Storing Valuables

Dear Dr. Per Cap: 

My local bank is doing away with safe deposit boxes.  Where’s the best place to store valuables?

Signed, 

Needing a Lock

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Dear Needing a Lock:

It seems safe deposit boxes are another casualty of the financial technology revolution along with paper checks, passbooks, and even the free juicy red apples like the ones my bank branch used to offer.  No one wants a hangry customer!

With fewer people visiting branches in favor of websites and mobile banking apps to make deposits, transfers, and withdrawals, more banks find safe deposit boxes less profitable and more costly to maintain. As a result, they are scaling back or eliminating the service, leaving folks wondering about the best way to secure valuable possessions like traditional turquoise jewelry, beadwork, stock certificates, or that collection of first edition Pokemon cards.

The best choice depends on the types of items you need to store and your personal preferences for accessibility and security.

Home safes offer the convenience of having valuables readily accessible whenever you need them. You can choose the size and security level that best suits your needs and install it in a discreet location within your home.  Quick tip – avoid placing a home safe in a master bedroom or home office.  That’s usually the first place a thief will look.

High-quality home safes can also provide protection against both fire and burglary. Some safes are designed to withstand high temperatures for a certain period, and when bolted down, they can be hard to move.  However, home safes, while convenient, may not offer the same level of security as a bank vault. 

Private vault facilities are another option. These are businesses that specialize in secure storage and often feature advanced security systems, including video surveillance and biometric access controls. Many private vault facilities also offer extended access hours compared to banks, providing greater flexibility.  Just be mindful that private vaults can be more expensive than safe deposit boxes at a bank.

Digital Storage is another way to go for important documents like wills, birth certificates, and property deeds so consider storing digital copies in a secure cloud storage service. This offers accessibility from anywhere with an internet connection. Because not all digital storage methods are equally secure, it’s important to choose a reputable and trustworthy provider with strong encryption and security measures in place.

You might also want to beef up your homeowner’s or renter’s insurance policy which can provide additional coverage for certain items.  Just make sure you understand the coverage limits of your policies and whether they cover the specific risks you’re concerned about such as theft, fire, or accidental loss.

Lock it down!