theft, fire, and natural disasters, as well as to give users added peace of mind. Some of these safety features can include double-lock security (with the user keeping one key and the bank’s staff keeping the other), a fireproof rating, and signature-verified access that’s limited strictly to people the user authorizes.

What To Store in a Safe Deposit Box

A safe deposit box is an excellent place to store items with a high monetary or sentimental value, items that would be difficult to replace if ever lost or stolen, and — importantly — items the user doesn’t need to access frequently.

The following are some of the items people most frequently keep in a safe deposit box:

Certain Important Documents

Hard-to-replace documents the owner doesn’t often need to access are good candidates for storage in a safe deposit box. These can include:

  • Original copies of property deeds, automobile titles, and other ownership documents
  • Personal-identification documents such as Social Security cards and birth certificates
  • Marriage certificates and divorce decrees
  • Insurance policies
  • Military discharge papers
  • Savings bonds and original stock certificates

Valuables

Items worth large sums of money or that carry a lot of sentimental value for the owner can be securely put away in a safe deposit box. These often include:

  • Jewelry the user wears infrequently and wants to keep safe
  • Collectibles (especially rare and valuable ones) such as coins, stamps, trading cards, comic books, and smaller works of art
  • Family heirlooms such as old photos, letters, and other small mementos with high sentimental value for the owner
  • An inventory of valuable household items and possessions, along with a video recording of the home’s contents — all of which can be extremely helpful should the owner’s home be destroyed or damaged and insurance claims must be made for replacement of lost assets

Backups of Important Digital Data

By keeping copies of important digital files and documents backed up on USB drives or external hard drives stored in a safe deposit box, owners can protect themselves against data loss in the case of natural disasters, computer failures, or cyber attacks.

Things Not To Store in a Safe Deposit Box

Items owners may need to access quickly or frequently are typically not the best candidates for storage in a safe deposit box. While the following items should be kept in a safe and secure place, in most cases, they should not be kept in a safe deposit box:

Cash

While you can put cash in a safe deposit box, in most cases, it’s not advised that you store money in one. This is because cash is also safe when deposited into a checking or savings account at a bank and can be accessed almost immediately via a withdrawal when needed. Accessing a safe deposit box can take longer and must be done during bank hours. Further, when kept in an interest-bearing account, money can appreciate over time — while it won’t grow at all in a safe deposit box.

Medical Directives, Wills, and Power of Attorney Documents

Documents such as care directives, wills, and power of attorney paperwork might be needed quickly if something were to happen to the owner — and if kept in a safe deposit box, the owner’s absence or lack of availability could make these documents difficult to access at a crucial moment.

Passports

Especially for those who routinely travel, keeping a passport in a safe deposit box can be problematic. If, for example, a passport is forgotten in the safe deposit box when international travel is planned for a weekend or after business hours, the traveler may be unable to retrieve the passport until it’s too late.

Firearms and Contraband

In many cases, storing firearms in a safe deposit box is against bank policy, so safe deposit box holders should check with their bank before doing so. And storing illegal items in a safe deposit box could result in legal troubles for the box holder.

While a safe deposit box can provide extremely high-level security for valuables, cherished items, and important documents, if a person needs quick or easy access to them, storage in a safe deposit box can lead to delays and complications. For any of these items that may be needed expeditiously, regularly, or in an emergency, another secure location that’s more convenient — such as in a personal safe in the home — may be a better place to keep them.

Proudly serving South Carolina since 1933, Arthur State Bank offers accounts and services to meet a variety of financial needs. To help you achieve all your financial goals, the bank offers in-person service as well as a range of convenient digital solutions. To learn how Arthur State Bank can help you with banking needs ranging from checking and savings to retirement accounts, mortgages, other personal loans and more, visit arthurstatebank.com.

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AnnualCreditReport.com is the only source for free credit reports authorized by the federal government. Every 12 months, you can get a free copy of your credit report from each agency.

Your credit report has your credit history for all of your credit accounts as well as any credit inquiries and public record court information such as collections. In addition, the report provides personally identifiable information such as your name, address, and employment.

Be sure to carefully review all three reports to identify any problem areas that you may need to clean up prior to applying for a mortgage. If there is any incorrect information, follow the reporting agency’s rules to correct it or add a notation to the report to explain the situation.

Your FICO Score is a score combines data from several areas include payment history, the amount owed, length of credit history, new accounts. Many lenders use this score as a guide. This score is not provided as part of the free annual credit report.

Learn more about how your credit score impacts your ability to secure a loan.

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Couple looking over finances

Primary considerations for setting your housing budget require an assessment of your income, debt and current savings for the down payment on the home. The following are generally recommended guidelines; however, you should meet with an Arthur State Bank lender to get personalized mortgage information.

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Couple meeting with lender

The pre-qualification/pre-approval letter is included with any offer you make on a house to inform the seller that you have met with a mortgage lender and you are prepared to make an offer. The letter states that based on certain assumptions, the bank is prepared to lend you up to a specified amount of money for a home mortgage.

When choosing a loan officer, we recommend going local to work with someone who understands your community’s real estate market. This blog on first-time home purchases includes questions to ask your lender that may be helpful when preparing for your meeting.

Helpful Resources:

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Realtor shaking hands with a client

When a house is sold, the seller typically pays real estate commission to both the listing agent and the selling agent. It is extremely beneficial for the buyer to use their own real estate agent. Loan officers can often recommend selling agents in the area; ask your officer about realtor referrals when discussing your loan.

