A safe deposit box, sometimes referred to as a safety deposit box, is an individually secured container, usually held within a larger
safe
A safe (also called a strongbox or coffer) is a secure lockable enclosure used for securing valuable objects against theft or fire. A safe is usually a hollow cuboid or cylinder, with one face being removable or hinged to form a door. The body ...
or
bank vault. Safe deposit boxes are generally located in
bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
s,
post office
A post office is a public facility and a retailer that provides mail services, such as accepting letter (message), letters and parcel (package), parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post o ...
s or other institutions. Safe deposit boxes are used to store valuable possessions, such as
gemstone
A gemstone (also called a fine gem, jewel, precious stone, semiprecious stone, or simply gem) is a piece of mineral crystal which, when cut or polished, is used to make jewellery, jewelry or other adornments. Certain Rock (geology), rocks (such ...
s,
precious metal
Precious metals are rare, naturally occurring metallic chemical elements of high Value (economics), economic value. Precious metals, particularly the noble metals, are more corrosion resistant and less reactivity (chemistry), chemically reac ...
s,
currency
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific envi ...
, marketable
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
,
luxury goods
In economics, a luxury good (or upmarket good) is a good (economics), good for which demand (economics), demand increases more than what is proportional as income rises, so that expenditures on the good become a more significant proportion of ove ...
, important documents (e.g.
will
Will may refer to:
Common meanings
* Will and testament, instructions for the disposition of one's property after death
* Will (philosophy), or willpower
* Will (sociology)
* Will, volition (psychology)
* Will, a modal verb - see Shall and will
...
s, property
deed
A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right ...
s, or
birth certificate
A birth certificate is a vital record that documents the Childbirth, birth of a person. The term "birth certificate" can refer to either the original document certifying the circumstances of the birth or to a certified copy of or representation ...
s), or
computer data
''In computer science, data (treated as singular, plural, or as a mass noun) is any sequence of one or more symbols; datum is a single symbol of data. Data requires interpretation to become information. Digital data is data that is represen ...
, which need protection from
theft
Theft (, cognate to ) is the act of taking another person's property or services without that person's permission or consent with the intent to deprive the rightful owner of it. The word ''theft'' is also used as a synonym or informal shor ...
,
fire
Fire is the rapid oxidation of a fuel in the exothermic chemical process of combustion, releasing heat, light, and various reaction Product (chemistry), products.
Flames, the most visible portion of the fire, are produced in the combustion re ...
,
flood
A flood is an overflow of water (list of non-water floods, or rarely other fluids) that submerges land that is usually dry. In the sense of "flowing water", the word may also be applied to the inflow of the tide. Floods are of significant con ...
,
tampering, or other perils. In the
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
, neither banks nor the FDIC insure the contents. An individual can purchase separate
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
for the safe deposit box in order to cover e.g. theft, fire, flooding or terrorist attacks.
Some
hotel
A hotel is an establishment that provides paid lodging on a short-term basis. Facilities provided inside a hotel room may range from a modest-quality mattress in a small room to large suites with bigger, higher-quality beds, a dresser, a re ...
s,
resort
A resort (North American English) is a self-contained commercial establishment that aims to provide most of a vacationer's needs. This includes food, drink, swimming, accommodation, sports, entertainment and shopping, on the premises. A hotel ...
s, and
cruise ship
Cruise ships are large passenger ships used mainly for vacationing. Unlike ocean liners, which are used for transport, cruise ships typically embark on round-trip voyages to various ports of call, where passengers may go on Tourism, tours k ...
s offer safe deposit boxes or small safes to their patrons, for temporary use during their stay. These facilities may be located behind the
reception desk, or securely anchored within private guest rooms for privacy.
The contents of safe deposit boxes may be seized under the legal theory of
abandoned property. They also may be searched and seized by the order of a court through the issuance of search warrant.
In the United States and elsewhere, safe deposit boxes are considered a "legacy service"; many new bank branches do not bother to install any.
In the 20th century, bank branches were more prestigious; in the 21st century, space has grown more valuable with higher land values and rents, and many banks see the service as ancillary to their core business. Additionally, despite the public perception of safe deposit boxes as being extremely secure, there is little incentive for banks to actually ensure this is true;
there are no federal laws in the US governing the matter or rules that would require compensation to customers if property stored there is stolen or destroyed.
See also
*
Banking in Switzerland
Banking in Switzerland dates to the early 18th century through Switzerland's merchant trade and over the centuries has grown into a complex and regulated international industry. Banking is seen as very Culture of Switzerland, emblematic of Swit ...
*
Numbered bank account Numbered bank accounts are bank accounts wherein the identity of the holder is replaced with a multi-digit number known only to the client and selected private bankers. Although these accounts do add another layer of banking secrecy, they are not c ...
References
External links
The History of the Safe Deposit BoxThe quiet disappearance of the safe deposit boxSafety Deposit Box Guide
{{DEFAULTSORT:Safe deposit box
Banking terms
Privacy
Security technology
Money containers