Safe deposit box – What is it, definition and concept | 2022

A safe deposit box is a service offered by banks, in which a contract is established between the bank and the client. In the contract, the bank makes the use of a safe available to the client in exchange for a consideration or payment of an amount of money.

In other words, the service is that the customer can use a safe deposit box. This box is located inside the physical building of the institution and the bank assumes the responsibility of taking all security measures so that no one opens the box apart from the client or the authorized person. This is the benefit offered by the bank.

While, the consideration that the client must give in exchange for obtaining this service is to pay an amount of money. Generally, it is the payment of an annuity required by the bank to qualify for this right.

Undoubtedly, the contract is a very important part of this service offered by financial institutions. Since, the client must pay the agreed payment for the rental or lease of the box. The client receives the benefit of being able to protect their values ​​such as jewelry, documents and any value in general. Also, you can access these values ​​reliably and privately.

For its part, the bank agrees to give you an armored box, located in a security vault and locked. Only the institution and the client have a key to the box. Therefore, these values ​​are safe and well protected.

How to understand the safe deposit box service?

The safe deposit box service presupposes the following important points:

  • It is used to protect important objects and values: These can be documents, jewelry and any other value that the client considers significant.
  • There are only two keys: One of them is kept by the bank and the other is delivered to the customer who pays for the service.
  • Access to safe deposit boxes is restricted: Only authorized persons have the right to enter this physical space. Naturally, it may be the client or their proxies.
  • To enter you need to have a password: Only people with the correct password will be able to access the box. In addition, they are required to sign a guest book for added security.
  • Enjoy total privacy: The client or the authorized person enters the vault where he finds the box. Then he takes it and goes to a physical space that enjoys total privacy. In this place, he can carry out the operation or movement that he wants to carry out in complete privacy.
Security Box 1
security box
Important points

Obligations and rights of the parties involved

Of course, the rights and obligations can be very different in each country and in each institution. Therefore, on this subject we will give some generalities, but it could be that in some cases it is different.

1. Obligations and rights of the banking institution

Among the obligations of the banking institution we find:

  • Provide the safe in a safe and exclusive space for users.
  • Allow access to the boxes at the respective working hours and days.
  • Respond to any damage that affects the client due to the improper opening or violation that the safe may suffer.
  • Keep the place where the security vault is located in perfect condition.

The bank has the right to:

  • Inventory in view of a notary the objects that will be deposited inside the safe.
  • If the client does not pay the agreed services. You will be able to sell the objects and values ​​that are inside the box to compensate the debt and if it has been the object of any damage or loss.

2. Obligations and rights of the client

Among the obligations assumed by the client we find:

  • Pay the amount in agreed money and within the terms established by the bank.
  • Do not keep in the box objects or values ​​not agreed and registered before the notary.
  • Be responsible for damage caused unduly to the safe.
  • Comply with the requirements demanded by the bank and keep the security key. In case the key is stolen or lost, you must notify the bank.

The client has the right to:

  • Have access to the use of the safe deposit box during business hours and days.
  • Keep in your possession a key to open the box.
  • Request the corresponding compensation at the time your documents or securities suffer any damage.
  • Be notified of the expiration date of the contract. As well as that the request for the renewal of the contract is presented.
Security Box 2
security box
Most important reasons to use a safe deposit box

Conclusions about the safe

It can be said that the reasons why people use safe deposit boxes are security and discretion. Security is the main reason, because people know that a safe, used even in the home, offers security.

All the more so if the safe deposit box is inside a protected vault inside a bank. Since, they get total security. Because, their values ​​are monitored 24 hours a day.

Second, the client knows that he can handle his securities with absolute discretion. Since, a safe deposit box can only be opened by the customer or a proxy who is an authorized person.

Outside of this situation, the box can only be opened by a third person when a court order is given. Otherwise no one else can know about the content that is stored inside the safe.

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