The news arrives on the back of comments by Citis Willem Buiter, who recently advocated abolishing cash altogether in order to solve the worlds central banks problem with negative interest rates.
Details vary by state, she said, but generally, after a period of notice, the bank may be allowed to sell the contents of the box to pay delinquent fees.
Pierce said, theres a hefty charge for getting the box rekeyed, so keep it in a safe place.
A Bank of America spokeswoman, Betty Riess, said demand for the boxes has dropped significantly, particularly among younger customers who prefer digital storage of documents.Consequently, an executor or legal conservator would have to apply to the courts to have the contents of a safety deposit box released by judicial order.The new rules are difficult to reconcile with Chases aggressive strategy to grow its Private Bank client base by offering a full menu of investment, banking and insurance services.In October 2013, we also covered policy changes instituted by Chase which banned international wire transfers while restricting cash activity for business customers (both deposits and withdrawals) to a 50,000 limit per statement cycle.None of these solutions give you the peace of mind a safety deposit box at a bank does.Photo credit: m/simonkr, m/kali9, m/Tashi-Delek Danielle Klimashousky is a freelance writer who covers a variety of personal finance topics for SmartAsset.You need to catalog whats in it, he said, and then check.Documents should be kept in plastic bags or envelopes to protect them from water damage in the even of a flood or fire.The boxs contents including a watch with sentimental value were eventually recovered, he said.
Fees vary depending by location and the size of the box, and may range from 20 to about 200 a year.
While nearly anything of value can be stored in a safety deposit box, there are some things that probably shouldn't.
While it's true that keeping cash in a safe deposit box is not illegal, many banks have adopted policies that forbid the practice outright.Its important to remember that no one can get into your safety deposit box unless you have pre-authorized them.The bank boxes are best for storing documents and valuables that you usually dont need on short notice.Collectors Universe message board suggests that we may be about to see a resurgence of the old fashioned method of stuffing bank notes under the mattress.In extreme circumstances, when the fdic can't find another bank to take over, they will arrange for customers to collect the contents of their safety deposit boxes within the first few days following the banks closure.This is especially true for transactions like wire transfers, where its crucial you have all the correct information.It is not enough to simply give someone you trust a copy of the key.Estate lawyers generally frown on keeping wills in safe deposit boxes in case access to the box is restricted pokerstars uk no deposit bonus after the owners death.Some banks may offer keyless systems that allow access by scanning a finger or a hand.Property Deeds and Titles, mortgage Documents, insurance Policies and an Inventory of Personal Possessions.
Storing emergency cash in a safe deposit box is also unwise, advisers say.
Safety deposit boxes offer an affordable, and in many cases more effective, alternative to a home safe.