A safe deposit box may be used to store valuables and important documents. You may rent a safe deposit box at a bank, a credit union and at other financial institutions. While the institutions make no guarantee that your items will be 100 percent safe from harm, safe deposit boxes generally afford the best available security against theft and protection against damage by fire or water damage.
Decide who will have access to your safe deposit box. You may rent a box jointly with a spouse, a child or another family member. You may not simply give an extra key to a person not named in the rental contract. A co-renter may access the box independently of a bank representative. You may also ask the institution to assign a deputy or agent to be granted access in the presence of a bank employee.
Choose a size of box. Safe deposit boxes are available in several sizes, ranging from 2 inches high by 5 inches wide to 10 by 10. Rental fees vary.
Complete the rental agreement. You must provide proof of identity of all who will be on the account and have the appropriate fees on hand at the time you sign the agreement. Rental fees may be assessed on a monthly or annual basis.