Members 1st Federal Credit Union - Guide to Safe Deposit Boxes
Guide to Safe Deposit Boxes
Safe deposit boxes are designed to give you a safe place to store your valuables, along with the peace of mind that comes from knowing that these items are secure.
Safe deposit boxes are available in a variety of sizes. So no matter how large or small the items that you want to keep safe, we have a safe deposit box that will meet your needs.
Please Note: Not all branches offer safe deposit boxes and the contents of the safe deposit box are not insured by the NCUA.
To help you decide whether to use a safe deposit box, and how to use one wisely, please read the following questions and answers.
Frequently Asked Questions About Safe Deposit Boxes
What items should be protected in a safe deposit box?
| Sample items |
| Abstracts |
Adoption Papers |
Agreements |
Assumed Name Papers |
| Auto Insurance |
Automobile Titles |
Awards |
Bank Records |
| Birth Certificates |
Bonds |
Books |
Burial Deeds |
| Bylaws |
Canceled Checks |
Casualty Insurance |
Certificate of Deposit |
| Citizenship Papers |
Coin Collections |
Computer Disks |
Computer Tapes |
| Confidential Records |
Contracts |
Copyright Papers |
Corporate Charter |
| Court Decrees |
Credit Cards |
Deeds |
Diaries |
| Family Records |
Financial Statements |
Heirlooms |
Historical Records |
| Historical Records |
Home Insurance |
Income Tax Records |
Insurance Policies |
| Inventory Records |
Jewelry |
Leases |
Legal Papers |
| Liability Insurance |
Life Insurance |
Living Will |
Living Trust |
| Marriage Certificate |
Medals |
Military Documents |
Mortgages |
| Negatives |
Notes |
Passports |
Patent Papers |
| Pension Papers |
Photos |
Physicians Directive |
Power of Attorney |
| Receipts |
Retirement Papers |
Savings Certificates |
Securities |
| Social Security Papers |
Souvenirs |
Stamps (Rare) |
Stocks |
| Surety Bonds |
Tax Receipts |
Title Insurance Policy |
Treasury Securities |
| Trust Papers |
U.S. Savings Bonds |
Wills |
Other valuables |
Rental Fees and Related Costs*
| Size |
Cost per Year |
| 2 X 5 |
$20.00 |
| 3 X 5 |
$25.00 |
| 5 X 5 |
$35.00 |
| 3 X 10 |
$40.00 |
| 5 X 10 |
$50.00 |
| 10 X 10 |
$90.00 |
*Subject to change with 30 days notice
Boxes are subject to availability. Not all sizes may be available at all of our branch locations.
Late Fee
(for renters more than 30 days delinquent)
$10.00
Replacement Key
$10.00
Drilling of a Safe Deposit Box
$125.00
How is my rent paid?
Rent is to be paid annually. The rent, if not paid in advance, will be automatically deducted from your Members 1st savings account each year on the due date.
If the box is closed during the rental period, what happens?
If the box is closed within the first six months, Members 1st will refund the prorated rent. If the box is closed after six months, there will be no refund.
Who can enter my box?
Only the primary member and any co-renters of the box can gain access to said box. The renter and co-renters can appoint a deputy.
What is a deputy?
A deputy is given a form of power of attorney specifically limited to conducting business on a specific safe deposit box. A deputy has all the powers that a
renter has unless rights are limited by a contract. A deputy is not allowed to have visitors when accessing the box. Pennsylvania law prohibits a deputy from
owning anything kept in the box or from accessing a box after the death of the renter.
What happens if I lose my safe deposit box keys?
If one key is lost, bring in the remaining key and close the box. If both keys are lost, the box must be forced open in your presence and at your expense.
Can the IRS get into my box?
IRS representatives cannot arbitrarily gain access to your box. However, they can serve a Levy and a Notice of Seizure requiring us to freeze the
box. The IRS then requests that you open the box in the presence of its representatives. If you refuse, a court order must be issued, requiring the
box to be forced open and the contents impounded.
Are my box contents insured?
The contents of your box are not covered unless you insure them yourself. To ensure privacy and security, we should never know what’s in your box. As a result, coverage
under our insurance policy or by any regulatory agency would be impossible. Ask your insurance agent about the available options to insure items stored in the box.
Is the safe deposit box fireproof, waterproof or burglarproof?
No institution can guarantee 100% vault security. Vaults are merely “resistant” to fire, floods, burglary and other unavoidable perils.
Are there additional copies of keys for the safe deposit boxes?
NO! The renters will have the only keys to the box. Members 1st will not retain duplicate keys for any rented box.
What can not be stored in my safe deposit box?
You can not use the box for the storage of intoxicating liquors, narcotics or any explosive, malodorous or destructive material.
In the event of death, who has authorization to remove the box contents?
A co-renter may access the box only if the co-renter is a spouse. Access would then be permitted to the executor/executrix (as named in the short
certificate) along with either a Representative of the State Inheritance Tax office or an attorney representing the estate.
Please Note: Not all branches offer safe deposit boxes and the contents of the safe deposit box are not insured by the NCUA.