Safety deposit boxes can be a secure way to store important documents, jewelry, and other valuables. These boxes are located in a sealed vault and can be protected by many layers of security, which include cameras, alarms, and motion detectors.
Renters usually need to be 18 years old in order to get safety deposit boxes. Different banks may have different rules. It’s not recommended to have someone under the age of 18 be on the form or agreement since these contracts are legal documents and minors aren’t legally allowed to negotiate a contract.
How to Access Safety Deposit Boxes
You can apply to be the sole titleholder of a safety deposit box. This means you will be the only one that can access the contents. You can also apply with another individual who is over the age of 18 for joint control over a single box.
Two keys will protect boxes. One key you will keep, while the other will be a key that the bank keeps. Without the two keys available, you can’t open the box. If you lose your personal key, it will cost you money and time since the bank will have to get a locksmith to drill and open the lock. You will be required to sign an admissions form every time you go to open the box.
It’s important to note that boxes can be opened in the event of a search warrant, court order, rental delinquency, or closure of a bank branch. In the event of death, the box will be sealed.
This can also be the case if multiple people have access to the box and only one of them passes away. It can take months before you are able to gain access to the box again.