Are Safety Deposit Boxes Still Relevant?

For some, safe deposit boxes are archaic modes of storage that have little to no place in the modern world. With cloud storage and high-tech home security options, it seems that the trend is for people to store important items online or to display their valuable possessions at home.

This begs the question, are safety deposit boxes still relevant? In this article we will discuss why private security vaults are a popular option for people, despite modern innovations that would otherwise make them seem obsolete.

Safe Deposit Boxes at a Glance

A safe deposit box is a highly secure container used to store valuables such as jewellery, family heirlooms, bullion, personal records, and financial documents. In the past, a safe deposit box stowed away in a bank vault is one of the most sought-after ways to secure precious items from damage or theft.

However, as more and more banks have ceased to offer safe deposit boxes as a service since the early 1980s, people have begun turning to independent, non-bank and non-government vaulting facilities to safe keep their rare, precious and important items.

One Simple Truth: Risk is Always Out There

The simple truth is that people, particularly those in Australia, do not want to risk losing their hard-earned wealth to unforeseen circumstances. Unfortunately, we live in a world laden with many risks that not even digital storage solutions or home security options can guarantee to prevent or solve.

Despite the changes that have occurred in the banking sector over the past few decades, the degree of safety, security, and peace of mind that private security vaults may offer has reintroduced safe deposit box services as a relevant and popular option for people who wish to protect their valuables. This is because:

1. Secure Private Vaults Offer Better Security Measures

Home safes, burglar alarm systems, CCTV cameras, and home content insurance coverage aren’t always enough to protect high-value items that are important, irreplaceable or apart of your wealth creation strategy. Burglars and thieves are always on the hunt for homes to invade and if you store jewellery, collectibles, fine art, currency, and precious metals in your home, the fact is that you and your family face increased risks.

A private vaulting facility bridges this gap and offers the advantages of 24/7 monitoring and high-tech security systems that allow you to rest in the comfort of your own home without the concern that your prized possessions may fall into the wrong hands.

2. Digital Storage Isn’t Always the Safest

While the option to go paperless and digitise important documents for cloud storage is an attractive choice for avoiding loss, there are still inherent and unavoidable risks involved. Hackers are always out there looking for opportunities, company servers may go down or be damaged, and according to NASA, a massive solar storm is a real possibility that would wipe out most of our modern technology and make any attempt to retrieve digitised documents close to impossible.

Keeping physical copies of legal documents, passports, stocks and bonds certificates, corporate files, and other important documents in a safe deposit box facility is a crucial step in protecting them from the limitations of cloud storage. The same rings true for people who store their cryptocurrency key on usb drives, hard drives and other media storage options.

3. Home Safes are Not 100% Secure

Did you know that most domestic safes can only withstand 30 to 60 minutes in a fire and can only withstand being exposed to 15 centimetres of water for 24 hours before they fail? This means that in the event of a firestorm, a bushfire, or extreme flooding, the valuables you store in your home safe are likely to be damaged.

Considering the scenario of a home invasion, we all would do anything to remove the risk of personal injury to our loved ones, going as far as to willingly hand over the keys or code to a safe, as to ensure the safety of our partner and children.

The Most Secure Storage Option Today

The simple truth is that there is no reason for you to put your wealth and your family at risk by storing valuables at home or in a bank safe.

At Private Vaults Australia, we offer safety deposit box options in our world-class independent facility, where our clients enjoy the benefits of complimentary insurance, unparalleled security, and absolute peace of mind.

If you find yourself asking, are safety deposit boxes still relevant? Contact PVA to discuss further, or read the PVA blog for more interesting news, tips and ideas to guide you.

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