Safe deposit box: advantages and disadvantages

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Recently, citizens are increasingly using the service of renting a bank cell. This is explained by the fact that it is not at all safe to store valuables at home, while they are securely guarded in a bank. In addition, when drawing up a sale and purchase agreement, both parties once again insure themselves against possible fraud by storing everything necessary for the transaction in the bank.

Any person can rent a cell. To do this, you just need to contact the bank, find out if it provides such a service, and in case of a positive answer, conclude an appropriate agreement with it. In this document, you can prescribe the conditions for access to the cell of third parties. They can be relatives, a notary, a lawyer, an appraiser or any other person.

The safe deposit box is a personal and secure storage of personal belongings. The financial institution guarantees confidentiality, so you can be sure that no one will know about its contents. Bank employees do not have the right to ask what exactly the client plans to store in the cell. But still, if it is suspected that something from the things prohibited by law is stored there, then the safe will be opened without permission and a police detachment will be called. On the banned listitems include drugs, chemicals, weapons.

Since the safe deposit box belongs to the client for the duration of the lease, only the tenant can open it, albeit in the presence of a clerk. The safe is opened with two keys, one of which is kept by the bank and the other by the client. It should be noted that the financial institution is not responsible for the safety of the contents of the cell, therefore, in case of loss of the contents, the bank will not compensate for the losses. To protect yourself, you can conclude an additional agreement, obliging the bank to be responsible for the safety of what is in the cell. Only in this case will you have to make an inventory of all things.

Another advantage of this service is that cells are not covered by the bankruptcy of a financial institution. After all, in fact, only safes belong to the bank, but not their contents. Individual bank cells have some disadvantages. So, for example, if you store money there, they will not work, as is the case with a deposit. But inflation is possible - and then the whole "treasure" will simply depreciate.

The safe deposit box is a fairly reliable vault, so you shouldn't worry about robbing it. But still, history remembers several cases when even sophisticated security did not save the contents of the safes. But the alarm is installed not only in the room, but also on each individual cell! But there are times when the bank is powerless to change anything and is forced to open cells, thereby violating the agreement. One such example mightserve as a case in 1917, when, after coming to power, the Bolsheviks ordered the confiscation of all valuables from the cells. The modern world is more civilized, so opening cells is extremely rare.

A safe deposit box belongs to the client only for a certain period of time. After the end of the lease, he must take his property or renew the contract. If the deadlines have expired, and the client has not taken his things, the bank creates a special commission, employees open the cell, and then transfer its contents to the vault of the main bank. The client has the right to pick it up, having previously reimbursed the bank for storage costs.