Safe Deposit Box


Safe Deposit Box
A box - usually located inside a bank - which is used to store valuables. A safe deposit box is rented from the institution and can be accessed with keys, pin numbers or some other security pass. Valuables such as documents and jewelry are placed inside and customers rely on the security of the building to protect those valuables.

The contents of a safe deposit box are not insured in the same way bank deposits are. The Federal Deposit Insurance Corporation insures cash deposits up to a certain limit, but due to the fact that there is no way to verify the contents of a safe deposit box, banks will not insure their contents. Also, if heirs are not told about the location of the drawer, upon non-payment, the box is considered abandoned, and its contents are turned over to the state's unclaimed-property offices for auction.


Investment dictionary. . 2012.

Look at other dictionaries:

  • safe deposit box — ˈsafe deposit box [safe deposit box] (also ˈsafety deposit box) noun a metal box for storing valuable things, usually kept in a special room at a bank See also: ↑safety deposit box …   Useful english dictionary

  • safe deposit box — safe deposit boxes also safe deposit box N COUNT A safe deposit box is a small box, usually kept in a special room in a bank, in which you can store valuable objects …   English dictionary

  • safe deposit box — UK US noun [C] (also safety deposit box) BANKING ► a locked box in a bank, etc. in which money, documents, and other valuable items can be stored: »Macdonald put the money in a safe deposit box in a Montreal bank …   Financial and business terms

  • safe-deposit box — ˈsafe deˌposit ˌbox noun [countable] BANKING a small box used for storing valuable objects, usually kept in a special room in a bank …   Financial and business terms

  • safe-deposit box — safe deposit .box n a ↑safety deposit box …   Dictionary of contemporary English

  • safe deposit box — index coffer Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • safe-deposit box — index depository Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • safe-deposit box — noun a fireproof metal strongbox (usually in a bank) for storing valuables • Syn: ↑safe deposit, ↑safety deposit, ↑safety deposit box, ↑deposit box, ↑lockbox • Hypernyms: ↑strongbox, ↑deedbox …   Useful english dictionary

  • safe-deposit box — UK / US noun [countable] Word forms safe deposit box : singular safe deposit box plural safe deposit boxes mainly American a safety deposit box …   English dictionary

  • Safe deposit box — A safe deposit box (sometimes incorrectly called a safety deposit box) is a type of safe usually located in groups inside a bank vault or in the back of a bank or post office. It usually holds things such as valuable gemstones, precious metals,… …   Wikipedia