Safe Deposit Box

A safe deposit box is an individual, secure container that's locked inside a larger safe or vault at a bank. Safe deposit boxes are fireproof, and they're designed to withstand natural disasters like floods—making them a safe place to store important paperwork and valuables.

A safe deposit box comes with two locks. The individual renting the box has the key to one lock and the bank holds the other. This two-lock system ensures that neither party can open the safe deposit box without the other.

This approach also offers an added layer of security since the bank confirms the individual's identity before unlocking the safe deposit box.

Even though the bank has a key, the contents of your safe deposit box are private to you. At Rollstone, we provide customers with a secure area to privately review their safe deposit boxes' contents.

The only people who can access a safe deposit box and its contents are the registered owners and any named co-owners.

In addition to the items listed above, the best documents to store in a safe deposit box are hard-to-replace documents like contracts, paper stocks and bond certificates, and other paperwork that you won't need frequent, on-demand access to.

You shouldn't store these documents in a safe deposit box:

• Passports
• Personal identification
• Original copies of wills, medical directives, and powers of attorney

You should not store cash in a safe deposit box. The items in your safe deposit box are not federally insured like the money in a bank account. Instead, deposit cash into a Rollstone checking or savings account.

No, your safe deposit box contents are not insured by FDIC or DIF. The FDIC and DIF only insures deposits in deposit accounts at insured institutions and only in the rare instances of a bank failure. Safe deposit boxes are not deposit accounts; they are storage spaces provided by the bank, so the contents are not insured by FDIC or DIF deposit insurance if damaged or stolen. You may obtain your own insurance at your expense.