Endless Gibberish

I was doing research on the topic of safe deposit boxes and decided to write a post regarding the basics. I inquired at a local bank branch regarding sizes and availability recently. The bank rep also mentioned that although they don’t know what you put in there you can’t put in cash. That’s a really popular misconception that’s out there. It isn’t illegal to put cash in a safe deposit box.

What is a safe deposit box and who should get one? A safe deposit box is a storage box that you can rent from a bank. The box is usually located inside the bank’s vault or in another secure location of the bank. The main purpose of a safe deposit box is safekeeping of items of your choice. The question of whether you need one depends on your personal needs and situation. In an example where your living situation is sharing an apartment with other people you may decide to keep important documents and valuables inside a safe deposit box.

What do you put in a safe deposit box? Anything you want. Here are common things that should go in a safe deposit box.

• Foreign currency. If you have lots of it, why keep it at home unless it’s something you might see yourself needing in a hurry when you need to escape the country on whim.
• Certain important documents. Some important documents that you rarely need such as birth certificates, insurance photos of valuables in your home, deeds, vehicle titles, stock certificates, etc.
• Valuables. If you have a coin collection, jewelry, etc. you may consider keeping these items there for safekeeping against not only theft but fire, flood, etc.

• What shouldn’t you keep in your safe deposit box?
• Certain important documents. You shouldn’t keep your will, original powers of attorney documents, etc. Basically any documents that your heirs will need should not be in your safe deposit box because they won’t be easily accessible should you pass on. Leave copies in the box if you must.
• Passport and related travel documents. Even if you do not travel a lot you never know when you may need to leave the country or go on an emergency trip. Bank hours are not the most convenient and may even be closed on the one day you need your passport (Sundays, Federal holidays, etc.).

Some other random tips. Keep a note with your name and list all the items in your box with your possessions. Put items in Tupperware style containers or zip-lock bags if you can in case of a flood and to prevent damage from humidity.

There’s a $50 sign up bonus for joining Lending Club if you are referred by someone. Lending Club is another site similar to Prosper but they sell you investment “notes” and you can trade these notes on the secondary market via FolioFN.

Use the $50 to try out Lending Club risk free. You get nothing for referring somebody but you have to get referred by someone else in order to qualify for the sign up bonus.

link (with referral tag attached)