Family jewelry, documents (for example, certificates, family books or wills) or cash, works of art or gold, many of these valuables you do not want to have in your home. Valuables can be safer in a safe deposit box. This article provides a brief overview of what needs to be considered.
Especially in recent years, safe deposit boxes have been in high demand and sometimes even “sold out” due to high demand. With the introduction of negative interest, one saver or another preferred to keep their nests dry. And instead of under the pillow, the savings were e.g. B. stored in safe deposit boxes. Because something could quickly happen within your own four walls: a house fire, a flood, or a break-in. The safest alternative seems to be proper asset storage.
- Who can rent a locker?
- What can be stored in the locker?
- How is the box office secured?
- When does the tenant die?
- How much does a safe deposit box cost?
Who can rent a locker?
Any legally competent person can rent a safe deposit box at a bank. Alternatives to safe deposit boxes are analog storage options in businesses. The offers differ in price. And this in turn depends on the design of the conditions. This includes the security standards applied, access to lockers (ie opening hours) and the amount of the sum insured for valuables. Lockers outside the banking universe are an alternative, especially if your own bank or other banks no longer rent free lockers. For example, some banks only offer this to their own banking customers. If all the lockers are rented, you may be put on a waiting list
To open a bank safe deposit box, you have to go personally to the respective branch and ideally think about the amounts to be saved in advance (so that you know the value of the deposit). In addition, it makes sense to ask the bank in advance what documents are required for opening, and it is mandatory to consult the bank’s list of prices and services. Next, a rental agreement is concluded with the bank, in which the number of the safe deposit box, the rental period, the price and, if applicable, the insurance, are indicated.
If you want to give someone you trust access to your locker, this is also possible in principle. This is recommended e.g. B. if you have kept a will or a living will there. To do this, the owner of the safe deposit box must grant the corresponding power of attorney and “show up at the bank with the authorized person,” according to the banking association. Here it is also advisable to ask the bank in advance what documents must be brought to the appointment.
What can be stored in the locker?
There are many options here: jewelry, gold, other precious metals, documents such as birth and marriage certificates, certificates of all kinds, vehicle registration documents, insurance policies, certificates, wills, living wills, personal letters and photographs or data protected on paper. drives or other storage media. Weapons and ammunition, radioactive material, drugs and living beings do not belong in the locker, and it is also prohibited.
The banking association notes in a blog post that “only the tenant or an authorized trusted person has access to the safe. What’s in the locker remains the tenant’s secret. Even bank employees don’t know what’s inside.” To get to the safe deposit box, the tenant has to identify himself to the bank and then an employee takes him to the vault. In the case of more modern systems, access is already through fully or semi-electronic systems, according to the banking association.
How is the box office secured?
Valuables are not completely safe, even in a safe deposit box, even if theft or damage is relatively rare. Safe contents insurance is intended to cushion residual risk and must be purchased separately from the rental agreement if the rental agreement does not include auto insurance cover. Since the bank does not know what valuables are in the safe, a list of values should always be prepared and kept up to date in the event of an insured event. By the way, cash is not always insurable. Therefore, the bank must find out if this is possible.
When does the tenant die?
The Banking Association indicates that if the lessee of a safe dies, his heirs can terminate the safe and take its contents or, where appropriate, take over the rental contract after consulting the bank. However, in order to gain access to the safe deposit box, the heirs must identify themselves accordingly.
And the Banking Association has another piece of advice for heirs: “If unknown accounts, securities accounts or safe deposit boxes in a private bank are suspected in inheritance cases, the Federal Association of German Banks, which represents the interests of private banks in Germany, carries out the search procedure”.
How much does a safe deposit box cost?
The conditions are very different and differ from one bank to another. The Berliner Sparkasse z. B. rents a locker with a volume of 7,000 ccm for EUR 99 per year, Deutsche Bank charges, depending on the location, EUR 96 for 9,000 ccm and EUR 300 for 36,000 ccm per year. Interested readers can find more pricing examples here.
You can find other useful articles on the subject of insurance on our website under the heading Insurance.
Content insurance for valuables: You should pay attention to this.
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