In the United States, an estimated 25 million safe deposit boxes are rented each year. This means that 1 in 8 adults uses a safe to protect against the loss or theft of key documents and valuables, such as an IRA rollover to Gold. An important fact that many people are unaware of is that safe deposit boxes, unlike bank accounts, are not insured. Cash deposited in a checking or savings account is protected by a government agency called the Federal Deposit Insurance Corporation (FDIC).Passports can be difficult to replace if they are lost or stolen, which is why many people believe that the best place to store their passport is in a safe.
When you sign an agreement to open a safe, a list of items that you can't keep in the box is usually included. Banks generally do not allow firearms, explosives or any type of hazardous material. Illegal drugs and anything else that is prohibited in your state are also likely to be banned. Read your agreement carefully and follow the rules.
If they are not clear to you, ask your bank representative to explain them to you. Your bank should provide a list of what you are not allowed to keep in a safe deposit box. Generally, firearms and explosives are not allowed. The same applies to illicit drugs and hazardous materials.
Imagine that anything illegal or dangerous is prohibited, and why would you take that to a bank in the first place? We recommend that you do not keep your passport in a safe. Even if you think that you only take planned trips and even those are rare, there may be a time when a family member has problems and it is necessary to take an unexpected trip. For this reason, we suggest that you keep your passport in a locked safe with a key and bolted to the floor of your house. Many banks prohibit storing cash in a safe.
It's best to keep the money in an interest-bearing account where you have access to an ATM. You can store small amounts at home in a locked safe or in an appropriate hiding place.