The majority of us think that keeping our belongings in a bank's safe deposit box is one of the safest options. However, a number of tragedies have shown that a safe deposit box may not always be the safest place to store your money. In this blog, we'll talk about alternatives to safety deposit boxes, the drawbacks of using a safety deposit box, and more.
What Are Safety Deposit Boxes?
A safe deposit box, also known as a safety deposit box, is an individually protected container, typically made of metal, that is kept in private vaults/private rooms of a bank or credit union that is federally insured. Safe deposit boxes are used to keep sensitive items like important documents and valuables for protection.
How Do Safety Deposit Boxes Work?
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When renting a safe deposit box, the bank provides you with a key that you must use in conjunction with a second "guard key" that is kept by a bank employee. If your bank uses a keyless system, they will use a hand/ finger scanner to grant you access. In either case, you will require some sort of identity each time you visit the bank to use the box, as well as your key if it's a keyed system.
A person has the option of leasing a bank safe deposit box only in their own name or with additional signatories. The co-lessors each have an equal claim to the contents of a safe deposit box.
Cons of Using Safety Deposit Boxes
Safety deposit boxes have been a useful storage option for years. However, they do not provide as much safety as most people think. Here are 4 reasons why you need to search for an alternative for a safe deposit box:
1) High Costs
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Storing your items in a safety deposit box is not free. It involves an annual charge. Usually, the cost is determined by the size of the box. The banks could increase this fee yearly, making it a costly choice to store your possessions.
2) Accessibility Issues
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You have limited access to the materials in your safe deposit box. You are only permitted to access your box at the bank during regular business hours. Even if you urgently need your possessions, you cannot access them on bank holidays and weekends.
3) Insufficient Loss Coverage
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Contrary to popular perception, the bank does not insure things kept in a safety deposit box. As a result, you won't be compensated for any expenses if the items in your safe deposit box are destroyed, damaged, or stolen.
To get coverage for the contents in your safe deposit box, you'll need to speak with your renter's or homeowner's insurance agent. By doing this, you will incur an additional charge in addition to the yearly rental rate for your safe deposit box.
4) Seizure of Content
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The state has the power to take possession of any items left in the safe deposit box if your rental charge is not paid or if there has been no activity for two to five years. The items in the box will pass into the state's possession and are usually auctioned off if the bank is unable to get in touch with you.
What Characterizes a Good Safety Deposit Box Alternative?
An alternative solution will:
- Provide top-notch security
- Provide easy access for your loved ones.
- Keep everything sorted and accessible.
The Best Alternative to Safety Deposit Boxes
As you can see above, bank safety deposit boxes are not as secure as you might have thought. It is preferable to have safe deposit box alternatives that are always available to you. Here are 3 alternatives to bank safe deposit boxes.
1) Diversion Safes
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Diversion Safes provide a unique method of concealing valuables by replicating everyday items. These safes are the best for hiding items like jewelry, priceless artifacts, cash, and other valuables since they can be hidden in plain sight without raising suspicion.
These safes are designed to feel and look just like an actual object. They are weighted to feel like typical objects as well, so even if the safe is handled, the thieves won't be able to access the contents until they carefully inspect it and take the top or bottom off.
If you want reliable diversion safes, check out Travah. Travah offers a variety of diversion safes, including safes that look like water bottles, hangars, and hairbrushes.
2) Fireproof Document Bags
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Fireproof bags are designed to withstand temperatures of up to 1,000 degrees Fahrenheit. The majority of fireproof document bags are constructed of fiberglass that has been silicone-treated, and the better ones have two or more layers of treated fiberglass for increased heat resistance. Some also have liners made of aluminum foil.
Check out the Travah fireproof document bag for a bag that you can trust. The multi-layered fiberglass construction keeps your belongings safe even in the blazing heat. It can withstand temperatures of up to 1100 °F. It is reliable and water-resistant thanks to the silicon coating on it. As a result, in addition to shielding your belongings from intense heat, it can also protect your documents from flooding.
3) Burglar Fire Safes
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A burglar fire safeis the ultimate home safe since it protects against both fire damage and content theft. These composite safes undergo rigorous testing before gaining UL burglar ratings and fire-safe ratings. Once the safe is fastened to concrete or wood floors, a thief will find it incredibly difficult to steal it and then break the code. These safes are particularly good at controlling their internal temperature, so your money and documents will be secure.
Summary
The demand for a physical bank safety deposit box and a private vault is dwindling as digital and cloud storage grows. Many American banks aren't even placing them in their new branches. Therefore, the time has come to consider a safe deposit box alternative.
The above options are guaranteed to keep your valuables safe and secure from theft, fires, and floods. If you need a dependable shielded diversion safe and document bag, Travah is the answer. Our products are designed to keep your valuables hidden in plain sight while shielding them from prying eyes. Check us out today.