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Safe Deposit Box

Definition

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, important documents, or computer data, that need protection from theft, fire, flood, tampering, or other perils. In the United States, neither banks nor the FDIC insure the contents. An individual can purchase insurance for the safe deposit box in order to cover e.g. theft, fire, flooding or terrorist attacks.

Safe Deposit Box

What is 'Safe Deposit Box'

A box - usually located inside a bank - which is used to store valuables. A safe deposit box is rented from the institution and can be accessed with keys, pin numbers or some other security pass. Valuables such as documents and jewelry are placed inside and customers rely on the security of the building to protect those valuables.

Explaining 'Safe Deposit Box'

The contents of a safe deposit box are not insured in the same way bank deposits are. The Federal Deposit Insurance Corporation insures cash deposits up to a certain limit, but due to the fact that there is no way to verify the contents of a safe deposit box, banks will not insure their contents. Also, if heirs are not told about the location of the drawer, upon non-payment, the box is considered abandoned, and its contents are turned over to the state's unclaimed-property offices for auction.


Safe Deposit Box FAQ

Is it safe to put money in a safe deposit box?

A safe deposit box is in no way similar to a bank's deposit account. It is simply a storage space carved out by the banks to safe keep items, such as money, checks, and different valuables. These items stored in the banks' safe keep are not protected by FDIC deposit insurance in the event of damages or theft.

What items are not allowed in a safe deposit box?

Items that cannot be legally stored in a safe deposit box include drugs (both legal and illicit), firearms, and explosives are all prohibited items.

Can you put guns in a safe deposit box?

Storing a gun in a safe deposit box is a decent alternative since it is not big and can be sheltered in it. Safe deposit boxes are normally pretty little, large enough for a handgun, however not for bigger guns.

Who has access to a safe deposit box?

Safe-deposit box has a dual control, first is the bank worker and the second is the renter of the safe deposit box. Aside from these two, no other individual can actually open the container and have access to the substance. When a safe deposit box is opened, the personalities approved access to the box sign the mark card.

Can a safe deposit box be garnished?

Liens over personal property are precarious to uphold, and the lender may not realize that you own a safe deposit box. By then, the lender can hold onto your deposits safe box and sell its substance and utilize the returns to pay your due obligation.

Further Reading

London and New York as a safe deposit box for the transnational wealth eliteLondon and New York as a safe deposit box for the transnational wealth elite
journals.sagepub.com [PDF]
… Download article citation data for: London and New York as a safe deposit box for the transnational wealth elite. Rodrigo Fernandez, Annelore Hofman, and Manuel B Aalbers. Environment and Planning A: Economy and Space 2016 48:12, 2443-2461. Download Citation …

Financial aspects of the social security “problem”Financial aspects of the social security “problem”
www.tandfonline.com [PDF]
… Download article citation data for: London and New York as a safe deposit box for the transnational wealth elite. Rodrigo Fernandez, Annelore Hofman, and Manuel B Aalbers. Environment and Planning A: Economy and Space 2016 48:12, 2443-2461. Download Citation …

Financial markets and economic growthFinancial markets and economic growth
onlinelibrary.wiley.com [PDF]
… Download article citation data for: London and New York as a safe deposit box for the transnational wealth elite. Rodrigo Fernandez, Annelore Hofman, and Manuel B Aalbers. Environment and Planning A: Economy and Space 2016 48:12, 2443-2461. Download Citation …

On harnessing the potential of financial inclusionOn harnessing the potential of financial inclusion
papers.ssrn.com [PDF]
… Download article citation data for: London and New York as a safe deposit box for the transnational wealth elite. Rodrigo Fernandez, Annelore Hofman, and Manuel B Aalbers. Environment and Planning A: Economy and Space 2016 48:12, 2443-2461. Download Citation …

Bitcoin–its economics for financial reportingBitcoin–its economics for financial reporting
onlinelibrary.wiley.com [PDF]
… Download article citation data for: London and New York as a safe deposit box for the transnational wealth elite. Rodrigo Fernandez, Annelore Hofman, and Manuel B Aalbers. Environment and Planning A: Economy and Space 2016 48:12, 2443-2461. Download Citation …

A transactions cost approach to the theory of financial intermediationA transactions cost approach to the theory of financial intermediation
www.jstor.org [PDF]
… Download article citation data for: London and New York as a safe deposit box for the transnational wealth elite. Rodrigo Fernandez, Annelore Hofman, and Manuel B Aalbers. Environment and Planning A: Economy and Space 2016 48:12, 2443-2461. Download Citation …


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