Safe Deposit Box FAQs: How to Open a Safe Deposit Box (2024)

FAQs

How to unlock a safety deposit box? ›

The safe deposit box is a long, narrow metal box with two keyholes, and the only way to unlock it is by using both keys at once.

A safe deposit box is not a deposit account. It is storage space provided by the bank, so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance if damaged or stolen. Also, financial institutions generally do not insure the contents of safe deposit boxes.

A Safe Deposit Box takes two keys to open – your key, plus a key kept by the institution. Be sure to keep your key in a secure place since you hold the only copy.

These two-key locks require the box renter and bank staff to be present at the same time to open the lock with each of their own keys. The dual access control ensures the highest possible level of security protection of the valuables and assets stored in the box.

The safe deposit box is a storage space you rent from the bank. Its contents are kept private, and the bank doesn't know what you put in there.

Nothing Is Safe From the IRS

Not much is safe from the taxman. However, when a court order is issued to open or seize the contents of a safe deposit box, the order must specify exactly what is to be seized. If cash is stored in the safe deposit box, this can be seized directly.

Still, there are disadvantages to safe deposit boxes. Contents aren't protected by FDIC insurance and, while protected, aren't guaranteed disaster-proof. Your access depends on the bank's operating hours and is only available as long as you keep paying rent.

If you lose your safety deposit box key, you can use a duplicate or have a locksmith force the box open. The first thing you should do if your key is missing is inform your bank and review the lost key policy. The cost of replacing a safety deposit box key ranges between $50 and $200.

Ask Your Safe Manufacturer For A New Key

But if you can't use a locksmith due to some reason, you can try another method. It may take some time, so consider whether it's worth waiting. If you need the override key for emergency use, you can ask your safe's manufacturer to mail you one.

Here are some hints on safe deposit box key identification. If you find a safe deposit key with an envelope that says “Keep one safe deposit box key in this envelope”, then it is a safe deposit key.

Is it OK to keep cash in a safe deposit box? ›

It's best not to hide cash in a safe deposit box. It won't be insured, and you won't gain interest on your money if it's in a box. Some banks don't even allow cash to be stored inside a safe deposit box.

Otherwise, the cheapest option, based on our research, is First Bank & Trust, which charges $16 a year for a small safe-deposit box (3 by 5 by 22 inches). Cheaper options may be available, especially if you have an existing account with a bank or credit union.

A safe deposit box, also known as a safety deposit box, is an individually secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions.

Depending on your particular safe, there's a chance it even came with a key called a change key that's designed to be used specifically when the combination is forgotten. If yours did, you're in luck! Having access to an override key is the easiest and most straightforward way to regain access to a locked safe.

Access is granted through a dual-lock system using a key which is issued to you when you first open a safe deposit box and a master key held securely by the bank.

Best Way to Break Into a Safe: Call a Locksmith

Before we get into the way that burglars and even safe owners can try to gain access into a safe, we want to make a strong recommendation. Your best best if you've lost the keys or combo to your safe is to call a locksmith.