What a Box Does and Does Not Do

Many people assume the bank knows what is in the box, that the contents are insured by the bank, and that a family member will be able to open it. Typically none of those is true. A box is space in a vault with a key, and everything beyond that is the customer's responsibility.

Access is the other difference people discover at the wrong moment. A box is available during banking hours, subject to the branch being open and staffed, and branches close and consolidate. A box in a branch that shuts becomes a logistical problem at whatever moment the bank chooses.

• A box is usually cheaper. That is a genuine advantage.
• A box has no inventory, no photographs and no condition record.
• Contents are generally not insured by the bank.
• Access is limited to banking hours, and can be interrupted.
• On death, a box can be difficult to open until the estate is authorized.

A modest holding, already documented, where banking-hours access is acceptable and nobody needs a record of who came and went. That describes a great many people and a box is cheaper than we are.

We say so because the alternative is selling on a fear that is not warranted. The case for a vault is documentation and controlled release, and where those are not needed the case does not apply.

1. 01Provide item-level records a box does not.
2. 02Log access, so there is a history.
3. 03Set release authority you control, including on death.
4. 04Give your insurer and your attorney records they can use.

If your collection is modest, documented already, and you are content with banking-hours access, a safe deposit box is a perfectly sensible choice and cheaper than we are. The case for a vault is documentation and controlled release, not the strength of the door.

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