Are Bank Safe Deposit Boxes Really Safe?

While traditionally bank safe deposit boxes were the safest option, they are not anymore. Many people are searching for safe deposit box alternatives.  Bank databases have been subject to numerous hacker attacks.  These attacks have led to private client information being stolen.  In addition your possessions aren’t guaranteed by banks. Some banks cover your deposit boxes with some insurance, however it is usually non existent or very low.  This means that to protect wealth with a bank safe deposit box you must pay for the box and insurance to cover the contents. Read more in the New York Times Article: Safe Deposit Boxes Aren’t Safe. 

What Is A Safe Deposit Box?

A safe deposit box is a miniature vault that only you have access to.  Many clients use them for gold storage, to store jewelry, documents, family heirlooms, and more.  While it’s usually James Bond or Jason Bourne using a safe deposit box wise investors use them to protect their assets.

Bank Safe Deposit Box Limitations

Bank safe deposit boxes come with limitations.  These can be when you can access your account and whether your valuables are actually protected.  If you need to be able to get to your assets quickly any time of day or night, private vaults are the clear winner.  

Limited Access

There is also the issue of access for your bank safety deposit box.  You are only allowed to access it during their business hours, and we all know about banker’s hours.  Our facility is open to clients 24 hours a day, 7 days a week, 365 days a year. 

Another access issue is if the owner of the bank safe deposit box should pass away.  It can be a legal nightmare to prove next of kin ownership. Safe Haven Private Vaults collects and protects information about who should have access to your private safe deposit box should the owner pass away 

No FDIC Insurance

The bank nor the FDIC insure the contents of your bank safe deposit box.  That means that should your possessions be the subject of theft, it is all on you.  There have been numerous sad stories over the years of bank safe deposit boxes coming to find their vaults empty.

Third-Party Access

In some cases safe deposit box clients want to have completely anonymous storage.  This is not possible with bank safe deposit boxes. The IRS and law enforcement agencies can petition there is reasonable cause to open bank safety deposit boxes.  In contrast a private vault is just that, private. You can choose to set up a vault with Safe Haven totally anonymously. That means your private safe deposit box is safe.

Bank Safe Deposit Box Alternatives

Clearly bank safe deposit boxes aren’t your best solution for optimal security.  The options for protecting your wealth include private vault facilities, home safes, and trying to hide your wealth from thieves. Relying on bait to believe they’ve got your wealth or a “good hiding place” will leave your wealth at risk. All of the fake mayo jars and bags in the freeze won’t discourage knowledgeable thieves. So that leaves two main alternatives, private vault facilities and home safes.

Home Safes

While a home safe might seem like your best solution, it isn’t.  With enough time and the right tools thieves will know just where to find your valuables.  While this is an option many choose, you can’t be home all the time keeping an eye on your wealth.  

Private Vault Facilities

Private vault facilities beat out home safes.  This is due to the facilities having heavy security protocols along with bulletproof buildings.  Best of all quality private vaults are open 24/7, 365.  We watch over your goods and wealth while you can leave your home safe from burglars having a chance to take what you have.   

Safe Haven Private Vaults

Our private vault deposit boxes are the ultimate in security and privacy.  You can choose to work with Safe Haven Private Vaults completely anonymously.  That means your private information isn’t on file and cannot be hacked.  For the security of our vault facility we have military-grade security, biometric scanners including iris scanning, and more.