The Difference Between Bank and Private Safe Deposit Box

Updated: Mar 30


According to statistics from these years, many banks are no longer offering safe deposit box services. More third-party private safe deposit box leasing companies are beginning to emerge. They offer differentiated prices and services to banks, providing people with more choices.


But when choosing a rental safe deposit box, people will consider such a question. Should I choose a bank or a private safe deposit box?


Here I will list the main differences between the bank and the personal safe deposit box for your reference at the time of selection!


Safety

For safe deposit boxes, safety is the first priority, so banks and private safe deposit boxes provide safe storage space for safe deposit boxes, including physical and technical protection, the most sturdy walls and doors, professional security team, monitoring, and alarm equipment. , security equipment such as entrance security equipment

Privacy

Bank information is interconnected. When you open a safe deposit box account, you need to provide personal details. The bank can retrieve and access all your bank data based on the information you provide, which means when you have financial problems. When the bank can block your visit, or when you are investigated by the tax or police, you are authorized to seize your private safe deposit box property.

Private safes only need to carry your identification documents to open an account, they can't access your financial information, and they are independent companies, tax and police can't find your information online, which means you are the only one Know who you have a safe deposit box

Bank safe deposit boxes are opened at their business outlets. In these places, many people handle various banking businesses. You can't guarantee that you don't meet acquaintances you don't want to meet, or you don't have any gangsters, which will leak your privacy. Set up to be targeted by gangsters, creating some personal or property dangers

Private safe deposit boxes are only open to tenants, and non-tenants and staff cannot enter.

When the warehouse is used by someone, the staff will ask the people behind to wait outside. They must enter the warehouse after the front person has come out, and usually, the entrance and exit are separate, or the waiting position is closed, so you can avoid it. People meet with people who come out to prevent privacy leakage

Moreover, some private safe deposit box outlets are located in relatively hidden places such as underground garages. There will be no logo at the exit location. Even if someone sees you out, you don’t know what you are doing.

Usage time

Bank business hours are fixed. From Monday to Friday, you can only use your safe deposit box at the time of bank operation. You can't use it at other times. This time, it is also the time people work, all-time conflicts, need You to plan to use time in advance

The private safe deposit box can provide year-round service. The business hours start earlier than the bank and end later. In some economically developed areas, 24 hours a day, 24 hours a day, so you can plan according to your time. Use time, no need to plan ahead


Box size

The size of the box provided by the bank is very limited. It is mainly small, and it is very likely that you can only choose one box that does not match you.

Private safes offer more box sizes, from small boxes for gold and silver jewelry to small vaults for private collections.

Price

Bank management and operating costs are relatively high, so the fees are higher, the private safe deposit box is commercialized, the price can be communicated, and the overall cost is lower than the bank.

Requirements

The bank will ask for an appointment in advance and ask you to bring your identity document when you use it, even limiting the number of uses for a month or a year.

In most cases, the personal safe deposit box only requires you to provide access control cards or pre-archived identification information such as fingerprints and palm prints, and you can use the safe deposit box for an unlimited number of times without prior notice.

Allowed storage

All banks are not allowed to deposit cash in a safe deposit box.

There are fewer restrictions on private safe deposit boxes than banks, so you can store cash in them.


Of course, you can't store illegal guns, ammunition, drugs, liquids, gas, etc. in either the bank or the private safe deposit box.

The more common items are gold and silver jewelry, documents, certificates, insurance policies, wills, art collections, and other inconvenient personal items. When you travel or travel, you need to store them. No one can guarantee that the house will not be stolen.

Insurance

The bank will ask you to put your safe deposit box items on your home property insurance policy. They don't provide extra insurance for your safe deposit box, or the insurance amount is small, so you need to increase your house property in addition to the rent. insurance fee

The personal safe deposit box will provide full insurance for your safe deposit box and will choose several insurance companies to cover at the same time, without any additional insurance costs, and you will get a larger amount of compensation if there is a problem.

The above is the comparison I have summarized. After seeing the advantages and disadvantages of both, the final decision depends on you. Before choosing the right rental location, you can choose several more to understand according to your actual situation. To make a comparison, there is no best choice, only the most suitable choice!

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