Definition and Purpose of Safe Deposit Boxes
– Individually secured containers for storing valuable possessions
– Located in banks, post offices, or other institutions
– Used to protect items from theft, fire, flood, tampering, or other perils
– Not insured by banks or FDIC in the United States
– Separate insurance can be purchased for coverage against theft, fire, flooding, or terrorist attacks
Availability in Hotels, Resorts, and Cruise Ships
– Offered to patrons for temporary use during their stay
– Found behind reception desks or securely anchored within private guest rooms
– Provide additional privacy and convenience for guests
– Allow guests to store valuable items while traveling
– May have limitations on the types of items that can be stored
Legal Considerations and Risks
– Contents of safe deposit boxes may be seized as abandoned property
– Can be searched and seized by court order through a search warrant
– Safe deposit boxes are considered a legacy service in the United States
– Lack of federal laws governing the security of safe deposit boxes
– Banks may not have incentives to ensure the security of the boxes
Decline in Installation of Safe Deposit Boxes
– Many new bank branches do not install safe deposit boxes
– Space has become more valuable with higher land values and rents
– Safe deposit boxes are seen as ancillary to the core business of banks
– Perception of safe deposit boxes as extremely secure may not be accurate
– No federal laws or rules requiring compensation for stolen or destroyed property
Related Topics
– Banking in Switzerland
– Numbered bank accounts
– Payne, Kirby D. Safety Deposit Boxes and In-Room Safes. Hotel Online database of News and Trends.
– Liz Pulliam Weston (22 June 2005). Why treasures in safe deposit boxes get lost. MSN Money.
– Search Warrants (PDF). American Safe Deposit. Cowley, Stacy (19 July 2019). Safe Deposit Boxes Aren’t Safe. The New York Times. ISSN0362-4331. Retrieved 19 July 2022.Sources: https://en.wikipedia.org/wiki/Safe_deposit_box
