safe-deposit box

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Storage facility maintained in the vault area of a bank that is rented to customers for Safekeeping of personal valuables. Access to a safe deposit box is controlled through dual keys, one kept by the customer and one by the bank, and signature cards. Date of entry is recorded on a signature card. If the safe deposit box is rented by a corporation, a separate corporate resolution must be obtained before access is granted. Safe deposit box contracts usually contain a disclaimer limiting the bank's liability to the bank's failure to provide adequate protection facilities. A bank ordinarily is not responsible for loss of personal valuables, and has no knowledge of the contents of a safe deposit box. See also Dual Control; Signature Card.

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.

Investopedia Says:
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.

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• Banking and Financial Services - safe-deposit box: rented space in bank vaults to which only renter has access, used for secure storage of valuable property

Safe deposit boxes inside a Swiss bank.

A safe deposit box, also called a safety deposit box^[1] 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 such as wills, property deeds, and birth certificates, or computer data storage that need protection from theft, fire, flood, tampering or other reasons. In the typical arrangement, a renter pays the bank a fee for the use of the box, which can be opened only with production of an assigned key, the bank's own guard key, the proper signature, and perhaps a code of some sort.^[2] Some banks additionally use biometric dual-control security to complement the conventional security procedures.^[3]

Many hotels, resorts and cruise ships offer safe deposit boxes or small safes for their patrons.^[4]

The contents of safe deposit boxes may be seized under the legal theory of abandoned property.^[5]

See also

• Numbered bank account
• Swiss bank

References

1. ^ Brians, Paul. (2007). Washington State University Common Errors in English: Safety Deposit Box, retrieved on 2009-02-15.
2. ^ FDIC Consumer News. Spring 1997.
3. ^ Thinking outside the safe deposit box: Florida Credit Union members use biometric HandReaders. SecureIDNews March 3, 2005.
4. ^ Payne, Kirby D. Safety Deposit Boxes and In-Room Safes. Hotel Online data base of News and Trends.
5. ^ Liz Pulliam Weston. "Why treasures in safe deposit boxes get 'lost'". MSN Money. http://moneycentral.msn.com/content/banking/betterbanking/p109173.asp. 

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