Financial Matters: Safe deposit boxes

PORTSMOUTH, Va. (WAVY) - Most people think of safe deposit boxes as thing of the past, holding Grandma's jewelry, marriage certificates and unknown important papers, yet everyone, including the youth of day needs to consider the value of renting a box.

Lindsay Evans, Relief Specialist from BayPort Credit Union joined us on the show to tell us more.

Ask yourself:

• How important are the items to me?
• Would they be difficult or impossible to replace?
• Am I protecting these items from fire or theft or weather?

If you answered yes to any of these questions, maybe you should consider a safe deposit box.

Safe Deposit Box Uses:

• Important Documents that may not be safe in your dorm or apartment: Social Security Card, Birth Certificate, Student loan information, Insurance information. You can always make a copy to have on hand and put the original in the safe deposit box.
• Your apartment lease. You may need to compare the contract from year to year renewal.
• Passport for those fun spring break trips, keeping it in the safe deposit box may be a more logical place than your dorm room floor.
• Car Title or another set of car keys
• Savings bonds that you're waiting to mature
• Valuable//Family jewelry, perhaps a grandparent has left to you that you may not wear, but would like to keep it safe for that special occasion.
• Don't forget that the boxes are kept in a fire-proof vault and have a low cost annual fee.

Financial institutions are designed to meet everyone's needs, as well as educate you on how their products and services work. This way you can make the best choice for your individual needs.

For more information on safe deposit boxes or other BayPort products and services, stop by any of their 14 convenient locations.