Safe Deposit Boxes

Are your valuables safe? Do you know where to find all of your important documents? And are they secure in case of fire, flood, or other disaster?

You can answer YES with a Bank of Hindman safe deposit box. A safe deposit box is a way for you to rent your very own piece of our bank vault.

Boxes are available in a variety of sizes and are competitively priced to help you secure your possessions for just pennies a day, and are accessible during business hours of the branch.

Our safe deposit boxes are a convenient and inexpensive way to secure your valuable possessions, memories and documents. Each box is secure from disasters such as fire and is under dual control at all times.

You can enjoy peace of mind knowing that without both your key and the bank's key, your box cannot be opened. Identity and signatures are verified at the time of entry to maintain the utmost security. Two keys are provided to customers at the time the box is rented.

Why have a safe deposit box?

Safe deposit boxes offer a secure space to store important or valuable items. Located inside our secure bank environment, under the dual control of a two-key system, the boxes are protected by the same security devices that guard the bank's own assets, giving you peace of mind. For a small annual rental fee, which may be tax-deductible, you can choose a box in the size that meets your needs.

Insurance can reimburse you for loss, but nothing can compensate you for the loss of irreplaceable items that have been destroyed by fire, flood or other disaster.

From insurance policies to your great-grandmother's ring, your valuables will be safe and secure in a safe deposit box at the Bank of Hindman. Keep your most important possessions from getting lost, damaged, catching on fire or being stolen.

Some of your important documents are best kept in a safe deposit box. These are the papers you don't often need to refer to and are difficult to replace: military discharge papers, stock and bond certificates, original copies of birth, marriage, and death certificates, adoption, divorce and child custody papers, and the deed to your house.

Others, such as your will and life insurance policies, should never be kept in a safe deposit box, which might be sealed at the time of the box-owner's death. For safe keeping, however, put copies of these documents in your safe deposit box. Photographs and/or a video tape of your home's contents, and a written home inventory, should also be kept there.

Safe deposit boxes are also great for storing small family heirlooms that cannot be replaced and other items of value, such as gold coins or valuable collectibles.

Keep an Inventory of your Safe Deposit Box contents at home

Maintain a complete inventory of the items in your safe deposit box. Keep this inventory list up-to-date and in a safe place at your home or office with your deposit box key. Bring both (the inventory list and key) whenever you visit our vaults. If you put something in or take something out, record doing so in your inventory list. You might also want a photocopy of all the important papers in the box in case you want to refer to them at home.

For pennies a day, valuable papers and possessions can be safe from fire, theft or loss.

Here are some of the types of items you may want to consider storing in your safe deposit box:

Safe Deposit Box Sizes and Annual Rental Fees

Depending on branch location and subject to availability, our safe deposit boxes come in various sizes and with a low annual rental fee that can be automatically deducted from your Bank of Hindman checking or savings account:

Whatever your storage requirements are, pick the box that best matches your security needs. If the size of box that you want is not available at the branch office most convenient for you, we maintain a waiting list on a first-come, first-served basis.

Are safe deposit boxes really safe?

Contents of safe deposit boxes are not insured by the FDIC, but they are safe.

Safe deposit boxes are safe, in part because they're kept behind the thick, fire-resistant walls inside a vault at our Bank, and protected by the Bank's own security systems. As an added layer of security, it takes two keys to open the box. One key is held by you and a different key is held by the Bank.

When you rent a safe deposit box, you sign a card. The bank will also need the signatures of anyone else who will have access to the box. Every time you visit the box, your signature will be compared to the signature on the card. For your protection, if the signature of the person seeking access to your box does not match one of these authorized signatures, admittance will be denied.

Once you have unlocked your box, you can open and inspect the contents, add or remove items in our convenient privacy area.

The bank doesn't keep a copy of your key, so if you lose it, the bank will have to drill the box open -- a service that, if necessary, could cost you up to $50.00.

Are Safe Deposit Box Fees Tax-Deductible?

You may be able to deduct rental fees charged for a safe deposit box if you use the box to store investments -- or papers related to investments -- that generate taxable income.

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. You may be able to deduct any remaining amount with your itemized deductions.

We believe these statements to be true, based on current tax law, but you should consult with your tax advisor.

Contents of safe deposit boxes are not insured by the FDIC.