ATTENTION! Abandoned Safe Deposit Box Auctions In South Dakota, Minnesota, Iowa
Your safe deposit box, if you have one, isn't something you visit on a regular basis. For some, it might be just once per year. And, that's a good thing. Because there are regulations in each state on how long a safe deposit box can sit idle before it is determined to be abandoned.
Size doesn't matter. The contents do not matter. Your personal property in that safe deposit box could go on the auction block if there hasn't been a record of activity by your financial institution in a certain amount of time.
Just like the old saying goes, "Use it, or lose it!" You don't want to fall into dormancy when the valuables in your safe deposit box could be in jeopardy.
I spoke with a representative from Cortrust Bank of Sioux Falls and learned that its policy was five years.
Recently AXIOS reported the contents of dozens of Iowa abandoned safe deposit boxes for auction last week.
If you cherish the contents of your safe deposit box and want to hold on to it, give it some love. Visit more often. Even if it's just to take inventory.