by
Stacy Wise
| Aug 16, 2023
All About Safe Deposit Boxes
Written by Andrea Klinedinst, Compliance Assistant
From the moment we’re born and receive a birth certificate, we start accumulating important documents and valuable items that we want to keep safe. As we go through life, we only seem to accumulate more. Many of these important documents or valuables are irreplaceable or very hard to replace, so we want to find the best way to store them away from damage or robberies. Some people opt to have an in-home safe to store valuables, but did you know that’s not your only option? You can safeguard your treasures for just pennies a day with a Safe Deposit Box at MNB.
What is a Safe Deposit Box?
A Safe Deposit Box is a small, locked box that you can rent from MNB at all of our banking centers. The Safe Deposit Boxes at MNB are locked in fireproof vaults. The big difference between installing a safe in your home and renting a Safe Deposit Box is that your Safe Deposit Box will only be accessible during banking hours, so you want to be mindful of business hours and plan ahead if you need something from your box.
MNB’s Safe Deposit Boxes have many great features:
- Access is limited to the box lessees or their authorized agents only.
- All boxes are dual controlled, meaning 2 keys are required to open the box; one key is secured at the bank, and the lessee is in charge of the other key.
- Each banking center has private viewing rooms where you can view the contents of your box during banking hours.
- Your Safe Deposit Box rent can be set up on auto debit so your rent is automatically debited from your MNB account.
- Each banking center has a variety of sizes of boxes for rent from 3x5 up to 10x10 in most locations, so you can choose a size that works best for you. Our Henry and Cuba locations have some larger boxes available, and Lewistown only has up to 8x10.
It’s important to remember that anything locked in your Safe Deposit Box is not insured by the FDIC or MNB unlike many of MNB’s deposit accounts.
What should you keep in a Safe Deposit Box?
Safe Deposit Boxes make it safe and easy to store documents or valuables that you don’t need very often such as important documents like birth certificates, deeds, car titles, insurance policies, or stock or bond certificates. It is also a great place to store family heirlooms or valuables.
Beyond personal use, Safe Deposit Boxes are also great for businesses as a place to store irreplaceable financial and business documents.
MNB offers a low-cost annual rent for all our Safe Deposit Boxes. We even provide discounts to M-Club members and customers who opt to pay Safe Deposit Box rent via auto debit. MNB also offers a 3x5 Safe Deposit Box with no rent for 12 months to customers who open a new checking account. The 12 months of no rent start when the Safe Deposit Box contract is signed.
If you are interested in renting a Safe Deposit Box or would like to know about availability or additional information, give us a call at 877-647-5050 or visit any of our banking centers to start safely storing your valuables today!