Safe Deposit Box FAQ
Safe Deposit Box FAQ
10/12/2017What is a safe deposit box and what are they used for?
A safe deposit box is an individual container, or ‘box’, that is secured within a bank safe or vault and can be rented by bank customers to store valuable personal items. Due to their small size, safe deposit boxes are ideal for storing hard to replace documents such as birth certificates, marriage licenses, military documents, contracts, deeds and wills, as well as more precious, valuable or irreplaceable items such as gemstones and heirloom jewelry.
Why use a safe deposit box?
The appeal of a safe deposit box is often its security, safety, and privacy for extended periods of time. Safe deposit boxes are a long-term storage solution ideal for small valuable belongings that are not needed on a regular basis. As long as safe deposit box leasing fees are paid by the individual, they can trust that their items will be undisturbed and kept secure by the bank.
Who should have access to my safe deposit box?
There are various options and rationales for various safe deposit access rights and are generally dictated by an individual’s present and future needs. It is recommended that those interested in setting up a safe deposit box speak with bank staff to help determine which access privileges best suit their needs.
Are safe deposit box contents insured by the FDIC or the bank presiding over the bank or vault which houses the safe deposit box?
No. The Federal Deposit Insurance Corporation (FDIC) protects only money in bank accounts and does not insure the contents of your safe deposit box. However, qualified individuals may add a special policy to their individual home or contents insurance policy to specifically cover the items in storage.
How much does it cost to rent a safe deposit box at Fidelity Bank?
The cost depends on the size, see list below.
3" x 5" - $30.00
5" x 5 - $35.00
3" x 10" - $40.00
5" x 10" - $60.00
10" x 10" - $90.00
Vault -$345.00
Sizes may vary by bank location.
Annual rental fees will be collected on anniversary of box opening by auto debit to a Fidelity Bank account. There is no Administrative Fee charge or Key Deposit charge.
Additional fees that may be incurred for safe deposit box lessees:
- Key Replacement - Fees Vary
- Drill Fee - Fees Vary
Do all Fidelity Bank locations offer safe deposit boxes?
No. View the full list here.
