when you rent a safe deposit box the bank gives you a key to use in tandem with a second guard key held by a bank employee to access the box if your bank uses a keyless system you will scan your finger or hand instead either way you will have to provide some type of identification and your key if it s not a keyless system every time you visit the bank to access the box 
an individual can rent a box in their name only or they can add other people to the lease co lessors on a safe deposit box will have equal access and rights to the contents of the box for example people who have an addiction financial marriage and or judgment issues may not be ideal candidates some institutions allow access to be set up so that both or all lessors must be present to open the safe deposit box experts recommend designating someone with power of attorney who can access the safe deposit box 1safe deposit boxes are a good place to keep your hard to replace documents such as contracts and business papers military discharge papers and physical stock and bond certificates along with small collectibles and family heirlooms keep in mind that the largest safe deposit boxes are usually just 10 inches by 10 inches and two feet deep good things to store in your safe deposit box are important items that you won t need frequent access to including safe deposit boxes can t be accessed 24 7 so it s best not to put anything in them that might be needed in a hurry advantages and disadvantages of a safe deposit boxsafe deposit boxes are undoubtedly more secure than most people s homes bank vaults of course are harder to break into and are located in secure areas with alarms video cameras and top notch locks they re also reinforced to withstand fire floods hurricanes tornadoes and other natural disasters although safe deposit boxes are designed to withstand natural disasters it s a good idea to put anything that could be damaged by water in a waterproof container such as a zippered plastic bag to add another layer of protection it s best to store items in a safe deposit box that won t be needed in an emergency passports medical directives the only copies of wills and powers of attorney among other documents are better kept in a secure spot such as a fireproof home safe you re better off keeping the following items out of your safe deposit box it s also unwise to store cash or similar investments in a safe deposit box since these won t be earning interest you would actually be losing money due to the bank s leasing fees to get the most out of your money you consider looking for the best high yield savings accounts the contents of a safe deposit box are not insured in the same way as a bank or credit union deposits the federal deposit insurance corporation fdic insures cash deposits up to a certain limit but due to the fact that there is no way to verify the contents of a safe deposit box banks will not insure their contents 23 also if heirs are not told about the location of the drawer upon non payment the box is considered abandoned and its contents are turned over to the state s unclaimed property offices for auction 4offers safe storage of important documents and other valuables provides enhanced security with guards cameras and alarm systems that may not be available at home unlike bank accounts the contents are not insured safes can only be accessed during the bank s business hours contents can still be lost due to fire flood or other disasters special considerationssafe deposit boxes have been offered by banks for some 150 years with various other types of safekeeping offered long before that however fewer people today are renting safe deposit boxes opting instead for digital storage and home safes this can make it easier to find an available box or more difficult if your bank no longer offers them betty riess a bank of america spokeswoman said demand for boxes has dropped significantly especially among younger customers who are more likely to rely on digital storage according to riess fewer than half of her company s safe deposit boxes are rented some banks now offer the boxes for free depending on the type of account and your balance 