Safe Deposit Boxes
Protect yourself and your valuables!
Safe Deposit Box Fees
In or Out?
Access by Others
How Safe?If you think there is not much to using a safe deposit box beyond putting
keys in locks, you are in for a surprise. The safe deposit service may be
tucked down in the basement or far corner of your Credit Union, but in its
own quiet way it is among the Credit Union’s most important, and
misunderstood, offerings.
While millions of Americans rent a safe deposit box, few pay attention to
questions such as who can access the box (especially in an emergency) and
how it is protected. About the only time people consider these issues is
when there is a problem, and by then it may be too late.
To help you decide whether to use a safe deposit box, and for information
on their proper use, read the following frequently asked questions.
Safe deposit boxes are located at the
following MATCU branches. Call or e-mail the
branch nearest you for availability.
Safe
Deposit Box Sizes/Fees
Annual Fees
2” x 5” x 24” $20
3” x 5” x 24” $25
4” x 5” x 24” $30
5” x 5” x 24” $33
3” x 10” x 24” $50
5” x 10” x 24” $68
10” x 10” x 24” $100
In or Out?
Why should I rent a safe deposit box?
It is a convenient place to store items that would be difficult, or
impossible, to replace. The two most important features are privacy and
security. While many people like to keep valuables at their home in a file
cabinet or safe, those places are not as resistant to fire, water, or
theft. Also, some insurance companies charge lower premiums on valuables
kept in a safe deposit box as opposed to a home.
What should I put in a safe deposit box?
Any personal items that would cause you severe trouble if lost. Important
papers to consider putting into your box include insurance policies,
wills, birth certificates, mortgages, leases, stocks, bonds, and CDs.
Other valuables that may warrant a place are special jewels, medals,
collectibles, photographs and negatives.
What should not go in a safe deposit box?
Anything you might need in an emergency, because your bank will be closed
on nights, weekends, and holidays. Possible examples: originals of a
“power of attorney,” passports, medical care directives, and funeral
instructions. Consider giving the originals to your attorney and making
copies to go in your safe deposit box or to give to a close friend or
relative.
Access by Others
Can I arrange for someone to access my box in an emergency?
Yes. You can jointly rent your box with a spouse, child, or other person
who would have unrestricted access to the box. (Warning: In some states
your co-renter may face delays in accessing the box if you die. Also,
merely giving someone else a key will not be enough to grant access. He or
she also must sign the bank’s rental contract as a joint-renter.) An
alternative is to appoint a deputy or agent (not a power of attorney) who
will have access to your box.
Can law enforcement authorities access my box without my knowledge or
permission?
If a local, state, or federal law enforcement agency persuades the
appropriate court that there is “reasonable cause” to suspect you are
hiding something illegal in your box (guns, drugs, explosives, stolen cash
or money obtained illegally), it can obtain a court order, force the box
open, and seize the contents. The IRS can “freeze” your assets,
effectively placing a hold on your Credit Union accounts and safe deposit
box, until the dispute is resolved. Private parties also can freeze your
assets, but doing so involves going before a judge and proving that there
is a legitimate dispute over a debt.
How Safe?
Are safe deposit boxes protected from fire, flood, or other disasters?
The companies that manufacture safe deposit boxes and the vaults that
house the boxes make them highly resistant to fire, flood, heat,
earthquakes, hurricanes, or other disastrous conditions. However, the key
word here is “resistant.” There is not a 100 percent guarantee against
damage, and substantial losses do sometimes occur.
Are there extra precautions I can take to minimize damage?
Yes. Prevent water damage by sealing items in airtight, zip-lock bags or
Tupperware containers. Also, put your name on each item, keep a list of
the box’s contents, make copies of important documents and even take
photos of your most prized items in the box. That will increase your
chances of successfully identifying, claiming, or recovering an item.
Does NCUA insurance cover the contents of safe deposit boxes if they
are damaged or stolen?
No. By law, the NCUA only insures deposit accounts at insured
institutions. Although you may be putting valuables, including cash and
checks, into an area of the Credit Union that has the word deposit in its
name, these are not deposits under the insurance laws that the Credit
Union can use, for example, to make loans to other members. A safe deposit
box is strictly a storage space provided by the Credit Union.
