Do Credit Unions Offer Safety Deposit Boxes for Members

Credit unions are known for offering a range of financial services, but do they also provide safety deposit boxes for their members? The answer is yes, many credit unions do offer safety deposit boxes.

Credit unions often have a limited number of safety deposit boxes available, so it's essential to check with your credit union directly to see if they offer this service.

Some credit unions may have a specific policy or restrictions on who can use safety deposit boxes, such as requiring a minimum balance or membership length.

Typically, credit unions charge a small fee for the use of a safety deposit box, which can range from a few dollars to several hundred dollars per year.

If this caught your attention, see: I M B Bank Share Price Today

At a credit union, you can feel secure storing your valuables in a safe deposit box. Two keys are required to open every safe deposit box, one held by you and the other by your local branch.

This double-key system ensures that even if you lose your key, your valuables are still safe.

The credit union will not have a copy of your key, so you're the only one who can access your safe deposit box.

Credit unions often offer safe deposit boxes as a secure storage solution for members' valuables. These boxes are typically located in a fireproof metal vault and can be rented for a year at a time.

The annual rental fees for safe deposit boxes vary depending on the size of the box and the branch location. You can expect to pay between $18 and $75 per year.

To access your safe deposit box, you'll need to provide dual key control, meaning you'll need to have one key and an employee of the credit union will need to have the other key to open the box.

Here are some available safe deposit box sizes and their corresponding annual costs:

It's worth noting that the contents of your safe deposit box are not covered by the NCUA Share Insurance Fund, so you may want to consider purchasing insurance coverage separately.