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r e d f c u.o r g
Need a "get out of debt" plan or just
need someone to read over your credit
report with you? Redstone Federal
Credit Union's accredited financial
counselors can help.
Do not email any account or personal identification information.
I'm trying to choose between a home safe or a safe deposit box. What items
can I keep in a safe deposit box?
Good candidates for a safe deposit box include originals of key documents, such as birth
certificates, property deeds, car titles and U.S. Savings Bonds.
You may also keep family keepsakes, pictures or videos of your home's contents for
insurance purposes, and other valuables. Keep in mind, however, that those items won't
be accessible immediately, including when your credit union or bank is closed.
You're better off keeping your cash in savings or other share accounts. Why? Financial
institutions generally do not insure the contents of safe deposit boxes, and the money
cannot earn interest or pay dividends.
Is a home safe a good substitute to a safe deposit box?
A home safe could be used to store replaceable items you may need immediate access
to, such as a passport or insurance policies. But home safes are generally not as secure
as safe deposit boxes, according to Luke W. Reynolds, Chief of the FDIC's Community
Outreach Section. Certain personal treasures that you want to access can also go in the
home safe. ese items may include a power of attorney document or jewelry.
YOU ASK – WE ANSWER!
Money Repair
If you have a financial question you want answered in a future
Money Repair column, send it to aspire@redfcu.org.
