When was the last time that you heard anyone reference their safety deposit box? Do these exist anymore? What is a safety deposit box, where would you get one if you needed it and about how much does it cost?

Keep reading we will answer the above questions to the best of our ability.

What is a safety deposit box and do you still need one in New York State?


A safety deposit box is one made out of metal, usually stored for you at a bank where you can keep important things in the box. People often keep things that they are concerned that 'things' including fire, might happen to the items (or get lost) if they are kept at home. The safety deposit boxes are usually at a banking facility and kept in a room that has very limited access. If you ever need to get the items out of your safety deposit box, you will need your photo id, along with the key to the box. When you need to get the items out or put them in, like your passport, deed, birth certificates, etc., you will be walked into the safety deposit box vault area with a bank representative, they will insert their key, you will insert yours, then the rep will leave the room to give you privacy while you take the items out.  

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How much does a safety deposit box cost you? Where can you find one?

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How much does it cost you per year? That depends on the institution and the size of the box that you require. When looking for a safe deposit boxes, start with a visit to your personal financial institution, ask them first. They might not have any (anymore) as they are becoming more obsolete in the day and age of electronic storage. You can expect to pay on average $150 or more per year to safeguard your valuables. Just make sure that the place you are going to be storing your valuables with is a reputable institution.

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