Safe deposit box theft, whether the bank compensation

“The bank’s safe deposit box, in fact, should be better called a ‘safe deposit box’. Many items are not certified for their value, so if they are lost, the bank can’t compensate.” An industry insider said so. So what exactly does a bank safe deposit box protect, and can you claim compensation if you do happen to lose your belongings?

The Federal Deposit Insurance Corporation (FDIC), which provides insurance for safe deposit boxes at major U.S. banks, says that (bank) insurance only covers deposit accounts and “does not cover” the contents of safe deposit boxes.

What does a bank safe deposit box actually protect?

For customers who rent a bank safe deposit box, it is important to understand the responsibilities of the safe deposit box provided by the Bank of America. It is important to understand the terms and conditions of the bank safe deposit box before you rent it, and to understand that “the safe deposit box is actually a rental contract, not a safekeeping contract”.

Most banks will write in the safekeeping contract: “The bank is only responsible for the security of the safe deposit box, not for the condition of the items deposited by the customer.” Strictly speaking, this is a lease contract and not a safekeeping contract, meaning that if the safe deposit box is not broken and no external forces are applied to it, the bank is exempt from liability for any loss or damage to the items stored in the safe deposit box.

The Federal Deposit Insurance Company (FDIC), which provides insurance services for safe deposit boxes in major U.S. banks, also confirms that (bank) insurance only covers deposit accounts and “does not cover” the contents of safe deposit boxes.