If you did not pay the annual fee on the safe deposit box, it likely would have been considered dormant once there was no activity—such as payment of the fee—for three to five years. The length of time necessary to declare a box dormant is defined by state statute.
If the property remains unclaimed and is classified as abandoned, the bank may be required to transfer the contents of the safe deposit box to the state treasurer or unclaimed-property office in a process called escheat. Some states require the bank to attempt to notify the property owner before they transfer the property to the state.
If you wish to find out if property from your safe deposit box was sent to the state treasurer, contact your applicable state treasurer/unclaimed-property office. You can also start your search by visiting National Association of Unclaimed Property Administrators or your state’s unclaimed-property office.
Last Reviewed:April 2021
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.
FAQs
If the property remains unclaimed and is classified as abandoned, the bank may be required to transfer the contents of the safe deposit box to the state treasurer or unclaimed-property office in a process called escheat.
What happens if you lose one of your safe deposit box keys? ›
You will be given two identical keys when you rent a safe deposit box. If you lose one or both keys, you should inform the branch where your account is held immediately. If you have lost both keys, you will need to make an appointment and be present when a locksmith drills open the lock to your box.
What happens to safe deposit boxes when a bank collapses? ›
When an insured bank or thrift closes, the Federal Deposit Insurance Corporation (FDIC) usually arranges for another institution to take it over, including branches where you might have a safe deposit box. In those situations, you should be able to conduct business as usual.
Does the IRS know about safe deposit boxes? ›
Can the IRS get into my box? IRS representatives cannot arbitrarily gain access to your box. However, they can serve a Notice of Levy or Seizure requiring us to freeze your box. The IRS requests that you open the box in the presence of their representatives.
Who owns the content of a safety deposit box? ›
For safe deposit box leases, proceed with caution. The survivor may have a right to title and ownership of the contents, or only a right to continue to access the box. If the signers are spouses and the contents are considered their community property, the survivor likely owns the contents.
Why are you not supposed to keep money in a safe deposit box? ›
It is storage space provided by the bank, so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance if damaged or stolen. Also, financial institutions generally do not insure the contents of safe deposit boxes.
Can a bank open your safety deposit box without your key? ›
Banks do have a key that can open your safety deposit box, but your key also needs to be present. In other words, you or your bank can't open the box without both keys unless you drill into the lock.
Do safety deposit boxes have a master key? ›
Safe Deposit Box Facts:
The financial institution may or may not have a master key. If they do, they can only enter the box with the owner present.
What if I lost the key to my Wells Fargo safe deposit box? ›
We have no way to open the Box without your key other than drilling the lock. If you lose the keys, Wells Fargo will arrange to drill the lock and replace it. We may require you, your agent, or your legal representative to be present when we complete the vendor supported entry drill and replace the lock.
Where is the safest place to put money if banks collapse? ›
The 10 smartest place to keep your money are:
- High-yield savings accounts.
- Certificates of deposit (CDs)
- High-yield checking accounts.
- Money market accounts.
- Treasury bills.
- Treasury notes.
- Treasury bonds.
- Municipal bonds.
Exploring alternative options such as home safes, virtual safes, and private vault facilities can provide you with the security and convenience you desire. Additionally, considering insurance options can offer added financial protection.
Where do you put money when banks collapse? ›
If your bank is federally insured
- Stocks.
- Bonds.
- Mutual funds.
- Annuities.
- Life insurance policies.
- Safe deposit boxes.
- US Treasury bills, bonds or notes.
- Municipal securities.
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: Passports.
Can I write off my safe deposit box? ›
You cannot deduct the cost of the box rental if you use it only for personal items or tax-exempt securities. Your safe deposit rental expenses are added to your other miscellaneous deductions and reduced by 2% of your adjusted gross income.
Where is the best place to store valuables? ›
If items are not replaceable or very valuable, such as expensive jewelry or special documents, you'll want to keep them in a bank safe. If they are not as valuable or can be easily replaced, an in-home safe is probably good enough.
What are disadvantages to a safe deposit box? ›
Not insured by the bank: Banks offer deposit account insurance but usually not insurance for safe deposit boxes. You may need to purchase separate insurance if the items in the box are highly valuable. Extra fees for lost keys. If you lose a key, you may have to pay an extra fee for replacement.
Does the bank know what is in your safety deposit box? ›
The safe deposit box is a storage space you rent from the bank. Its contents are kept private, and the bank doesn't know what you put in there.
What happens to unclaimed safety deposit boxes in the USA? ›
After a period of time, the FDIC or the bank must transfer unclaimed property to the state. Federal law requires unclaimed deposit accounts to be transferred to the state after 18 months, and state laws differ on the period of time after which contents of safe deposit boxes must be transferred.
Who can access a safe deposit box after death in PA? ›
With these boxes, upon the death of either spouse, the survivor is granted unrestricted access to the box. This exception exists because property owned jointly by spouses is exempt from Pennsylvania inheritance tax.
