What is a safe deposit box?

by julius.brown , in category: Banking and Credit , 10 months ago

What is a safe deposit box?

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1 answer


by liam , 10 months ago


A safe deposit box is a secure storage compartment provided by banks or other financial institutions. It is designed to keep valuables and important documents protected and away from potential threats such as theft, fire, or natural disasters. Safe deposit boxes are typically stored within a vault, which adds an extra layer of security. Customers can rent a safe deposit box from the bank and have exclusive access to it using a key or access code. The contents of a safe deposit box are not insured by the bank, so it is advisable to obtain separate insurance coverage for any valuable items stored inside.