Valuables consisting of legal documents, money, and jewellery have long been kept in safe deposit boxes. But despite their long history people still call into question the security of safe deposit boxes in banks. You also might have had this question. Some of these issues are discussed here.
What makes a bank so valuable is its focus on deterring thieves and preventing theft. Whenever someone manages to successfully break into a bank it becomes national news. Think of how many times you’ve heard about a major bank heist lately.
It’s so rare because of the number of security measures implemented by these secure institutions. The value of what’s inside simply isn’t worth the risk of being subject to loss.
Fires and Floods
Safety deposit boxes are in a place where there’s a low risk of experiencing a fire or a flood. These boxes don’t necessarily use high-quality fireproof materials or watertight dark rooms to protect your belongings; although many of them do. But the fact they aren’t in a building with a chip pan on the stove already makes them more adept at protecting your belongings than your own home.
No private company eclipses the security measures of banks when it comes to protecting your belongings.
Banking Roll Back
Whilst the question “are banks the safest place for valuables” is answered positively, it has become somewhat a moot point. The majority of high-street banks have decided to discontinue their safe deposit box services. Halifax, for example, has even started contacting their current clients in order to return their belongings. Most banks believe the storage costs make this service largely unprofitable. Only current clients can continue to hold their belongings in banks, in most cases.
So What’s Your Option?
Private companies have moved to take up the slack with their own safe deposit box services. You might feel quite uncomfortable entrusting your belongings to a private institution. These fears are largely unfounded, though. As long as you pick a company with a base in this country, which has all the necessary licenses, and has a good reputation, you have nothing to worry about.
Private companies endeavour to implement precisely the same services as any bank. With the latest security measures already in place, thieves have very little interest in attempting to take on these entities.
You are likely asking about whether you could take out a safe deposit box with an off-shore bank. This is an option some people have gone for, but it’s a minefield. Unless you know what you’re doing and what bank to choose, it isn’t a good idea. The complicated application system for foreigners means you’re safer just sticking with a private safe deposit box provider.
Overall, you can’t call the safety of bank deposit boxes into question. They utilise the latest security measures designed to defend your belongings against disasters and theft. The danger is in the rolling back of services. You do have a number of options, though, from private companies to off-shore banks.