Opening a safe deposit box is a relatively straightforward process. Once you decide on a bank location, you simply present your identification, complete a rental agreement and pay a rental fee. Once set up, you'll be given a key to your designated box.

Renting a Safe Deposit Box

Although policies vary between banks, potential renters need a few standard items to open a safety deposit box. The most important document of all is identification, such as a passport or driver's license. The bank will have the renter complete a rental agreement, which must be signed, and pay a rental fee. If payments will be made electronically, the bank will likely require the renter to also complete a payment authorization form. Once the necessary paperwork is complete, the bank will assign the renter a safety deposit box and provide him with a key.