Safe deposit boxes are more often called safety deposit boxes. In Florida, as in other states, these are secure, individual containers that are typically metal and are kept inside a safe or vault in a federally insured bank.
There may also be credit unions that have safes or vaults containing safe deposit boxes. The boxes are private boxes that are typically used to store items that are valuable or otherwise important to the owner.
Common examples of items or other assets that are often stored in safe deposit boxes can include, but are not limited to:
- Antiques
- Jewelry
- Rare collectibles
- Contracts
- Documents not requiring immediate access
- Property deeds or other legal documents related to property
- Personal papers, for example, birth certificates, marriage licenses, etc.
- Collections, such as coins or stamps
- Important business documents
- Anything else that would be difficult or impossible to replace if it was damaged or stolen
Individual banks may have different rules or limitations regarding what can and cannot be put in a safe deposit box. These limits are often based on the value of the items being stored. There will also likely be other restrictions involving storing illegal items, for example, explosives.
Examples of items and documents that should not be stored in safe deposit boxes may include, but are not limited to:
- Passports
- Medical directives
- Revocable living wills
- Things that need to be quickly accessed in an emergency or by someone other than the owner of the safety deposit box
A Florida lawyer can help an individual determine the exact rules regarding what they can store in their safe deposit box. In addition, they can provide advice about the types of documents they should store in the box and those that they should keep on hand for emergencies.
Is It Illegal To Put Money in a Safe Deposit Box in Florida?
In general, there are not many overarching safety deposit box laws. This means that there may be few protections when individuals have their property stolen or destroyed.
Because of this issue, although it is not technically illegal to keep cash in a safety deposit box, it is not advised. Along with this issue, putting money in a safe deposit box may make it appear that someone is attempting to hide the money from the IRS.
Because of this, many banks do not allow money to be stored in their safe deposit boxes. Banks may also prohibit individuals from storing large amounts of gift cards, prepaid debit cards, or jewelry.
The majority of banks are reluctant to store things in safety deposit boxes that can open them up to future liability. A bank may choose to deny an individual’s application for a safe deposit box because it may require the bank to increase security or their insurance in order to cover those valuables.
An individual may be able to shop around for a larger facility with higher insurance amounts or more security that can accommodate their needs. A bank may also be concerned about being involved in a probate case if someone passes away and their valuables from their safety deposit box were not mentioned in their will or they did not have a will when they passed away.
In Florida, Who Can Access My Safe Deposit Box When I Die? Can the Government Access My Safe Deposit Box?
In the State of Florida, an individual’s safety deposit box is usually sealed when they pass away. A court-appointed personal representative or executor may be able to access the box with a court order.
In addition the decedent’s spouse, parent, or adult descendant may be able to open the box to specifically look for a will, burial document, or life insurance policy. Typically, a bank employee must be present when the box is first opened.
In certain situations, a government enforcement or regulatory agency may be able to access an individual’s safe deposit box with a court order. One example would be if the government agency has reasonable cause to believe the box contains illegally-obtained or illegal items.
Similar to a bank account, a safe deposit box can be frozen until issues related to it have been resolved. If an individual has any questions related to access to a safety deposit box in Florida, it is important to schedule a Florida lawyer consultation.
What if I, or Someone Else, Forgets About the Safe Deposit Box?
Safety deposit boxes are considered to be a grey area of the law. The policies and procedures that apply to the use and regulation of safety deposit boxes are typically determined by the bank that facilitates the boxes.
When a safety deposit box is forgotten about, typically, the majority of states will allow the bank to surrender the contents of the box to the government after a specific time period has passed that the rental fee for the box has not been paid for a certain time.
In the State of Florida, when a safe deposit box is forgotten about that the fees are not paid for three years, the bank must attempt to notify the box owner.
If the owner fails to respond or pay any fees, the bank classifies the box as abandoned. Once this occurs, the bank will initiate escheatment.
This process transfers the contents of the box to the Florida Department of Financial Services’ Division of Unclaimed Property. Then, the state may auction the items if they are not claimed in a timely manner and hold the proceeds for the owner.
There is still an opportunity for the owner of the safe deposit box or the heirs to claim the property from the State of Florida even after it is transferred if they can provide proof of ownership to the Florida Department of Financial Services.
If an individual receives notice of a forgotten safe deposit box, they should contact the financial institution immediately so they can pay any outstanding fees and regain access to the contents of the box.
What if My Safe Deposit Box, or Its Contents, Is Damaged or Stolen in Florida?
It is important to be aware that, in Florida, unlike money that is deposited into a bank account, items and documents that are put in a safe deposit box are not guaranteed by the government. The bank will not be held responsible for what happens to the safety deposit box or the items that are contained in the box.
There may be an exception to this, such as if the bank or bank employees were negligent when handling the safe deposit box or the content of the box.
Do I Need a Florida Lawyer?
If you have any questions or issues related to your Florida safety deposit box, it is very important to consult with a Florida financial lawyer. Regulation of Florida safety deposit boxes may involve complex legal issues.
Such boxes are subject to the laws of the State of Florida and the regulations implemented by the specific bank where your safety deposit box is located. Your financial attorney can help you understand Florida laws and the rules of your specific bank.
If you need help getting access to your abandoned or forgotten safety deposit box, your lawyer can also help. If you think your safe deposit box was unfairly frozen by the government, your lawyer will assist you with regaining possession of your box.
Use the no cost attorney-client matching services provided by LegalMatch today in just 15 minutes to find a Florida financial lawyer who can help you with your safe deposit box issue. Using the online submission process, in about a business day, you will get responses from Florida licensed lawyers in your area including their fees and client reviews to help you choose the best lawyer for your needs.
