Safe Deposit Box vs Fire Proof Box

[Colliemom]

I just cleaned out my safe deposit box at my local credit union so that I could go through and remove some things that I no longer need it in there. I have so little stuff now compared to years ago when you used to have to keep papers for all kinds of important things that nowadays are kept electronically. So I have been debating as to whether or not I want to keep that safe deposit box and pay the $50 a fee or get myself a Fire/Waterproof box here at the house. My parents and I too, have always had a safe deposit box. but But then we could get them them cheap or for nothing. So I was wondering how many of you keep your papers at home or in a safe deposit box. Karen you would probably be a good one to throw in some insight since you lost everything in the fire. Did you have a fireproof box that you were able to salvage or what?
My thoughts as I get older, is if I keep stuff like my will and such at the bank, my executors have to get a court order to access the box, plus I need to make sure they can find the key. But having a fire proof box in the house can be just as bad, because if there’s a fire, youhope that you don’t lose the key. Or somebody breaks in and steals the box. Ironically, the credit union that I have my safe deposit box at was about maybe 300 feet away from the path of the tornado that hit town if it had hit that building I don’t know what would’ve happened to those safe deposit boxes because they are just sitting out in a room by the safe.

[MandysMom]

I have never had a safe deposit box! We have long had a fireproof lock box. You said safe deposit boxes are just kept in out in a room BY the safe? How is that safe? Every bank /credit union I've been in has a vault safe with a separate room for safety deposit boxes locked into a wall, requiring two keys-banks plus yours to open a little door so you can pull out the box to set on a table to go through ! I do know there are now lists of items you should never keep in safety deposit box particularly because of access after a death for executors. I'd not be worried about even tornado damage if boxes are properly stored in a heavy vault at bank! That said I dont have expensive items needing that storage.
Velda

[OregonLuvr]

Sue I can certainly weigh in on this. I had a safety deposit box at the bank in a nearby town Ashland. My friend had a safety deposit box at the bank up the street that burnt down. The ONLY thing standing in that bank was the vault of safety deposit boxes. They were guarded 24/7 until the bank could move them. She also had a "fireproof box" at home, well the fire was so hot it was melted....gone. So from my experience it is well worth the money for my safety deposit box. Now I did lose my keys in the fire. I still have to go have them drill it out for me in the near future. Just not too much important stuff in there....I dont think LOL

[Colliemom]

I should probably clarify that safe deposit box location. It is sitting in the room that is part of the vault area, but they are fastened to the wall and floor, they are not going anywhere. They cannot be accessed unless you have the keys front m both you and the bank like Velda said. If the tornado had hit that building, they would have stayed put cause the vault wouldn’t have moved.

Karen, thanks for the information about the firebox. I have noticed that some of them say they are only capable of going to say 1000° or something like that. Actually what I would have in there really isn’t anything important that can’t be replaced. But I have used a safe deposit boxfor so long, I’ll probably just stay with it. Spare Social Security card, truck title, cemetery plot deed, Birth Certificate, Will (which is also n file with the court) and stuff like that, I really don’t like to keep in the house. Used to be you had to also hold onto property deeds and that kind of stuff, but we don’t do that anymore. At least here anyway. The title company maintains that now.

[JudyJB]

I have two safety deposit boxes, one in each city where my kids live. I could put stuff in my Ohio kids gun safe, which NOBODY is going to carry away and is fairly fire safe, but know that no home safe is 100% fire safe. Most say a certain temperature for a certain time--like maybe only 30 minutes.

I keep my mother's diamond ring in safety deposit box until i can sell it, backups of my photos on external hard drives, and the masters of my family photos that are on various electronic media. Have also a few sentimental things in there that I don't trust kids to not lose. I have given both sons keys, but my CA son has already lost the one I gave him, plus he and his family had to leave their home a few years ago when the fires threatened Napa, and he lost the gold bracelet with a horse charm on it that my parents gave me when I was 12. I had asked them to keep it until my granddaughters 12th birthday, except now she is 15!!!!!! They don't know where they put it but are confident it will show up some day---except the whole point was to give it to child when she was 12. Grrrr!!!

So things that are valuable in money or in sentimental value are in safety deposit boxes!!!

[Shirlv]

Sue, I have a safety deposit box which #1 daughter can access too. I had two rings I wanted to pass on so already did that. I do have a lock box which is never locked. I have shared my information with my children and can’t do anything more.