In cord blood banking, parents have to pay for their baby’s umbilical cord blood banked for their use in the future or a family member. One family ‘owns’ the cord’s blood and can make the most critical decisions about the same (e.g., how it should be used). Ranging from $1,350 to $2,500, the cost of a private bank varies depending on the blood’s initial collection, followed by annual storage fees of $100 to $350 a year. (Some banks also offer free or discounted programs for families who have a child with a disease that could be treated with stem cells of the umbilical cord.) One has to do some thorough homework and research to find the right bank for you if choosing a private bank for the same. Any of the banks selected should be accredited with AABB, which has a list of accredited banks. The bank should be registered with the Food and Drug Administration (FDA) too.You’ll also need to get critical questions answered, including:• How the bank collects and stores the blood: There are various collection as well as storage methods. One has to make sure that the bank complies with federal standards in every situation.• How viable the bank’s cord-blood samples are compared with other banks: One has to choose a bank that has well demonstrated good odds of getting a usable blood sample and the storage of the same.• How stable the company is: You don’t want the bank to go out of business. So yes, one has to explore the pros and cons of choosing a lesser-known, smaller bank versus a more extensive, well-known bank operating for a longer time.Pros for Private Cord Blood Banking:• The blood collected from the cord is stored only for the family.• The blood collected and stored can be used to help to treat a family member who is sick or the one who a stem cell needs a transplant.• Another fact is that the baby may also be able to use their stem cells to treat the diseases.Private Cord Blood Banking Cons:• Cost for Collection: $1,350 to $2,500.• Cost for Annual: cost $100 to $350.• It’s been said that when a family member who needs a stem cell transplant, the chances that the cord blood will be used are remote.• Experts say that these stem cells can be stored for 20 years, but they don’t guarantee for how long they can be stored.• If your cord blood bank closes, one may have to find another storage the facility, where they can be stored.Umbilical cord blood can save lives. Blood of the umbilical cord is rich in specialized cells called stem cells that can differentiate into all blood cells. These specialized cells can be used to treat several diseases that may harm the immune system of the body e.g. leukemia as well as some other cancers, certain genetic and metabolic disorders. No doubt, there are a few ways for the transplant patients to the blood cells. But yes, the cord cells are comparatively easier to match with the patients as they are gathered during the birth from the umbilical cord. Adding on to this, the recovery of these cells is also a painless procedure.