Safety Deposit Boxes In Banks

Safety Deposit Boxes In Banks – It’s a small chest containing the bank’s most prized items: key clients’ documents, heirloom jewelry, or even their family’s antique vase.

But the safe, which was once the main part of every bank branch, is becoming obsolete. Banks report that use of safes is declining as customers purchase home safes, digitize and store documents electronically, and prefer to display their valuables rather than hide them during periods of conspicuous consumption, and employment is declining rapidly. private conditions.

Safety Deposit Boxes In Banks

Jerry Pluard, owner of Safe Deposit Box Insurance Coverage LLC, a deposit box insurance company in Illinois, estimates that today nearly half of safe deposit boxes in the country, 45 percent, are empty. Boston-based Bank Santander says demand is so low that it won’t even include safety deposit boxes when building new branches.

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Belmont Savings Bank said only two of its six branches still offer safety deposit boxes, and 10 percent of the roughly 500 branches at the bank’s headquarters are empty.

“Demand has slowed,” said Hal Tuffin, chief operating officer of Belmont Savings. “This is the nature of the world.”

This was not always the case. Customers have waited months, even years, for access to their tiny storage space in a bank vault—a mailbox or even a small piece of carry-on luggage. They also received high-roller treatment at an annual cost of $35 to $300, depending on the size of the box.

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Customers had to sign in to enter the mausoleum, which was lined with cement and protected by metal doors several centimeters thick. After removing the box from the warehouse, two sets of keys, one for the customer and one for the bank, the owner of the box is taken to a special room and left alone to examine its contents.

The mystery of the safes and their contents attracted Hollywood, and they have been featured in several caper films. Amnesiac killer Jason Bourne has kept his fake passports, money and guns in a safe at The Bourne Identity. The revered founder of a Manhattan bank hid Nazi-era secrets in the safe of his inner man. The Bank Job focuses on vaults containing indecent images of the British monarchy and government officials.

But in reality, safes can be used to protect customers from the mundane (birth certificates) to the rare (collections of baseball cards and coins) to precious (gems) from fire, flood, other disasters, and even prying eyes. method. A Pluard insurance agent keeps John Wayne’s cowboy hat from the movie Rio Grande in his trunk.

James Avtges started renting safe deposit boxes 50 years ago and still goes to Belmont Savings Bank every few weeks to check out his family’s estate and jewelry. “It’s a comfort for me to know things are safe from fire,” said Avtjes, 85, who lives in Belmont.

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However, young customers are mainly a problem. They’re already using fewer accounts per service, so they don’t want to make a special trip to get to their stuff, said Bob Hedges, managing director of Alex Partners, a global advisory firm based in New York. According to the company’s most recent survey, only 6 percent of bank customers rent safe deposit boxes, and a third of those customers are over 65 years old.

Hedges says safe deposit boxes are one of the most underused banking services, along with coin-operated tellers. Boston Lock & Safe Co. owner said: Locksmith Inc., one of the oldest locksmiths in the country, sees two or three customers a week who want their locker in their home safe.

However, safes are not likely to go away anytime soon. Analysts say customers who use and want safe deposit boxes are the ones banks want to hold because they have loans, mortgages and assets, making them prime opportunities for banks to sell high-margin services such as wealth management.

Bank of America destroyed the boxes in many places. But last year, when he built his 12,000-square-foot flagship in Back Bay, one of the city’s wealthiest neighborhoods, he added a brightly lit back room. Behind a closed glass door, silver cabinets were stacked floor to ceiling like jewelry boxes.

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For some, the bank safe seems like a relic of the past. It’s so easy to store financial records and other important documents digitally these days that the idea of ​​keeping important documents in a locked vault seems ludicrous in the 20th century. Indeed, there is evidence that the number of safes is declining. Many banks no longer offer them, and many say half or more of their boxes are now empty, The New York Times reported.

But safes still serve a purpose. Even in today’s paperless digital age, you may still need an original paper document, such as a birth certificate or home deed. There is still no way to create digital copies of physical items that you cherish, such as family heirlooms or collectibles. The safest place for these valuables and items is still the safe.

But that doesn’t mean you have to use a safe to store all your valuables. If your items are locked in a box at the bank, you can only access them when the bank is open—a big deal for documents that need to be accessed in an emergency. And for one reason or another, there are material values ​​that are better preserved elsewhere.

Comparison Of Bank & Private Safe Deposit Locker

So if you have a safe, here’s a quick rundown of what you should and shouldn’t keep in it. If not, here are a few you might want to consider purchasing.

For those who have never seen one, a safe deposit box is a long, narrow metal box that is kept in a locked room at a bank or credit union. A normal chest has two keyholes, so it can only be opened by inserting both keys at the same time. You hold a key and the other one belongs to the bank. If someone else, like your spouse, shares the box with you, they each get a copy of the renter’s key.

Having two keys means an extra level of security. If someone steals the key to the safe, they cannot access the safe without the help of a bank employee. But the bank will not open the box or the locked room where it is kept to anyone. Many banks require proof of identity before opening the box, such as a signature to compare with the signature on file.

The safe is an add-on that doesn’t come with a regular bank account. According to the New York Times, financial institutions charge between $20 and $200 annually for a fund, depending on its size and location. However, some bank accounts offer a discount on this fee. (Expenses were previously deductible, but the 2017 tax reform law removed that deduction.)

Bradford Safety Deposit Box Outlet Opened In Former Bank

The safe is not the only place where you can store valuables or important documents. For example, you can store these items safely at home in a fire safe. However, according to experts, the safe provides more security.

First, most home safes are portable. You can install a safe in the wall of your house, but it is very expensive. This means that a thief can simply take your entire safe and then dig deeper to get its contents. When criminals break into your home, they may force you to open the safe.

The safe also protects better than normal

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