Yes, keeping your Social Security card in a safe deposit box is recommended because it is a vital document rarely needed in emergencies, making it a secure, fireproof, and organized way to prevent loss or theft. It protects the hard-to-replace card from being lost in a home disaster or stolen from a wallet.
You have no reason to carry it on you regularly. The only time you'll need it is if you're starting a new job or getting a license or something like that where you need multiple forms of ID. Otherwise you keep it at home in your safe, or your lock box, or in your desk drawer or in your filing cabinet.
What You Shouldn't Store
What to Keep in Your Safe-Deposit Box
Keep your social security card locked up in a safe at home. Don't carry it around with you in your wallet, as that's an easy way to have it, and your identity, stolen.
For your protection, we urge you not to carry your Social Security card unless it is needed. The best way to “Guard Your Card” is to keep it in a safe place and share it only when required, which is rare. In fact, in most cases, just knowing your Social Security number should be enough.
Good candidates for a safe deposit box include originals of key documents, such as birth certificates, property deeds, car titles and U.S. Savings Bonds that haven't been converted into electronic securities.
Can the IRS get into my box? IRS representatives cannot arbitrarily gain access to your box. However, they can serve a Notice of Levy or Seizure requiring us to freeze your box. The IRS requests that you open the box in the presence of their representatives.
Here's what you should avoid storing in a safe deposit box: Cash: Storing large amounts of cash in a safe deposit box is not recommended. If you need immediate access to cash, keeping it in a bank account where it can be easily withdrawn is a better option.
Disadvantages of safe deposit boxes include limited access (only during bank hours), lack of bank/FDIC insurance (requiring separate insurance), potential legal/probate delays after death, recurring rental fees, and the risk of losing the key, which leads to costly drilling. Contents aren't immune to disaster (fire, flood) or government seizure, and size limitations restrict what you can store.
Bank robbers typically don't target safe deposit boxes.
When you break down the numbers, that's about 4,000 bank robberies per year and only about 8 or 9 involve safe deposit boxes. In contrast, there are nearly home burglaries each year.
You'll also want to leave out any items that are uninsured or perishable in nature.
Don't carry your Social Security card in your wallet or purse. Keep it in a safe place at home. And shred any documents or pieces of mail that include your number, rather than just throwing them out. Also, If you're asked for your SSN, find out why.
An identity thief who has your social security number and other personal information could do a number of things with it, including:
Illegal, Dangerous, or Liquid Items.
Firearms, explosive, illegal drugs, and hazardous materials are among the things prohibited from being kept in a safe deposit box. The same goes for less dramatic items: if you have a collection of rare whiskey, keep it at home.
Many banks, including majors like Chase, are rapidly phasing out safety deposit boxes as customer interest flags and the role of the branch evolves. But the need for security and continuity that safety boxes represent has not gone away. Its focus has just shifted to other platforms.
The original should be kept in a safe deposit box at your local bank. This goes for any children's birth certificates as well. Make copies and keep them in a fireproof safe. Social Security Cards.
The government may seize not only the account funds of a tax debtor held by a financial institution, but also the contents of a safe deposit box maintained at the bank.