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What is Safe deposit box ?

A safe deposit box, also known as a safety deposit box, is an individually secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions.

Safe deposit boxes are used to store valuable possessions, such as gemstones, precious metals, currency, marketable securities, luxury goods, important documents (e.g. wills, property deeds, or birth certificates), or computer data, which need protection from theft, fire, flood, tampering, or other perils. In the United States, Safe deposit box nor the FDIC insure the contents. An individual can purchase separate insurance for the safe deposit box in order to cover e.g. theft, fire, flooding or terrorist attacks.



Hotels, resorts, and cruise ships sometimes also offer safe deposit boxes or small safes to their patrons, for temporary use during their stay.[1] 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.[2] They also may be searched and seized by the order of a court through the issuance of search warrant.[3]

In the United States and elsewhere, safe deposit boxes are considered a "legacy service"; many new bank branches do not bother to install any.[4] 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.

What Is a Safe Deposit Box? A safe deposit box (or safety deposit box) is an individually secured container—usually a metal box—that stays in the safe or vault of a federally insured bank or credit union. Safe deposit boxes are used to keep valuables, important documents, and sentimental keepsakes protected. A safe deposit box is a locked storage bin, usually in a vault or secure area, that banks and credit unions rent.

Typically, customers receive a key, and must check in with a bank employee, who uses a second “guard” key in tandem with the customer`s key, to unlock the box. No laws exist that prevent you from keeping cash in a safe deposit box. However, while not illegal, bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. Read more...

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