Safe Deposit Vaults

A Safe Deposit Vault is a secure container that customers rent at banks for a small annual fee to store valuables. These boxes are kept behind thick, fire-resistant walls within a bank vault under dual control of a two key system—one lock held by the customer and the other held by the bank. They also are protected by the same security systems that guard the bank’s own assets, giving you peace of mind. Although insurance can reimburse you for the loss of items in a safe deposit box, nothing replaces the value of being able to quickly retrieve important documents and family heirlooms.Source:

The Fort Knox of Personal Security: Delving into Safe Deposit Vaults

While some banks are withdrawing from the safe deposit box business, private companies continue to offer vaults for rent in locations around the country. The best ones provide multiple layers of security, including vaults surrounded by steel-lined or concrete walls and alarm systems that include heat, motion and vibration detectors, says David McGuinn, president of Safe Deposit Specialists, a Houston training and consulting firm. They also have specialized staff trained to work with valuables and other high-risk items.

Whether you rent a vault at a bank or at a private company, make sure that you keep track of all the items stored in the box. It’s a good idea to write down an inventory, keeping the list and your vault key in a safe place at home so that you can easily update it if necessary. Also, if you plan to share the box with others, make sure to have everyone sign and agree to the terms of the lease before they start stashing things in it.