This week on WBIR, we discuss the use of a bank safe deposit box to store valuable papers and small assets. But is the box really safe? Are there alternatives? Paul Fain, president of Asset Planning Corporation joins us to look at your Sunday Money.
PAUL, WHAT ARE SOME THINGS THAT PEOPLE PUT IN A SAFE DEPOSIT BOX?
– Wills and estate documents. Real estate records. Diamonds and Jewelry. Bullion. Coins.
HOW ARE THESE BOXES SAFE?
– Physical protection of a bank vault. Access requiring two keys kept by the customer and the bank.
ARE THEY “REALLY” SAFE?
– 44 robberies in the last five years related to safe deposit boxes.
– Bank errors in which boxes were moved, misplaced, drilled open, or closed by mistake.
– No provision of federal banking law regulates safe deposit boxes.
– Understand a bank’s policies and coverage limits before you trust it with your valuables.
ARE THERE ALTERNATIVES TO A SAFE DEPOSIT BOX?
1. Consider investing in a high-quality home safe for small valuables and important documents.
2. Scan all important documents and save copies in a secure online “vault.”
3. No matter where you keep your valuables, insure them adequately. Standard homeowner coverage is probably not enough.
FAST MARKET FACT: DOW JONES INDUSTRIAL AVERAGE
- U.S. industrial production declined.
- Retail sales rebounded
- Trade war truce?
- Ignoring the impeachment hearings?
QUESTION FOR OUR MONEYMAN?
Want to learn more about deposit box safety measures? Do you have other general questions about financial planning or investing? Send your questions to our Knoxville Certified financial planner Paul Fain or directly to Paul@assetplanningcorp.com!