Where do people keep their insurance policies, passport, estate files, and birth certificates? Many people find it difficult to trust an institution such as a bank and even put their cash money at home. But there are still many reasons to put many of the most significant files and papers in safety deposit locker under the 24 hour scrutiny of the banks. There are some downfalls however, like accessing your most valuable items in a restricted fashion as lockers cannot be accessed besides the banking hours. In case of emergencies, people need to get immediate access to their lockers which under majority of circumstances are not possible. Because of this reason many people chose to keep their important stuff at home but many prefer lockers as things are safer in banks than at homes.
Majority of the banks offer the facility of safety deposit locker at affordable rates and offer many discounts for the existing account holders. It is suggested to make plans beforehand and decide people who can be given the authority to access the lockers on your behalf. Granting someone the power of accessing the lockers is a very crucial step and only those should be considered who one trusts the most. This option is important as many times people die and none of the family member is authorised to access the locker and the contents stay inaccessible that might be lot disturbing for the family and relatives. That is why a loved one should be authorised to access the lockers in case of death, injury, or unavailability.
The cost of keeping a locker varies and typically ranges from thirty to seventy five dollars a years. Contents in the lockers are not usually covered by the insurance policy and the insurance company must be consulted before keeping the contents into the lockers. Insurance of the contents further guarantees the safety of the belongings that is why all the contents to be placed in a safety deposit locker must be insured.
Many people put nearly all the things inside the safety deposit locker which really don’t need to be there. Important irreplaceable stuff such as birth certificates, family photographs, academic certificates, and retirement papers definitely belong to the lockers but credit cards. Shopping cards, social security cards, car license papers, and identity cards should not be put inside lockers as they are required for day to day activities.
Other important things that must be kept safe using safety deposit locker include videotapes, family DVDs, prize bonds, stock papers, contract files, estate papers, home ownership files, will, collectibles, precious stones, gold and silver bullion, and jewellery. Careful planning is required prior using the lockers as putting everything inside would cause inconvenience and would definitely freak you out.