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What is a Safe Deposit Box

A safe deposit box is a locked and secure metal container that is kept in the bank vault. These boxes can be rented by bank customers for a fee to safely store their business or personal documents and other valuables. The annual rental fee varies based on the box's size (see fee chart below). 

What Goes Inside a Safe Deposit Box

Safe deposit boxes are a good place to keep hard-to-replace items that you won't need frequent access to, including those mentioned below.  

• Personal papers, such as original birth certificates, adoption papers, marriage licenses, and citizenship papers
• Copies - but not the only copies - of wills and powers of attorney 
• Military records and discharge papers 
• School transcripts and diplomas 
• Sensitive documents you would not want roommates, children, relatives, and visitors to stumble across 
• Abstract and deed to your house 
• Vehicle titles 
• Paper stock and bond certificates (including U.S. Savings Bonds), if you have any (most are issued electronically these days) 
• An inventory of your home's contents, in case you need to file a claim with your homeowner's insurance policy in the event of theft, fire or natural disaster 
• Important business papers, records, and contracts 
• Financially and/or sentimentally valuable jewelry, collectibles (e.g. coin or stamp collections), and family keepsakes.

Since access to a safe deposit box is limited to banking hours, it's best not to put anything in your box that you might need in a hurry. Items like your passport, medical directive, a copy of your will, and a copy of your powers of attorney may be needed in an emergency and are better kept in a secure location, such as a fireproof home safe.

You're also better off placing your cash in a bank deposit account, like a savings account or certificate of deposit, than in a home safe or safe deposit box. Cash that's not in a deposit account isn't protected by FDIC insurance. 

Certain items are prohibited from being stored in a First National Bank safe deposit box, including illegal and dangerous items. 

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How to Rent a Safe Deposit Box

Stop by one of our locations. A Relationship Banker will let you know if any boxes are currently available and their sizes. Then you can select the box size that works best for you. Box sizes vary at each branch location. The safe deposit box requires dual control (the renter and a bank representative) to access the box.    

See the Frequently Asked Questions section below to learn more about usage and requirements for safe deposit boxes.  

Contact us if you have any questions after availability or safe deposit boxes. 

Contact Us

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Safe Deposit Box Rental Fees

Rental fee rates effective June 1, 2022 

New boxholders: If you are entering into a box rental agreement prior to June 1, 2022, previous rates apply. Speak to a Relationship Banker to get more information about those rates. The new rates listed below, which take effect June 1, 2022, would then apply to your renewal in 2023. 

If you open a box on or after June 1, 2022, the following rates apply. 

Existing boxholders: Rental notices reflecting these new rates will be sent to you when your box rental agreement is scheduled for renewal. For example, if your box rental agreement does not renew until January 2023, your annual box rental rate will not change until the renewal period begins in January 2023.  

All boxes are 21" in length. 

Single-Width Box (5" width)	Annual Cost
2" height	$22.00
3" height	$30.00
4" height	$35.00
5" height	$40.00

Double-Width Box (10" width)	Annual Cost
3" height	$56.00
4" height	$67.00
5" height	$79.00
6" height	$90.00
8" height	$116.00
10" height	$136.00
Locker 12" x 16"	$240.00

Additional Fees
Key deposit	$15.00
Monthly late payment	$15.00
Box drilling and lock set replacement	Cost plus $25.00

A safe deposit box is not a deposit account. Safe deposit boxes or their contents are NOT INSURED by the bank, Federal Deposit Insurance Corporation (FDIC), or by any government or private insurance company, if damaged, lost or stolen. A boxholder is solely responsible for securing adequate insurance for their box’s contents. 

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Safe Deposit Box Frequently Asked Questions

• • What is Needed to Open a Box?

