A smart way of keeping some of your valuable assets is storing them in the safedeposit box of your bank.

Banks have safe deposit boxes, which they can lease out to customers annually.

These boxes at the custody of the banks are much safer than those an individual may keep at home, because thieves may be able to reach the owner or force him to open it for them.

Asides from protection from thieves, safedeposits will protect your valuables against fire outbreak, flood and other losses.

Safedeposit box is held in a bank vault and protected by security measures employed by the bank to safe-keep their customers’ monies.

The boxes usually have two keyholes: one for the customer, while the bank keeps the other.

Anybody cannot just have access to the boxes because the bank will always verify the rightful owner through the identification means, which he used to acquire the safe deposit.

Situations that can make your bank to stop your safedeposit accounts include lease payment default, court order and an incidence of unclaimed property where the bank is unable to reach the customer again.

This is why a customer should read the terms of the contract, while opening a safedeposit box.

While safedeposits boxes have their advantages, it may not be advisable for things such as your only personal Will to be kept in them, because it can be very difficult for your loved ones to gain access to it after one’s demise.

These are some of the things you can keep safely in your bank:

Valuable assets: A safedeposit box is an ideal place to store valuable assets such as your diamonds, gold and jewelleries. Although it may not be necessary, you may consider having insurance for the assets because banks do not usually have insurance for such valuables. Other precious items that you know may be destroyed in fire or other means can equally be kept for you by your bank.
Deeds and titles: There have been incidences where wayward children or some mischievous members of the family had access to landed properties and sold them illegally. Even though you may decide to go to court to challenge this action, it can be a long and very tedious process to prove ownership and recover the properties. The original documents of your houses and land are ideal things you can keep in your safedeposit in the bank, because you probably will not need them except you plan to sell off the assets.
Passports: Replacing a lost travel passport may not be as easy as acquiring a new one. That is a reason why you should keep it safe with your bank if you don’t use it very often.
Certificates: The originals of your personal documents such as birth certificates, marriage certificates and some others can be kept for you by your bank. Certificates of your investments in ventures such as stocks and bonds, among others, can also be stored by your bank. Although, most of these documents are now issued electronically.
Cash: Your bank still remains the safest place to keep your cash and deposits.
Opening a bank account

Opening a bank account isn’t as simple as walking up to a teller and handing over your money. Creating a new account requires a bit of preparation and thought. For example, you’ll need to decide which type of account you want and how you want to use it. Luckily, while banking jargon can be intimidating, this process isn’t difficult once you know a few banking basics. Follow along step-by-step to set up your first account, according to http://www.wikihow.com.

Make sure you are eligible to open an account. Before you head to the bank, it is wise to check whether you meet all the criteria for opening an account. As a general rule, most banks will require the following:
If you are under 18, some banks may require your parents to sign some forms when you open the account. Not all banks do this; so, if you don’t want your parents to be involved with your banking, try contacting the banks before you go into them asking whether they require your parents to sign.

You will need to have valid identification and be willing to share basic information about yourself.

You will need to have at least the minimum amount of money for opening an account. This can vary based on the bank and account you choose.

Choose the bank that is best for you. Not all banks are the same, even when it comes to basic personal accounts. It can be very wise to contact the banks in your local area to discuss what exactly you will get if you open a basic account.

By: Nike Popoola
Copyright PUNCH.       

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