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Safety deposit boxes are things we see in James Bond movies, and we tend to think that they’re a luxury for those who have lots of valuables, or something to hide. The reality is that they’re the best way to protect valuables that are not good to have at home.

Most people have home insurance against theft or destruction of various types. That’s why,

Coin collections usually
fit in safety deposit boxes.

when you consider whether you need a safety deposit box, you should do so keeping in mind those objects that are difficult or impossible to replace not just from the economic, but the personal standpoint; also consider documents that are valuable to you but you don’t need to have on hand all the time:

• The deed to your home
• Deeds to investment properties
• Long term investment bonds
• Family marriage, divorce and death certificates 
• Inherited valuables
• Special jewelry that you use only on very special occasions 
• Pictures or an electronic file, plus an inventory of insured home valuables
• Picture negatives

How do safety deposit boxes work?
The boxes are in a larger safe secured against theft and fire. Inside it are various small thick

It's not a good idea to keep
your will in a safe.

metal doors, behind which are the individual deposit boxes. These gates can only be opened by means of two keys, used and turned together: one key belongs to you, the owner of the box, and the other belongs to and is kept at the financial institution (in this case, the Credit Union). To access your box, you go to the Credit Union and request to access your box from the person in charge. You sign a register with the date and, alongside the person assisting you, you access your safety deposit box locked gate using the two keys. Then the box is removed and you go to a private place to access its contents on your own. When you’re done, the person assisting you will help you put the box back and lock it in front of you. You leave with your key.

You can access your OAS FCU during business hours, from 9 in the morning till two in the afternoon, Washington DC time. You may also access your box during some extended hours, but it would be at an additional charge. This is why it’s recommended that you only put in your safety deposit box things that you will not need at a moment’s notice.

How big are safety deposit boxes?
At OAS FCU they come in four different sizes:

• 3 x 5 x 18” (7.6 x 12.7 x 45.7 cms.) 
• 5 x 5 x 18” (12.7 x 12.7 x 45.7 cms.) 
• 3 x 10 x 18” (7.6 x 25.4 x 45.7 cms.) 
• 5 x 10 x 18” (12.7 x 25.4 x 45.7 cms.) 

How do I get a box?
You can rent one by going in person to the Credit Union, where you will sign a yearly

Inherited antique jewels and
valuables should be kept safe.

contract. The annual fee varies depending on the size of box you want to rent (this is the list of fees

Can I give someone else access to my box?
Yes, if you stipulate that on your contract. When you rent a box, you immediately receive two copies of your key, but the person who gains access to the box must be on the contract, and sign it. If you wish to give anyone else access after that second person, you will have to pay for the creation of an additional key.

Additional points to consider
If you wish to insure the contents of your safe deposit box, contact your insurance company.
Once you do have a safety deposit box, it’s also good to contact your home insurance company because usually, when you inform them that you have an external safe deposit box, and inform them of the things you are holding in it, they usually will lower your home insurance premium.