A safe deposit box is a locked storage box housed inside a secure bank vault. These boxes are available in a variety of sizes and are designed to protect valuable personal items from theft, fire, or other unexpected events.
At Middlesex Savings Bank, safe deposit boxes are located inside vaults at local branch locations, offering customers a trusted place to store their most important belongings.
Although safe deposit boxes are located within a bank and offer secure physical storage, it’s important to understand that the items you store there are not protected by FDIC insurance. The Federal Deposit Insurance Corporation (FDIC) only covers deposit accounts such as checking, savings, money markets , and CDs up to the insured limits.
Safe deposit boxes provide several key benefits:
One common mistake is underestimating how much space you’ll need. Many people begin with a smaller box, only to find it fills up quickly. Before selecting a size, consider:
When you rent a safe deposit box, you’ll receive two keys, both of which must be kept in a secure location. Authorized individuals must present a key to access the box — the bank cannot open the box without one. Only authorized individuals can access the box, and it can only be opened during bank hours. It’s important to carefully decide who, if anyone, should have access and ensure they understand the responsibility involved.
Safe deposit boxes are ideal for items that are valuable, sensitive, or difficult to replace, such as:
While safe deposit boxes are highly secure, there are a few important considerations:
In situations where both keys are missing, customers can still close their safe deposit box by going through a secure drilling process. This requires payment of the drilling fee and any related repair costs, along with completing a Lost Safe Deposit Key/Drill Request Affidavit and Agreement signed by all authorized individuals on the box. Once everything is in place, the bank schedules an appointment with an approved vendor to drill the box during regular business hours.
Drilling fee $250
Lost key fee $30
Safe deposit boxes offer a reliable, private, and secure way to protect life’s most important items. By choosing the right size, understanding access limitations, and knowing what to store, you can make the most of this valuable service.
If you’re interested in learning more about safe deposit boxes or availability at your local Middlesex Savings Bank branch, our team is always happy to help. (I don’t know if I like this last part)
At Middlesex Savings Bank, safe deposit boxes are located inside vaults at local branch locations, offering customers a trusted place to store their most important belongings.
Although safe deposit boxes are located within a bank and offer secure physical storage, it’s important to understand that the items you store there are not protected by FDIC insurance. The Federal Deposit Insurance Corporation (FDIC) only covers deposit accounts such as checking, savings, money markets , and CDs up to the insured limits.
Why Consider a Safe Deposit Box?
Safe deposit boxes provide several key benefits:
- Enhanced Security: Items are protected within a locked box stored inside a bank vault, offering a higher level of security than most homes.
- Convenient Access: You can access your box during branch hours and view its contents privately.
- Flexible Sizing Options: Multiple box sizes are available to accommodate anything from a few documents to larger collections of valuables.
Choosing the Right Size
One common mistake is underestimating how much space you’ll need. Many people begin with a smaller box, only to find it fills up quickly. Before selecting a size, consider:
- What items you plan to store now
- What you may want to store in the future
- Whether items may be added over time (such as family documents or heirlooms)
Who Can Access Your Safe Deposit Box?
When you rent a safe deposit box, you’ll receive two keys, both of which must be kept in a secure location. Authorized individuals must present a key to access the box — the bank cannot open the box without one. Only authorized individuals can access the box, and it can only be opened during bank hours. It’s important to carefully decide who, if anyone, should have access and ensure they understand the responsibility involved.
What Should You Store in a Safe Deposit Box?
Safe deposit boxes are ideal for items that are valuable, sensitive, or difficult to replace, such as:
- Jewelry and family heirlooms
- Historical records
- Vital backup data files
- Important contracts and agreements
- Adoption papers
- Birth certificates
- Citizenship papers
- Military documents
- Divorce papers
- Copies of wills, living trusts, and powers of attorney
- Copies of insurance policies
Important Things to Keep in Mind
While safe deposit boxes are highly secure, there are a few important considerations:
- Only you can access your box, and only during bank hours. You must present your key, boxes cannot be opened without the customer key.
- Do not store original documents that others may need to access urgently if you are unavailable.
- Instead, store copies of originals—especially for legal documents and insurance policies.
- Keep originals in a location where a trusted individual can access them if necessary.
Lost Your Safe Deposit Keys? Here’s What to Know
In situations where both keys are missing, customers can still close their safe deposit box by going through a secure drilling process. This requires payment of the drilling fee and any related repair costs, along with completing a Lost Safe Deposit Key/Drill Request Affidavit and Agreement signed by all authorized individuals on the box. Once everything is in place, the bank schedules an appointment with an approved vendor to drill the box during regular business hours. Drilling fee $250
Lost key fee $30
A Simple Step Toward Greater Peace of Mind
Safe deposit boxes offer a reliable, private, and secure way to protect life’s most important items. By choosing the right size, understanding access limitations, and knowing what to store, you can make the most of this valuable service.If you’re interested in learning more about safe deposit boxes or availability at your local Middlesex Savings Bank branch, our team is always happy to help. (I don’t know if I like this last part)