Searching for a place to keep the platinum ingot, important papers or valuable family heirlooms? A decade back, you might have eliminated straight to the bank and opened up a best safe deposit boxes. However with virtual fund on the rise more than half of bank online it’s turning into less hassle free and it tends to make less feeling to travel to a mortar and bricks location to store valuables. Are safe deposit boxes still relevant? What are they, when should you use them and what are the alternatives? Safe deposit boxes explained Best safe deposit boxes are compartments within financial institutions’ vaults where customers can stow important or valuable papers and personal treasures such as birth certificates, government bonds and prized jewelry or precious metals. More secure than ordinary home safes, they protect customers’ valuables from loss, destruction and theft by natural disasters. According to the Safe Deposit Specialists, a consulting annual rental fees depend on size. The boxes can be as small as 2 inches by 5 inches to as large as 10 inches by 10 inches and are usually 22 inches long. Customers should use safe deposit boxes to store items they won’t need to access immediately, such as property deeds. It’s safer to keep your dollars in a savings account so your funds are covered by an earn interest. Because your access is limited you can’t get to the box after office hours and on holidays, deposit boxes shouldn’t be used to store anything you might need in an emergency. For example, power of attorney documents, which give family members the right to make financial or health decisions for a loved one, should be kept at home for accessibility anytime. Alternate options Safe deposit box use is on the decline, as many of those that exist are empty. So, if you choose to forgo a bank vault, where do you keep essential documents and valuables? Many people have turned to home safes for tangible items such as heirloom gold and jewelry ingots. Not as secure as a bank safe deposit box even though these systems are better than nothing. If it weighs a few hundred pounds, thieves can break into or carry off a strongbox even. Rather than take that risk, consumers can scan important paperwork and store the digital copy. But some documents are only legally useful when they carry a signature and a notary’s seal, so the originals still need to be preserved. Another popular option for documents is a virtual safe deposit box. These are offered through some financial institutions and third party platforms. Examples include: Estate Assist - An online product that lets users upload wills, life insurance policies, passwords and more, and share that information with loved ones. My Virtual Strongbox - A free cloud based service offered through banks, and management companies to store mortgages and wills, tax documents, family photos and more. Data Vault - A drop box for online banking, Data Vault stores documents online in a secure location and lets customers and banks send copies of things like loan agreements to each other. Whether you stick with a traditional safe deposit box, store your precious objects in home safe or vital papers on a personal hard drive, or choose a virtual product for those documents, it’s important to have some method of safeguarding your valuables from theft and destruction. For things like heirlooms and platinum, a safe or vault may still be the best option, even though there are more choices today for documents. For more information visit our site: http://www.metrosafe.co.uk/who-we-are/
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