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Protecting your valuables is easy and inexpensive with a Safe Deposit Box!
When it comes to safeguarding your valuables, nothing is more secure, convenient and accessible than a Safe Deposit Box with NESC Federal Credit Union.
Safe Deposit Boxes are available in a variety of sizes. These strongboxes can be used to store important personal, business and financial papers & documents as well as other valuable items.
There are limited Safe Deposit Box quantities and subject to availability.
3X5 $25 per year
3X10 $50 per year
5X10 $75 per year
10X10 $125 per year
Contact Lianne Bennett at 978/688.8800
What is a Safe Deposit Box?
A Safe Deposit Box is a sturdy metal container that can be rented on an annual basis to store valuables. These boxes are retained in small compartments in the credit union vault. Each compartment has a separate lock with a dual access key. To meet the needs of members, Safe
Deposit Boxes are available in a variety of sizes.
Why rent a Safe Deposit Box?
Safe Deposit Boxes are ideal for storing valuables. Take a quick inventory of your personal items and ask yourself these questions: Are these items important to me? Would it be difficult or impossible to replace these belongings? Are these items in danger of fire or theft? Is it possible that I could lose or misplace these items? Is there any risk that these items could decay or deteriorate if I fail to protect them? If you've answered "yes" to any of these questions, a Safe Deposit Box may be of significant value to you.
Who is eligible to rent a Safe Deposit Box?
Safe Deposit boxes are available to primary members in good standing with the credit union are eligible to sign a lease agreement to rent a safe deposit box. Joint owner on that account my be co-renter on box.
Who can enter my box?
Only the primary member and any co-renters of the box can gain access to said box. The renters and co-renters can appoint a deputy.
What is a deputy?
A deputy is given a form of power of attorney specifically limited to conducting business on a specific safe deposit box. A deputy has all the powers a renter has unless powers are limited by a contract. A deputy is not allowed visitors when accessing the box. A deputy does not own anything in the box and can not access a box after the death of the renter.
What are the procedures for renting a Safe Deposit Box?
To rent a Safe Deposit Box, you must complete and sign a lease agreement. This agreement contains the date, our name, your name, the number of the Safe Deposit Box, the annual rental fee, the annual renewal date, terms and conditions of the agreement, your signature and our authorized signature.
Is there a key issued for each Safe deposit Box that is rented?
When you rent a Safe Deposit Box, you are issued two keys which fit only your lock. Each key should be secured in a safe - but separate - location.
What happens if a Safe Deposit Box key is lost?
If one key is lost, you must turn in the remaining key and pay the cost of a replacement key. Two new keys will then be issued to you. If both of your keys are lost, we must drill and replace the Safe Deposit Box lock and give you a new set of keys. If this occurs, the renter is responsible for the expense required to drill and replace the Safe Deposit Box and the keys. For this reason, it is critical that you know the whereabouts of your keys at all times.
What articles should I keep in a Safe Deposit Box?
Whether your items are of purely sentimental importance or of great financial value, a Safe Deposit Box will keep them well-protected. Following is a list of personal, business and financial items that you may consider keeping in a Safe Deposit Box:
Abstracts, Adoption Papers, Agreements, Articles of Partnership, Bank Records, Bills of Sale, Birth Certificates, Blueprints, By-laws, Certificates of Deposit, Charters, Citizenship Papers, Collectable Coins, Contracts, Court Decrees, Deeds, Diaries, Drawings, Family Records, Guarantees, Heirlooms, Historical Records, Important Cancelled Checks, Income Tax Records, Insurance Policies, Inventories (Household or Business), Leases, Legal Documents, Letters, Marriage License(s), Medals, Military Service & Discharge Records, Mortgages, Notes, Passbooks, Passport, Patent Papers, Pension and Profit Sharing Documents, Photographs, Receipts, Retirement Papers (IRAs, 401k, etc.) Securities & Stocks, Social Security Records, Souvenirs, Special Formulas, Stamp Collections, Surety Bonds, Tax Receipts, Tax Records, Trademark Papers, Trust Papers, U.S. Savings Bonds, Warranties & Wills.
What should NOT go in or be kept in a safe deposit box?
Anything you might need in an emergency, in case your bank is closed for the night, the weekend or a holiday. Possible examples: originals of a "power of attorney" (your written authorization for another person to transact business on your behalf), passports (in case of an emergency trip), medical-care directives if you become ill and incapacitated, and funeral or burial instructions you make. Consider giving the originals to your attorney, and making copies to go in your safe deposit box or give to close friend or relative.
Storage of contents that are either illegal to store or may threaten the security of the Credit Union, employees or the contents of other boxes is prohibited.
Are the contents of my Safe Deposit Box insured?
NESC Federal Credit Union is unable to provide insurance on what you store in your safe deposit box as the contents are confidential and known only to you. If there is a concern, please contact your insurance agent to arrange coverage.
How does a Safe Deposit Box open?
A Safe Deposit Box cannot be opened (except by force) unless one of your keys and our guard key are both used. Your key opens one set of tumblers, the guard key opens another set of tumblers to release the lock. Neither key by itself can unlock the Safe Deposit Box. This gives you additional assurance as to the privacy and safety of your Safe Deposit Box contents.
What are the procedures for entering a Safe Deposit Box?
Each time you wish to enter your Safe Deposit Box, you are required to sign an admission form. For identification purposes, the signature on this form is verified against the rental agreement signature on our records. If needed, picture ID may be requested. Once your signature and identification is verified, you are accompanied to the Safe Deposit Box area by an attendant. After you open and remove the Safe Deposit Box, the attendant will leave you alone in a viewing room to take care of your business. Please be sure to keep your Safe Deposit Box with you at all times until it is returned to the vault.
Can IRS get into my box?
IRS representative cannot arbitrarily gain access to your box. However they can serve a Levy and a notice of Seizure requiring us to freeze the box. The IRS then requests that you open the box in the presence of its representatives. If you refuse, a court order must be issued requiring the box to be forced open and the contents impounded.
What happens to my Safe Deposit Box and its contents if I die?
If a renter dies, a legal representative of the estate or joint renters of the box (if any) should inform the credit union of the death as soon as possible. "Joint owner has access to safe deposit box." If a sole renter dies, we may refuse all access to the Safe Deposit Box until we are notified of the existence of a legal representative of the estate of the deceased renter (with a court order) and confirm verification of that person's identity.
Should I maintain an inventory of my Safe Deposit Box contents?
Yes! We recommend that you keep an accurate inventory of the contents of your Safe Deposit Box at all times. A listing of the contents should be kept inside the Safe Deposit Box and another copy kept in another safe location.
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