  • 1. You must have a checking or savings account with First National Bank to rent a safe deposit box.  
    2. Federal law, including the USA PATRIOT ACT, requires the bank to obtain, verify, and record information that identifies each customer who opens and/or accesses the box. When you open a box, we will ask for your legal name, address, date of birth, and your Social Security Number or Tax Identification Number (TIN). You will be required to provide unexpired government-issued photo identification. We may periodically validate the information you provide us to ensure we have reasonable assurance of your identity. 

  • What is the Box Rental Lease Term?

  • Rental leases are for a one-year term and the annual rent must be paid in advance. The lease and rent will renew annually and automatically, unless the agreement is terminated by the bank or renter. The bank may change the amount of the yearly rent by giving you advance notice of the change on your annual renewal notice. 

  • When Can I Access My Safe Deposit Box?

  • Safe deposit boxes may be accessed during normal bank hours, Monday-Friday (and Saturdays, if the branch is open inside), except legal holidays. 

  • Can I Share a Safe Deposit Box with Another Person?

  • Yes. Access to a box rented in the names of two or more persons, without regard to relationship status, shall be under the control of each of them individually. The bank is not liable if contents placed in the box are removed by one or more individuals with authorized access, regardless of the method or manner by which the person achieved authorized access. Disputes between renters are to be resolved between or among renters. 

  • Can I Add a Renter to My Safe Deposit Box?

  • Renters can be added after the original rental agreement is accepted by the bank, if all renters are present to visit the box location, sign a new agreement, and provide the bank with all necessary information in accordance with the identification provisions. 

  • How Many Keys Will I Get?

  • The renter will be provided two keys and agrees to return the keys upon surrendering the box or termination of the rental agreement. The renter may not duplicate the keys or give a key to anyone who is not authorized to enter the box. The bank does not retain duplicate keys for rented boxes. If a key is lost or stolen, notify the bank immediately and bring the remaining key to the bank to permit the lock to be changed in the presence of the renter. If both keys are lost and the box must be drilled open by a locksmith, the expenses incurred shall be paid by the renter. 

  • Can I Add a Lock to My Safe Deposit Box?

  • Renters are prohibited from placing additional lock(s) on the box, including the sleeve inside the box. 

  • Are Any Items Prohibited from Placement in the Box?

  • Yes. Renters shall not use the box for any unlawful purposes or for storage of any contents the bank deems dangerous or a security risk. Renters are prohibited from storing liquids of any kind, drugs, liquor, perishable goods, cremated remains, firearms, ammunition, weapons, or any other dangerous instruments or property of an explosive, hazardous or destructive nature.

  • What is the Proper Way to Handle the Box and Its Contents?

  • Renters must remove and replace the box and not leave it unlocked or unattended. The bank is not responsible for any contents left outside the box. 

  • What Happens to the Contents of the Box upon Bankruptcy, Legal Incompetence or Death of the Renter?

  • Complete details regarding actions the bank is permitted to take in the event of any of these situations were to occur are included in the rental agreement. Certain federal and state laws and regulations apply. 

  • May I Appoint a Power of Attorney?

  • Yes. You may decide to appoint someone to act for you as your agent or attorney-in-fact (AIF) under a power of attorney. Speak to a Relationship Banker about the required documentation. 

  • May I Appoint an Agent, Deputy or Fiduciary?

  • As permitted by Iowa law, a renter may appoint an agent, deputy or fiduciary to have access to or surrender the box. Speak to a Relationship Banker about the required documentation. 

  • How Can I Terminate My Safe Deposit Rental Agreement?

  • A renter may terminate or surrender their box by removing all contents, returning all keys, and signing documentations required by the bank. 

  • Can the Bank Terminate the Rental Agreement?

  • The bank may terminate the agreement at any time and require the renter to surrender the box by removing all contents, return all keys, pay outstanding rent owed, and sign appropriate documentation. The box rental agreement will specify the reasons a lease can be terminated. 

  • What Happens to Unclaimed Safe Deposit Box Property?

  • "Unclaimed property" means box contents that have been deemed abandoned by the renter under state law. The contents of the box will be reported and transferred to the State Treasurer in accordance Iowa law.