How Safe Are Safety Deposit Boxes?
Banks have implemented certain procedures, rules and regulations that make safety deposit boxes safe for the public. Under certain conditions there are some limitations regarding the safety of your contents.
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Application/Identification
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When you open a safety deposit box you are required to provide personal information with proper identification in addition to anyone else authorized to have access.
Box Key
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All authorized users will be assigned a key which must be presented with identification to gain access to the box. A verified signature is required as well. Some banks use sophisticated biometrics to prevent unauthorized access. For example, you may be required use a fingerprint scanner to open the vault.
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Prevention/Solution
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To gain access to the box a bank employee will accompany you to the box. Your key and a key held by the bank employee must be inserted into lock.
Deny Access
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The primary box owner can have any key holders removed from the account. The lock will be drilled if the keys are not turned in and another will be installed.
FDIC
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The contents of your box are not insured by the Federal Deposit Insurance Corporation. If the contents of your box are destroyed, by fire or theft, your homeowner's insurance policy may provide coverage.
Considerations
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Safety deposit boxes have been built to withstand heat, fire, water, earthquakes and hurricanes but there is a small chance that the contents could still be damaged.
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