• Business
  • Crypto
  • Investing
  • Lifestyle
  • Money
  • Glossary
    • A
    • B
    • C
    • D
    • E
Search
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Finance Reference
Quotes by TradingView
  • Business
    • What a CPA Can Do for Your Business
      Branding: A Perfect Start For Your Online Business
      How Rokt is Approaching the Customer Payment Engagement Challenge Better
      Why PPC Advertising is Good for Your Business
      Six Signs You Need to Hire Professionals to Do Your Taxes This Year
  • Crypto
    • Crypto Market Indexes: Your Ticket to Making Money Through Crypto
      10 Benefits Of Using Crypto Debit Cards
      Everything You Need to Know About Metamask
      Anti-Money Laundering Best Practices for Crypto Firms
      You Should Invest in Bitcoin and Here’s Why
  • Investing
    • Revealed: 3 best trading platforms with demo accounts
      Gold and Other Precious Metals IRA as Investment Idea
      What Makes a Successful Real Estate Transaction?
      Investing vs. Online Gambling: What’s The Difference?
      Comparing Stock Market Performance vs. Real Estate Investments Through History
  • Lifestyle
    • What You Need To Know Before Relocating to Israel
      Suggestions On How To Remodel Your Garden On A Budget
      The Top Mistakes to Avoid When Hiring a Car Accident Lawyer
      Top Tips for Snagging The Best Online Bargains
      How to Effectively Budget for a Home Renovation?
  • Money
    • Ten Ways to Make the Most of Your Cash Back Rewards
      Simple Ways You Can Reduce the Cost of Your Banks Utilities
      10 Best Passive Income Ideas to Build Your Wealth
      Efficient Funding Opportunities for New and Old Social Businesses
      10 of the Best Funding Sources For Medical Offices In 2023
  • Glossary
    • Motley Fool Stock Advisor vs Rule Breaker Investing
      Comparing Motley Fool Stock Advisor vs Rule Breaker Investing
      Adversary and Inquisitorial Systems
      Comparing Adversary and Inquisitorial Systems
      Overhead Ratio
      What Is an Overhead Ratio?
      Non-Executive Director
      Non-Executive Director: Roles and Responsibilities
      Mothballing
      What is Mothballing & When Should You Do It?
      AllABCDE
  • Glossary
  • S

Safe Deposit Box

By
rjonesx
-

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 elite – journals.sagepub.com [PDF]
  • Financial aspects of the social security “problem” – www.tandfonline.com [PDF]
  • Financial markets and economic growth – onlinelibrary.wiley.com [PDF]
  • On harnessing the potential of financial inclusion – papers.ssrn.com [PDF]
  • Bitcoin–its economics for financial reporting – onlinelibrary.wiley.com [PDF]
  • A transactions cost approach to the theory of financial intermediation – www.jstor.org [PDF]
Previous articleU.S. Treasury
Next articleJerry A. Hausman
rjonesx

RELATED ARTICLESMORE FROM AUTHOR

Motley Fool Stock Advisor vs Rule Breaker Investing

Comparing Motley Fool Stock Advisor vs Rule Breaker Investing

Adversary and Inquisitorial Systems

Comparing Adversary and Inquisitorial Systems

Overhead Ratio

What Is an Overhead Ratio?

EDITOR PICKS

Obsolete Inventory

Joint Supply

Should I invest in additional life coverage?

FAAMG Stocks

Earnings Before Tax (EBT Formula)

Per Stirpes vs Per Capita

Latest

What You Need To Know Before Relocating to Israel

Revealed: 3 best trading platforms with demo accounts

Gold and Other Precious Metals IRA as Investment Idea

Comparing Motley Fool Stock Advisor vs Rule Breaker Investing

What a CPA Can Do for Your Business

Branding: A Perfect Start For Your Online Business

  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X
  • Y
  • Z
  • About
  • Accessibility
  • Privacy
  • Sitemap