The Safety Deposit Box, Our Friend
There are very few things in a bank I view as necessary, but one thing I do view as really important is my Safety Deposit Box.
In my Safety Deposit box I keep bonds, an old stock certificate, and my wills. Why couldn’t I just keep those things at home? I don’t want to do that thanks. The advantages of a Safety Deposit box are many to me (my opinions follow):
- I can write off the cost of my box rental as a carrying charge (in Canada you can do this), that’s good. I pay about $30 for the box, before my tax kickback on the write off.
- This is OFF-SITE storage from my house. I should really put copies of my insurance policies in there as well, that way if someone breaks into my house or my house burns down (God forbid), I have a copy SAFE somewhere else. Might be good to put a home inventory in there too
- I love writing in this blog, because a lot of times I think of things while writing, I wouldn’t have!
- The bank is more secure than my house ever will be. Safety of this information is really important, and someone else worrying about it, is one less thing for me to worry about.
- Who is going to break into a bank and then find my safety deposit box, and then steal what is in it? Maybe someone reading my blog? Hope not :-).
These reasons are why I have a safety deposit box, and not a home strong box, or wall-safe to protect my important papers.
No matter HOW you decide to protect your important papers and information, DO IT! Use a Safety deposit box, a strong box, a wall-safe, but keep those papers safe! It’s important. It’s all part of the Financial Plan.
–C8j
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October 8th, 2005 at 8:43 pm
Wow, spam attack! I agree with you. Although I don’t have one anymore, I did keep my Will and some stock certificates in it. I need to rethink it again and head on down to my branch to reopen one. I agree, they are very valuable.
October 10th, 2005 at 4:20 am
Hmmm. I got a safe deposit last spring (and wrote about it here) but am embarrassed to admit that I still haven’t put anything in it. I really need to take care of this.
October 10th, 2005 at 6:27 am
thanks for the emphatic reminder!
You’ve just convinced me…
October 14th, 2005 at 4:38 pm
What’s the point of having a safety deposit box and putting nothing in it. We’ve had one since we moved to Ottawa in 83. We keep all our important papers and backup CD’s in it. Our bank throws it in free as part of our banking package…we even manage to negotiate up to the largest size for free.
When someone I know was cleaning out the office of a penny pinching and now, deceased co-worker this summer, he discovered that this person was using a desk drawer in their office as a safety deposit box. Everything important, including photo negatives was there. Not really a great idea.
People should not hesistate to spend the relatively small amount required to rent a box. It’s one of the best investments you’ll ever make.
July 21st, 2008 at 8:05 pm
[...] and in there it is EXPOSED. I am thinking of putting some cash away somewhere safe, like say, your SAFETY DEPOSIT BOX (I love it when I can get my stories to intermingle like [...]