What Is a Safe Deposit Box?
A secure box in a bank or private vault is called a safe deposit box. It is a container made of metal that is stored in vaults with high security systems and on-site physical security personnel. The boxes are rented by clients who wish to secure documents that are of high financial, sentimental, and emotional value. Unlike home, safes that are susceptible to theft as well as loss due to fire and floods, private safe deposit boxes are far more secure due to the existing infrastructure of the vaults as well as the fortified security systems of the facility. The boxes come in assorted sizes which makes it easier for one to store collectibles, jewelry, and in some cases, even larger paintings or artworks. The renter has access to the contents and pays an annual fee.
A safe deposit box, or safety deposit box as it is known, is a curated box that can be rented and used to hold especially valuable assets that a person may have. In the fast-changing world where getting luxuries has become an asset, boxes have become one of the most effective ways to secure treasures, be it important documents in the form of real estate deeds, birth certificates, or valuables such as jewelry, rare coins, and credit cards. Unlike a home safe, bank safe deposit boxes usually offer the holder multi-faceted security, making it virtually impossible to steal and will rarely be lost during calamities such as floods, fires, or even theft.
How Does a Safe Deposit Box Work?
Here is a brief outline of how safe deposit boxes at IBV International Vaults works:
Rental Process: To rent a safe deposit box, you need to go to our nearest vault in your area, show a photo ID, and complete a rental contract. Also, you can appoint any additional keyholders who will be allowed to access the box.
Key or Digital Access: A vast majority of boxes use a two-key system, where a customer holds one of the two keys and the bank holds the other. Some of our vaults use biometric verification such as fingerprint, iris or facial scanners as a double authentication apart from the keys.
Security Measures: Safe deposit boxes are kept in a safe vault and are typically equipped with surveillance cameras, alarm systems, time locks, and biometric scanners. Access to these boxes is limited to operating business hours and is strictly supervised by employees.
Contents and Restrictions: Relatively, a wide array of items can be stored inside the safe deposit locker for example legal documents, jewelry, digital drives and valuable collector’s items, however, there is one overarching rule that makes it illegal to store anything ruthless, dangerous, or perishable. Cash is allowed in line with the AML policies of that specific country.
Protection and Responsibility: Our staff have no access to the contents of your safe deposit box, and we never require clients to disclose what they choose to store. Your privacy is our utmost priority, and we uphold the highest standards of confidentiality and discretion at all times.
Private Suite:
Access the contents of your safe deposit box in complete privacy within a secure, camera-free cubicle where no staff or third party can observe or intervene.
This ensures a discreet and confidential experience every time you visit.
Safety deposit box provides a high level of privacy and protection for treasured items. Overall, you can be rest assured by keeping your valuables in a safe deposit box. You can either opt for private insurance or choose IBV’s regional insurance cover to safeguard your valuables against damage or theft while stored securely with us.
