Is a safe deposit box the best option?


Safe deposit boxes protect important documents such a trust, will or power of attorney and other small valuables against theft or destruction. So when many people watch movie heists, they can’t help but think about their own safety deposit boxes at the bank and the safety thereof. While a home safe deposit box is convenient and doesn’t cost you any money, it does make it more accessible to other people. Keeping your box locked away in a bank is the safest option and here’s why:

Can the vault be broken into?

Safe deposit boxes are stored in solid concrete or steel vaults equipped with sophisticated alarms, locks, motion sensors, cameras, heat detectors and many more security devices. Many banks have steel bollards in underground parking bays, they restrict unauthorised access with strict security measures, making the vault the safest place on earth to keep personal documents or items. The signature of anyone entering the vault will always be verified, and no one is ever left unattended inside the vault.

What if someone tries to damage the safe deposit box?

Manufacturing companies of the safe deposit box will try their best to make the box resilient to heat, explosions or any other disastrous situations. So if malice takes place inside the bank, you can be rest assured that the box is protected inside the vault. But as with everything in life, nothing is for sure, the bank actually has a clause that highlights the fact they are not liable for any damage or

“When renting a safety deposit box from the bank, it is an intrinsic nature of the agreement signed that the bank does not know what will be placed inside the box and does not assume any responsibility for the loss of any of its contents,” says  Clive Pillay, the Ombudsman for Banking Services.

The bank will not accept any accountability for the items inside the safe deposit box, it ensures that they are not liable for anything that could be life threatening or defaming to another human being. If the bank insists on keeping an accurate record of all contents they would need value checks and valuation certificates, which contradict the purpose of the safe deposit box completely.

Take precautionary measures

When signing up to store your goods in a safe deposit box at the bank, and an unforeseen disaster takes place, ensure that you have all your goods covered. Put your name on the items that are in the box, keep a list of the box’s contents or documentation, have copies available and take photos of your items inside the box. Even with the bank clause in place, you will have a better case to claim your goods when you have evidence.