As personal banking goes digital, safe-deposit boxes may seem a relic from the analog age. Yet some people still want the security of storage away from home for valuables, important papers and sentimental keepsakes, financial advisers say.
A safe-deposit box is a locked storage bin, usually located in a vault or secure area, that banks and credit unions rent.
Federal regulators and industry groups said they don't have statistics on the use or availability of safe-deposit boxes, but some banks and financial advisers said demand has been slack.
But Elizabeth Seymour, a spokeswoman for JPMorgan Chase, said that while she did not have historical data available, Chase currently has safe-deposit boxes in more than half of its branches and that they are still popular with customers.
David McGuinn, a safe-deposit box consultant in Houston, said there were still millions of boxes rented and plenty of branches offering them. He said he considered them "the safest place to store anything you consider valuable."
So what should you keep in one?
The bank boxes are best for storing documents and valuables that you usually don't need on short notice. The Federal Deposit Insurance Corp. said "good candidates" include originals of birth certificates, property deeds, car titles as well as paper U.S. Savings Bonds that haven't been converted into electronic versions.
If you travel often or on short notice, keeping a passport in a safe-deposit box may be inconvenient, since you can only access the safe-deposit box during regular bank hours. A home safe may be a better choice.