Bank vaults are secure spaces in a bank where some branches will offer you the chance to store your money, valuables, records, and documents in a locker. They are an option for people who wanted to keep their assets safe from theft, unauthorised access, natural disasters like fire, floods.
Some bank vaults will contain safe deposit boxes but in many cases these days they are reserved only for the bank’s usage for the storage of teller cash drawers, and other, bank documents and other valuable assets of the bank.
Bank vaults have a reputation for being able to withstand almost anything, but burglars can still get into them. This is more applicable to the suburban bank vault and not the larger regional storage options which were constructed to a much higher specification. Apart from security issues, bank vaults may also be subject to other risks like Australia’s Bank Bail-in Law.
We will diverge some of the risks of storing your assets in bank vaults and we’ll be giving a safer alternative that will give you peace of mind 24/7/365.
Risks Associated with Bank Vaults
While generally secure, there are still risks associated with bank vaults which prevent them from being the optimal option for safekeeping your assets.
Firstly, banks do not offer insurance of the contents they store for you or the contents of safety deposit boxes they hold in bank vaults. Often, only money deposited in bank accounts are insured so if you want to store items such as important documents or heirloom, jewellery, they may not be protected.
Bank vaults also tend to charge high rental fees for vault storage as banks are moving away from offering this service. The annual fees add up and can vary depending on the bank, the branch and the size of the safe deposit box you hold. SDB’s are not their core business as a bank does not like clients back of house, more and more banks are no longer offering this type of service. One main reason is that banks are downsizing to Micro-Banks and smaller retail outlets in shopping centres, therefore they do not have the vaulting space they once offered in their purpose-built buildings
It may also be difficult to store bigger items in bank vaults since many facilities have limited space. This means larger safe deposit boxes are not available, so you are unable to store larger than jewellery or documents.
Finally, you may be denied access to your safe deposit box in a bank if the facility experiences civil litigation or if the bank’s assets are frozen. Additional risks to consider are Bank-Runs and the Bank Bail-in Law where your banking institution may have access to your goods to assist them in restructuring should they face financial uncertainty
Private Vaulting Facilities: A Better Alternative
The good news is that there are safe-deposit box providers who can give you better safekeeping services than bank vaults.
With private vaulting facilities, you have the right to declare who has access to your safe deposit box. Private vaults offer a premium storage solution and facilitate your desires and wishes. Succession is an important part of having a safe deposit box, ensuring you have a next of kin or a registered party to access your goods in case of death or other mishap. The security and safety of your valuables are private vault’s only focus, and this is matched by absolute and total privacy on offer. The motto of any reputable vaulting facility should always be “Security First" and the selection of a flood-free and highly secure location equipped with every conceivable sensor, along with 24/7/365 video surveillance, allowing all-round protection of your treasured items.
What’s more, private custodial vaulting facilities and safe deposit boxes are United Laboratories (UL) rated, giving you more confidence that your hard-to-replace possessions will never fall into the wrong hands.
Safety deposit boxes typically come in several sizes, along with bullion locker options (200Kg and 350Kg) so you can store anything form small jewellery to larger bullion and valuables with ease. Private facilities also offer complimentary insurance of upwards of $20,000 for each box you take out. Additional insurance can be obtained through an underwriter to whatever level you require. All this for only a very reasonable yearly expense.
Are Dental Implants Worth Spending on?
If you have ever had a chipped, broken, or knocked-out tooth, you already know how uncomfortable they can be and the degree of stigma they attract in most cases. Most people who find themselves with any of these conditions often seek ways to get over it or get good alternatives as soon as possible. In the past, many of them had to live with their oral deformity as there was no means of restoration. However, the introduction of modern technology in dentistry has brought about several advancements and innovations, such as dental implants that have shown to be a valid solution for many oral problems.
Why Buy Gold, Pure Gold Bars, Gold Nuggets, Gold Ingots, And Gold Bullion?
When investment is being discussed, we often hear investment options like gold, oil, and more, and gold is often regarded as one of the most valuable investments. But then, one very crucial question we should ask is, “why is gold one of the most-valuable investments?”
What is A Gut Microbiome Test, And Why is It Necessary?
The importance of good health can not be stated enough, and you will certainly agree with this if you have been faced with one health issue or the other in the past. However, staying healthy demands that you make deliberate efforts towards maintaining good health always.
