Safety Deposit Box
Safety Deposit Box Meaning:
In banking terminology, the term safety deposit box refers to a secured container rented to keep valuables in at a bank, post office or other institution. A safety deposit box is also known as a safe deposit box.
In banking terminology, the term safety deposit box refers to a secured container rented to keep valuables in at a bank, post office or other institution. A safety deposit box is also known as a safe deposit box.
For example, a Safety Deposit Box might be used by an individual or business to store gems, jewelry, currency, precious metals and computer backup discs, as well as important documents like birth certificates, wills and deeds. Safety deposit boxes help prevent the loss or damage to these valuable items from theft, floods, fire, interference or other causes. For security reasons, most banks will require that these can only be accessed by a person with a provided key, an authorized signature and a passcode, in addition to a key held by a bank guard responsible for overseeing access to the boxes.