A good realtor will know the local market and can help you find an ideal home based on your budget, location and desired features. During your search, understand that you will most likely need to compromise on some items, so it’s important to identify your critical needs versus your wants.

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Couple searching online for a home

Additionally, when you start with the house search and work backwards, homes can often go off the market while you’re completing steps 1-4. While browsing homes immediately can be tempting, we recommend following these steps in order so that, once you find your dream home, you’ll be well-positioned to take action immediately.

When you find the home you want and you think you are ready to put an offer on it, you will want to make sure you have all the information you need to make a solid offer.

  • Evaluate the neighborhood.
  • Drive by the house at different times of the day.
  • Examine how other houses in the neighborhood are maintained.
  • Consider any potential traffic or other disruptive noise.
  • Is there ample parking for you and visitors?
  • Read the details in any Homeowner Association agreements (HOA fees and rules).

Make sure to do a preliminary check of house details:

  • Check the water:
  • Does it have good pressure?
  • How long does it take to get the water hot?
  • Is it well water or city water?
  • Turn light switches on and off.
  • Open and close doors and windows to make sure they work properly.
  • Review previous utility bill expenses.
  • Consider the property tax bill.

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Family meeting with realtor at new house

When writing an offer contract, be sure to pay attention to all of the details.

Offer Price:

Your agent should do a market analysis that pulls data on recently sold comparable houses. The best comparisons will come from the same neighborhood.

If you are asking for the seller to pay some of the closing costs, remember that this cost plus the sales commission determines the net amount you are offering the seller for the house.

Work with your agent on your negotiation strategy. There are many things to consider, such as how badly you want this particular house, whether it is a buyer’s or seller’s market and an assessment of the seller’s motivation to get the property sold.

There isn’t one best strategy.

Be sure to document in writing everything you want included with the house, such as appliances, etc. Your agent should guide you through the contract step-by-step.

Contingencies:

  • Home inspection.
  • Mortgage.
  • Final walk through (24 hours prior to closing).

Proposed closing date. Typically, this is 30-45 days from an accepted offer.

A good-faith deposit is required for the offer. This is typically between 1-10% of the purchase price of the house. The deposit is kept in escrow until closing and the money is applied to the purchase price of the house at closing. If the house does not close due to one of the contingency clauses, the buyer receives their money back. However, if the buyer decides not to close on the property, the seller may get the deposit money.

Attach your pre-approval letter to the offer.

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Two people in professional meeting

The clock starts ticking for everything documented in the contract, including mortgage application, inspections and closing date.

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Woman advising other woman on mortgage application

You will need to decide which mortgage to select prior to the application.

Plan for the following potential fees:

  • Application fee (many banks and mortgage companies charge an application fee; however, there is not an application fee at Arthur State Bank).
  • Credit check.
  • Appraisal (may be paid at closing).
  • Loan origination fee (paid at closing).

Once you have approval for your loan, make sure you don’t change anything that will impact the status of your mortgage. Banks do a final check on credit and jobs just prior to closing, so now is not the time to change jobs or make another purchase on credit such as a car or furniture.

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Home inspector going over findings with home owner

Depending on the size of the house, an inspection can cost on average between $300 to $1000.

Many real estate contracts specify how problems uncovered in the inspection will be resolved, up to a certain dollar amount. Should necessary repairs exceed that amount, the buyer has the option to cancel the contract without penalty and receive their deposit money back. Another option is for the buyer and seller to renegotiate who will pay for additional repairs.

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Woman happily holding keys to her new home
  • Homeowner’s insurance is required by the lender prior to closing on the loan.
  • Turn on utilities in your name, effective the closing date.
  • Change your address with the U.S. Postal Service.
    • Make moving arrangements.

Three days prior to closing:

  • You should receive your final Closing Disclosure from the closing agency. The final Closing Disclosure shows a column for the seller and a column for the buyer. All closing charges and credits for both the seller and the buyer are documented in the closing statement.
  • Review the closing statement for accuracy prior to coming to closing.
  • The final amount in the buyer’s column shows you the amount of money you need to pay at closing.

The closing office will provide specific payment instructions. Closing funds have become recent targets for cybercriminals. If you are asked to use a wire transfer, call the office and ask to speak to someone you have been working with to double-check the instructions.

Closing day:

In South Carolina, the closing will usually take place at the attorney’s office. Everyone signing for the mortgage must be present to sign the closing paperwork. Make sure you bring the following:

  • Cashier’s check or proof of payment for wire transfer.
  • Driver’s license.
  • Checkbook, just in case there are any additional items that were not on the closing statement.

Be sure to understand this information:

  • How and when you will pay:
  • Your mortgage.
  • Your property taxes.
  • Your homeowner’s insurance.
  • Any HOA dues.
  • Who to call with any questions.

The best practice is to go through the homebuyer’s roadmap in this sequence. However, if you jumped ahead early in your journey, just circle back to address the steps you missed.

Arthur State Bank’s loan officers are closely tapped into local real estate markets and experts at helping clients get what they need on terms that work for them. We also offer mortgage specials for first-time homebuyers.

To start planning your journey to your dream home, try out our mortgage calculator. If you’re ready to talk to a loan officer, contact Arthur State Bank to request personalized mortgage information today. Don’t forget to ask about our first-time homebuyer offer.

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