In today’s digital-first world, where cloud storage reigns supreme, one might think that the traditional safe deposit box, nestled in the heart of brick-and-mortar banks, is becoming obsolete. But before you dismiss this age-old security method, let’s dive deeper into its relevance in 2023.
Why Safe Deposit Boxes Still Matter
Despite the digital wave, there are moments when only the original document will do, especially those with raised seals. And let’s not forget some valuables defy digitization. While the convenience of digital storage is undeniable, the tangibility and security of a physical safe deposit box cannot be overlooked.
Home Safes vs. Bank Safe Deposit Boxes
Are they considering a home safe? Luke Reynolds, a notable Federal Deposit Insurance Corporation figure, offers some food for thought. Home safes, while handy, are more vulnerable to theft, fire, and water damage than their bank counterparts. However, it’s essential to note that accessing your bank’s safe deposit box can be a challenge in the park, especially during emergencies. The recent pandemic, for instance, saw reduced bank operating hours, making it challenging for many to access their valuables.
Natural Disasters and Safe Deposit Boxes
Banks aren’t immune to Mother Nature’s wrath. From the hurricanes battering the East Coast to the wildfires in the West, these natural calamities remind us that safe deposit boxes aren’t entirely disaster-proof. So, where does that leave us?
The Ideal Strategy: A Dual Approach
Here’s the golden nugget of advice: employ a safe deposit box and a home safe. Items you might need on the fly, like your passport, are best kept within arm’s reach in your home safe. Meanwhile, crucial things that aren’t frequently required can find a secure home in your bank’s safe deposit box.
Top Items for Your Safe Deposit Box in 2023
To wrap things up, here’s a quick list of the best items to store in your safe deposit box this year:
- Original legal documents
- Birth and marriage certificates
- Property deeds
- Rare collectibles
- Family heirlooms
- Investment-related documents
- Insurance policies
- Precious metals and jewelry
- Stock and bond certificates
- Original art pieces
- Any other hard-to-replace items
Remember, the items’ size will also influence the safe deposit box you choose to rent.
In the ever-evolving financial landscape, adapting while recognizing the value of tried-and-true methods is crucial. With its rich history, the safe deposit box still holds a significant place in our modern world. So, before jumping entirely onto the digital bandwagon, consider the tangible security a safe deposit box offers.