A safe deposit box can be a sensible place to keep part of a collection. But a lot of collectors believe things about bank boxes that the banks' own paperwork says aren't true. Here are five.

Myth 1: "It's in the bank, so the FDIC covers it."

The FDIC says safe deposit box contents "are not insured by FDIC deposit insurance," and that "financial institutions generally do not insure the contents" (FDIC). FDIC insurance is for deposits, like checking and savings accounts.

Myth 2: "If something happens, the bank will pay me back in full."

Bank lease agreements usually limit what the bank owes, if anything. For example, one large bank's lease says contents "are not insured by the Bank or the FDIC" and caps the bank's "maximum liability, if any" at a set dollar amount (Chase lease). Another bank's rules tie the cap to a multiple of your annual rent (Bank of America rules). Read your own lease; terms differ by bank and change over time.

Myth 3: "There's no limit on what I can put in there."

Some leases ask renters to keep total contents under a set value (Wells Fargo lease terms). Check yours.

Myth 4: "My family can just open it if something happens to me."

Who can get into a box after the renter dies "depends on state law," according to the FDIC (FDIC). Talk with your attorney about how access would work for your family, and see our lessons on planning for illness and the heir letter.

Myth 5: "My box will always be there."

Banks can close box programs and branches, and branches can be damaged. In a 2025 NGC column, Jeff Garrett described a large bank closing safe deposit boxes and a California bank destroyed in the Palisades fires, and advised insuring a collection "even if the collection is stored in a safe deposit box" (NGC, Jeff Garrett).

What to do instead of relying on myths

Keep your inventory outside the box. One bank's rules ask renters to keep a list "somewhere other than the Box" (Bank of America rules). Your Collector Portal record is one easy way to do that.
Use water-safe packaging inside the box. The FDIC suggests "water-safe, zippered plastic bags" for valuables (FDIC).
Ask your insurance agent whether, and how, items kept in a bank box can be covered.
Read your lease once a year and note any changes.

Try it in your portal

Record each item's storage location type (home safe, bank box, other) in the private storage field. Only you can see it.

Talk to your own insurance agent and attorney

Your agent can explain coverage for items in a bank box. Your attorney can explain who could access the box under your state's law. Choice Custom Collections does not sell insurance or give legal advice.

Educational only. This is not insurance, tax, legal or investment advice. Bank lease terms vary by bank and change over time; your own lease is the final word.

Sources

Course 107

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Last reviewed 2026-10-28 · Draft

Your Bank Box: 5 Myths