Build up your financial fitness by discovering new ways to make banking work for you. For tips on how, check out the following questions and answers on safe deposit box items, the oldest bank, and CD specials. Our questions come from people like you who want to learn more about best banking practices with answers written by our expert banker, Alex. If you have a question about your banking needs, please email Alex at email@example.com. Relevant questions will be posted on our website, and all questions will be answered by Alex in a timely manner.
Question: What can’t I have in my safe deposit box?
Asked by: Sarah from Tampa, Florida.
Answer: A safe deposit box is a secured metal container that is used to store important documents and valuables. This includes passports, vehicle titles, property deeds, stock and bond certificates, jewelry, and rare coins. They are rented out to bank customers for a nominal fee. Located inside a branch’s vault or secure area, two keys are typically required to access the safe deposit box. Some banks use a keyless system where the renter’s hand or finger is scanned to gain access. Banks are not permitted to know what is inside a safe deposit box. However, there are certain items that are prohibited. This includes firearms, explosives, hazardous materials, and illegal drugs.
Question: What is the oldest bank?
Asked by: Todd from Kirkland Washington.
Answer: While it is difficult to come up with a definitive answer, most experts agree that the Banca Monte dei Paschi di Siena (BMPS) is the oldest continuous operational bank in the world. The bank was founded in Siena, Italy on March 4, 1472. It was established by order of the Magistrature of the Republic of Siena with the purpose of giving financial aid to the underprivilege class. The BMPS evolved towards more traditional banking after the reforms of 1568 and 1624. In 2021, the BPMS had 1360 branches and €137.868 billion in total assets. It is currently the fourth largest commercial and retail bank in Italy.
Question: What are CD specials?
Asked by: Jackie from Long Island, New York.
Answer: A certificate of deposit (CD) typically pays a higher interest rate compared to traditional savings and money market accounts. The reason being that the funds in a CD are locked in for a particular term, typically between 3 months to 5 years, at a fixed interest rate. Longer term CDs usually yield higher interest rates. The term ends on the CD’s maturity date and the customer has a grace period, usually between 5 to 10 days, to either withdraw the money or renew the CD. If any portion of the funds are withdrawn before the maturity date, most financial institutions will impose an early withdrawal penalty. Several financial institutions offer promotional CD rates or CD specials. Theses have higher interest rates on shorter terms. The goal of a CD special is to attract new customers and are typically available for a limited time. The promotional rate for theses CDs will generally only apply to the original term. That means that if a CD special is renewed at the same term, the interest rate will revert back to the financial institution’s standard rate.
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Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: firstname.lastname@example.org
Alex has been in banking for almost 20 years. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
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Source: Smart Strategies for Successful Living
8 Things to Put in Your Safe Deposit Box (and What to Keep Out): CLICK HERE
Source: Money Crashers
Certificates of Deposit (CDs): CLICK HERE