SAFE-DEPOSIT BOXES: A VALUABLE ALTERNATIVE

You may have caught the recent report that the incidence of burglary is up in Dallas-in fact, it has increased faster than our population growth. That makes storing some of your valuables in a safe-deposit box seem a little more appealing.

We called several area banks to find out what they charge customers for safe-deposit boxes. We learned that the yearly rate varies quite a bit and depends on the size of the deposit box, the demand for the boxes and the types of additional special services that the bank offers. If you’re not interested in keeping the box for an entire year, some banks will prorate the charge. If you’re interested in just putting your valuables away for a two-week vacation, some banks offer what they call “safekeeping” storage. If your valuables aren’t covered by your homeowner’s insurance policy, be sure to ask if your bank’s deposit boxes are insured.

In most cases, access to your deposit box is usually allowed only during a bank’s lobby hours. (We talked to only one bank that allows access on Saturdays.) Most banks don’t require that you have an account with them, but if you do, be sure to ask how you will be billed for use of the box, if there are any special service fees over and above the rental fee and if there is a deposit or penalty if you lose the key to your box.

Take a look at the chart at right and compare the cost of a safe-deposit box to what your own bank offers.