Safety Deposit Locker: Things You Must Know

by Jaswanth D

If you are concerned about your valuables, then renting a Safe Deposit Box is crucial for you. Safety deposit lockers ensure the security of your jewellery, gold and silver bullion investment, important papers, heirloom pieces and anything else that you think you need to keep securely.

If you are planning to rent a safe deposit box, here are a few things that you must know before you rent one. So, let’s get started!

A home safe is not as safe as a safe deposit box

A home safe cannot take the place of a safety deposit box. As compared to safe deposit boxes, home safes are less safer. Robbers might enter your home effortlessly and unlock the safe but it would not be easy for them to access a highly secured vaulted safe deposit box.

Replaceable things that you might need right away, like a passport, could be kept in a home safe.

Select Co-Renters Carefully

Take care of who you let into your safe deposit locker. You can rent a safe deposit locker along with one or more individuals as co renters. Co renters are granted entry into the vault just like you and they too can access the safety locker. Remember that anything taken by a co renter from the box without your knowledge will not be your bank’s or vault centre’s responsibility.

Are you searching for a ‘locker facility near me’ on the internet? Connect with Neelkanth Safe Deposit centre, they offer highly secure locker facilities at Croydon and Southall.

safety deposit box cost

Don’t keep cash in your safety deposit locker

Instead of keeping cash in your safety deposit locker, save it in a bank deposit account like a savings account. A bank account is the better place to keep your money.

One can also keep some emergency funds in their home safe.

Remember that a safe deposit locker is not the same as a deposit account. The bank or a private vault is providing the storage area, but the contents including cash, checks, and other personal belongings are not covered by the insurance if they are destroyed or lost.

safe deposit box sizes

You need to remember that the money in a home safe or safety box doesn’t get any interest, so it is recommended that you put your money in a savings account.

It’s better to go through the terms and conditions of the safe deposit vault’s rental contract because they may have restrictions on what things you can store inside the box.

One of these restrictions can be cash.

Additionally, the contents of a safe deposit box are typically not insured by the vaults.

If you want to rent a box, search on the internet, ‘safety lockers near me’.

What contents can be stored in a safe deposit locker?

A safe deposit box cost varies with the size of the box you opt for.

Below we are mentioning a few suitable things that can be stored in a safe deposit container:

Jewellery, gold and silver bullion coins and bars, stamp collection or other collectables, certificates of birth, home deeds, cherished family heirlooms, marriage certificates, vehicle papers, bonds, important papers, list of home contents for insurance purposes and treasured photographs.

Different safe deposit box sizes are available and one can rent according to their requirements.

What contents can’t be stored in the box?

Be careful not to put anything in the box that you might require frequently as your bank or the vault might be closed at that time when would you need it.

Passports and the originals of power of attorney that let others conduct business or make healthcare choices on your behalf should not be kept in the container. The same goes for the original will.

Consult an attorney for advice on where to keep your original will.

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