STORE IT PROPERLY

Following up on yesterday’s post...so I walked into the BPI branch across the street and asked if they offered safety deposit boxes.

They said yes.

And apparently, I got lucky.

A client had just terminated their lease, so one box became available. The only one. The teller mentioned that vacancies are rare, and most boxes stay occupied for years.

The size was 10 inches wide, 24 inches deep, and about 3 inches high.

Just right for real estate documents. You can even fit some jewelry if needed.

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How it works

To get one, you sign a lease agreement with the bank.

Access is controlled using two keys.

One is held by the bank.

One is yours (you actually get two copies).

Both keys are required to open the box.

When you visit, the teller inserts their key first, then you insert yours. That’s the only time the box can be opened.

You pull out the box, and the teller leaves the room to give you privacy.

Exactly like in the movies.

Access is limited to banking hours.

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Sizes

Other sizes exist, but none were available at the time.

There’s a smaller version around 5 inches in height, but you’ll likely need to roll documents to make them fit.

Different branches carry different sizes. Common ones include 5x5, 10x5, and 10x10.

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Cost

This was the surprising part.

Php 3,000 for the full year.

There’s also a refundable Php 1,500 deposit for the keys, which you get back when you terminate the lease.

At that price, cost isn’t really a valid excuse.

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Given how hard it is to get one, I don’t see myself giving this up anytime soon.

Think about it. If anything happens to me, those valuables stay with a trusted institution and will eventually be handed to the right people, not someone rummaging through my condo.

If you’re planning to get one, tell your branch to put you on the waitlist as early as possible.