There can still be times when you’ll need to be able to produce certain original documents (including ones that have a raised seal) rather than digital scans or photocopies, and some valuables simply can’t be digitized.Ī safe installed in your home is one alternative, but these devices aren't foolproof, says Luke Reynolds, chief of the Federal Deposit Insurance Corporation’s Outreach & Program Development Section. Home safes are more susceptible to fire and water damage, not to mention theft, than bank safe deposit boxes, Reynolds says.
On the other hand, access to your safe deposit box can be limited, more so during emergencies.
For example, the coronavirus pandemic reduced operating hours for some bank branches, and limited access or required appointments for in-branch services, such as access to safe deposit boxes. Moves like that complicate your ability to retrieve important documents or items when you need them.Īlso note that banks, and the safe deposit boxes within, aren't natural-disaster-proof. If they’re in the way of Hurricane Katrina or one the wildfires regularly seen in California and other parts of the west, they could fall victim like the other buildings washed away or burned to the ground. Safe deposit boxes aren’t fireproof or hurricane-proof. Synonyms for WORDS: terms, phrases, expressions, idioms, monosyllables, morphemes, polysyllables, speech forms Antonyms of WORDS: petitions, appeals, recommendations. What to do when you lose your 401(k) matchīankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.That aside, our best advice: Use a safe deposit box and a home safe. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independenceīankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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