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In the event of a depositor payoff, the FDIC will send a letter to you informing you of the closing. The letter will instruct you on how you can remove the contents of your box. Access to the safe deposit boxes is typically granted to the safe deposit holders the next business day after the closure.
The bank allows only those individuals to open the box.
A person can place just about anything that will fit in a safe deposit box in one. Holders of these boxes are granted complete privacy by the financial institutions where they're located. Someone could store cash, jewelry and other valuables, savings bonds, deeds to property and information about an inheritance there.
For over a century, Chase and other major banks have offered customers secure storage for valuables and important documents. However, after conducting an in-depth review of safe deposit box operations, Chase found that costs had spiraled out of control while customer usage had severely declined over the past decade.
The safe deposit box is a storage space you rent from the bank. Its contents are kept private, and the bank doesn't know what you put in there.