The Safe Deposit Box, Our Friend

by bigcajunman last updated on May 1, 2014

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 safe deposit box, and then steal what is in it? Maybe someone reading my blog? Hope not :-).

These reasons are why I have a safe 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.

originally published on October 7, 2005 { 6 comments }

andrew April 13, 2013, 8:21 AM

Note that the federal budget intends to eliminate this deduction starting in 2014, so I would humbly suggest that you research this development and update your post to alert your readers.

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- bigcajunman April 13, 2013, 8:36 AM
  
  Agreed, I shall, however this is a very old post (if you check the date), I keep this as a historical reference (I have updated the new post).
  
  Reply
SOH October 14, 2005, 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.

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Caitlin October 10, 2005, 6:27 AM

thanks for the emphatic reminder! 🙂 You’ve just convinced me…

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Anonymous October 10, 2005, 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.

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The Dividend Guy October 8, 2005, 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.

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The Safe Deposit Box, Our Friend

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