Humans have always felt the need to protect their valuable belongings and keep them safe. This is why people in ancient times dug holes in the ground to hurry their belongings for safekeeping. Eventually, commercial banks came around, and people started saving their precious items in bank deposit boxes. Recently, though, people are beginning to doubt the safety of bank deposit boxes, and they are searching for alternatives to keep their properties safe. This article will discuss the safety of bank deposit boxes and other safer alternatives that could work for you.
Bank safe deposit boxes used to be pretty safe and secure. However, they aren’t anymore, and this is why a great number of people are searching for other alternatives to safe deposit boxes. Information kept in the bank can be stolen by hackers, causing clients’ private information to be leaked. Even property and possessions aren’t as safe in the bank anymore.
What exactly is a safe deposit box?
Safe deposit boxes can be likened to mini boxes or vaults that only you can store jewelry like gold and silver, important documents, and so on. These boxes can only be accessed by the people who own them.
Why safe boxes are not as safe and accessible
The limitations of owning a safe deposit box range from issues with accessibility and security of your important documents and other valuables.
- There is limited access to a bank safe deposit box
Access to these safety deposit boxes is a real issue. People with these are only allowed access during their working hours. This cannot be compared to unlimited access, which removes this problem. With unlimited access, you can do your business at any time of the day. This is not so for people to that have safe deposit boxes, unlike private vaults.
Problems related to accessibility can arise when an owner dies and their next of kin is trying to claim ownership of the deposit box. This can be pretty tedious. However, private vaults collect all the information needed on a person’s next of kin.
- The bank doesn’t insure your valuables.
There’s no bank or FDIC insurance on your safe deposit box; therefore, if a robbery occurs or some theft of information and a breach of security, you are solely responsible for the damages because there is no insurance. Imagine working so hard to have luxury, saving it in the vault and not finding anything in it days later. One word. Heartbreak.
Alternatives to bank safe deposit boxes.
The basic reason people are looking for many other alternatives to this is that they’re trying to protect their wealth and assets instead of taking the risk that comes with a bank safe deposit box.
- A home safe
This makes more sense as people can better monitor their safety and is, to some extent, much safer than keeping your valuables somewhere else. Although this is still prone to hackers and thieves and is not a go-to alternative, it can give owners a better sense of security.
- A private vault facility.
These are way more secure than home or bank safes. Your valuables are protected by strict and heavier security. Even the buildings are bulletproof. The vaults have unlimited access, and vaults are open every day for 24 hours.
In summary, issues with bank safe deposit boxes have risks associated with keeping valuables in terms of security and accessibility. These are the limitations, and people constantly look for alternatives like the home safe and the private vault, which reduces risk and provides better financial security.