The short answer is "only you", but in some instances...
If you are wondering who can access a safe deposit box, the simple answer is: only the individuals who are listed on the safe deposit box rental agreement. So, if you have a safe deposit box rented in only your name, then only you can access it. If you and your spouse have a box rented in both of your names, then you both would be able to access it.
However, there are a few circumstances in which other individuals might be able to gain access or obtain knowledge about your safe deposit box:
- If you pass away.
- If anyone else on the safe deposit box rental agreement passes away.
- If a legal opponent obtains a subpoena against the entity where your box is located.
- If law enforcement officials obtain a search warrant for your box.
- If you fail to renew your contract at the end of the rental period and don’t retrieve your belongings.
- If the entity where your box is located closes its safe deposit box services (more of a concern with banks).
If you've rented from a bank:
- The death of anyone listed on the safe deposit box rental agreement may result in the contents of the box being held by the bank and access to the box being revoked for everyone – including any other individuals on the box or relatives – until they receive documents from legal authorities detailing who they should release the contents of the box to.
- If a legal opponent or law enforcement officials obtain a subpoena or search warrant against you, a bank may disclose your identity, the location of your box, and potentially turn over all of its contents.
- If you fail to renew your contract at the end of the term, or the bank closes its safe deposit boxes, the bank will send a written notice to you, and then drill your box and inventory its contents. It’s then up to you to track down where your belongings have been taken and stored and obtain the paperwork to regain possession of your items.
If you've rented from a private vault (i.e. Safe Haven Private Vaults):
- If you rent from Safe Haven and you or someone else on your box passes away we will continue to store your belongings until next of kin come in to claim them, or until the box expires, at which point we will turn your assets directly over to your family, your attorney, or whoever you have designated should receive them (We have an internal process to ensure that your belongings are properly bestowed to the individuals you desire.)
- If a legal opponent or law enforcement officials attempt to obtain a subpoena or search warrant for your box, they will need to obtain your specific box number from you first, as your name is not stored on our records. You have full control over the information needed to access your box.
- If you fail to renew your box at the end of your contract, we will attempt to contact you at least ten different times and in different ways over at least two months before we examine the contents of your box and look for any additional contact information. At that point, your belongings will still be stored for up to several years in the hopes that you or a trusted individual will return to claim them.
In Conclusion
Only you should be able to access your safe deposit box, but a private vault will provide far more security, privacy, and control over your assets and belongings than a bank if an unexpected event occurs.
If you want complete confidence and peace of mind then choose to store your belongings with Safe Haven Private Vaults. Learn more about our safe deposit box offerings here.
