Woman holding necklace and gold watch, standing next to open safety deposit box

Safe Deposit Box Quiz

Test your knowledge of how they work and what valuables to keep in them

Aaron Kassraie,

AARP

En español

Published January 16, 2020

8 Questions

c480fc32-0ce9-4ddf-9208-0531f40398aa

Safe Deposit Box Quiz

[ {
  "question" : "Cash kept in a safe deposit box is insured by which government agency?",
  "answers" : [ {
    "answer" : "U.S. Mint",
    "correctAnswer" : false
  }, {
    "answer" : "Federal Deposit Insurance Corp. (FDIC)",
    "correctAnswer" : false
  }, {
    "answer" : "U.S. Bureau of Engraving and Printing",
    "correctAnswer" : false
  }, {
    "answer" : "None of the above",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "Cash in a safe deposit box isn’t insured by any government agency. The FDIC only insures money (up to $250,000) deposited into a qualifying bank account.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "Approximately how many safe deposit boxes are leased in the U.S.?",
  "answers" : [ {
    "answer" : "1 million",
    "correctAnswer" : false
  }, {
    "answer" : "5 million",
    "correctAnswer" : false
  }, {
    "answer" : "25 million",
    "correctAnswer" : true
  }, {
    "answer" : "100 million",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "While many banks are moving away from safe deposit boxes in new branches, industry expert David McGuinn estimates there are still over 25 million boxes in use by customers.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "Where is the best location to keep your passport?",
  "answers" : [ {
    "answer" : "In a safe deposit box",
    "correctAnswer" : false
  }, {
    "answer" : "With a friend",
    "correctAnswer" : false
  }, {
    "answer" : "Under the bed",
    "correctAnswer" : false
  }, {
    "answer" : "In a secure place at home, such as a fireproof safe",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "If an emergency arises and you need to travel abroad at a moment’s notice, immediate access to your passport is critical. Keep it locked up at home, not at a bank that’s closed on nights and weekends.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "What’s the best way to protect items in a safe deposit box from water damage?",
  "answers" : [ {
    "answer" : "Seal them in a manila envelope.",
    "correctAnswer" : false
  }, {
    "answer" : "Place them in a sealed plastic bag or container.",
    "correctAnswer" : true
  }, {
    "answer" : "Stop worrying. All safe deposit boxes are waterproof.",
    "correctAnswer" : false
  }, {
    "answer" : "None of the above",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "Accidents happen, even in bank vaults. Store items — especially paper documents — in sealable plastic bags or waterproof containers to protect them in the event of a plumbing leak, sprinkler snafu or flood.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "What type of insurance do you need to cover expensive items such as jewelry or collectibles that are stored in a safe deposit box?",
  "answers" : [ {
    "answer" : "None. The bank’s insurance covers your valuables. ",
    "correctAnswer" : false
  }, {
    "answer" : "A special add-on to your home or auto policy",
    "correctAnswer" : true
  }, {
    "answer" : "An umbrella insurance policy",
    "correctAnswer" : false
  }, {
    "answer" : "Items in a safe deposit box cannot be insured.",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "Ask your insurance agent about a “personal articles floater” that can be added on to your existing home or auto policy. Banks do not insure any items in safe deposit boxes; umbrella insurance covers liability, not possessions.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "When should you tell the bank what is stored in your safe deposit box?",
  "answers" : [ {
    "answer" : "The first day you lease the safe deposit box",
    "correctAnswer" : false
  }, {
    "answer" : "Any time you add something new to the box",
    "correctAnswer" : false
  }, {
    "answer" : "Only when items are valued over $10,000",
    "correctAnswer" : false
  }, {
    "answer" : "Never",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "The contents of your safe deposit box are private, so bank personnel do not need to be told what you have stored in it.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "What happens to the contents of a safe deposit box if the rent goes unpaid and the owner can’t be located?",
  "answers" : [ {
    "answer" : "The contents get discarded.",
    "correctAnswer" : false
  }, {
    "answer" : "The contents are donated to charity.",
    "correctAnswer" : false
  }, {
    "answer" : "The contents are turned over to the state’s unclaimed property department.",
    "correctAnswer" : true
  }, {
    "answer" : "After 90 days, the contents get auctioned off to cover the unpaid rent.",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "If there is anything of value in the box, the bank is required to file an annual report and send those items to the state’s unclaimed property department.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "Who can access your safe deposit box after you die?",
  "answers" : [ {
    "answer" : "Your power of attorney",
    "correctAnswer" : false
  }, {
    "answer" : "Anyone with the key",
    "correctAnswer" : false
  }, {
    "answer" : "A cotenant of the box",
    "correctAnswer" : true
  }, {
    "answer" : "All of the above",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "A power of attorney is no longer valid after you die. However, access by a cotenant who’s listed on the box’s lease agreement isn’t affected by your death. A key alone isn’t enough, since the bank will check to ensure you are approved for access.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
} ]

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Safe Deposit Box Quiz

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Aaron Kassraie writes about issues important to military veterans and their families for AARP. He also serves as a general assignment reporter. Kassraie previously covered U.S. foreign policy as a correspondent for the Kuwait News Agency’s Washington bureau and worked in news gathering for USA Today and Al Jazeera English. 