What will happen to the contents of my safe deposit box?

A. The contract between the owner and the financial institution will state the length of time that they will hold the box after inactivity. After that time, the contents will be turned over to the respective state’s unclaimed property division. Because the unclaimed property divisions do not always have room for these items, they may periodically conduct auctions. The proceeds from the sale will be credited to an account in the owner’s name, less any bank liens, and will be paid to the owner or heirs upon claiming the safe deposit box and or account. The above also applies to payment default on a safe deposit box.