Hi Christina,
We banked the cord blood for our daughter. The research they are doing with the stem cells that are in the cord blood is very promising. For certain medical issues, the blood is helpful, but also is not 100% guaranteed. The theories about stem cells are very valid, and at this point the possibilites for cures for many medical issues seem endless. There is a lot of info about stem cells, cord blood, and their uses out on the net, and I would encourage you to research it a little bit before making a decision either way.
Usually you receive a kit in the mail that you must register for ahead of time - and notify your OB that you are doing this. You usually pay for the service up front, and if they are unable to collect the cells properly, you receive a refund. Then there is a yearly storage fee as well. This kit goes with you to the hospital and the doctors and nurses follow the instructions with the kit. Once it is complete, there is usually a phone number for a courier that you call, and they come and pick up the kit and deliver it to the cord blood registry or bank.
The facility you decide upon may be the type where it is available for your own use only. These are typically called Cord Blood Banks. You have to authorize anyone to be able to access your child's stem cells, and they typically become the property of the child at age 18. In other words, just like a real bank, what you have put in, is yours to take back out.
There are also cord blood banks which are public. These are typically called Cord Blood Registries. These work in that all of the characteristics are added to a database. If someone is in need of cells, they check the database for the best match to that person. These are sometimes cheaper than the cord blood banks.
There are pros and cons for each type - I'll list the registries first.
Pros - they are cheaper usually, families who were not able to bank their own cells may be able to be helped or cured from your childs cells
Cons - Your childs cells may be used for someone else, and if your child needs them later, they may be getting a less than 100% match.
Cord Blood Banks:
Pros - You are guaranteed access to your childs cells if and when they are needed, you know those cells are a 100% match, you will not be contacted later letting you know someone has used your cells and they may not be available for your use later
Cons - Usually much more expensive
Some people will make arguments about either case being the better option, but ultimately it is a decision you and your family have to make. Is it unethical to want your child to have the best possible opportunity for a cure if God forbid something happen later? Is it unfeasible to pay for the cost of the bank vs the registry? Is it more important that you could possibly help someone else if your childs cells never need to be used within your family?
It is a tough decision, and I wish you luck in deciding. In my case, we decided that we wanted the best possibility and opportunity for our child if something catastrophic should happen later in life. I knew I would not be able to live with myself if I did not bank her blood and she needs it later. Ultimately, my child's life is worth more to me than any amount of money they could ask me to pay - even if it is only a chance at a possible cure!