A safe deposit box in times of pandemic

Safe deposit boxes have been with us for generations. We store savings, sentimental values, mementos, and important documents in them. Originally a safe deposit box in bank vaults, today it is increasingly offered globally and in Poland by private operators in modern vault facilities.

The primary purpose of a vault and safe deposit box is to ensure the proper security of stored items and valuables. A modern vault should be certified (in Poland, certification is provided by the Institute of Precision Mechanics) to an appropriately high security class, ensuring physical, technological, and regulatory security.

Regardless of physical security, it's also worth considering the insurance policies held by the vault operator or bank. Banks typically don't offer safe deposit box insurance, and the contents of bank safe deposit boxes are not covered by the Bank Guarantee Fund. For private operators, the insurance policy depends on the vault's security class and should cover each safe deposit box individually up to a specified amount without disclosing its contents.

Regardless of security, a key aspect of a safe deposit box service is its accessibility . In the case of bank vaults, safe deposit box availability has always been limited to branch opening hours or designated hours for the vault. Typically, this was a few hours a day, exclusively on weekdays. Modern private vaults are increasingly available 24 hours a day, 365 days a year. These facilities are designed to allow independent entry to the vault and access to the rented safe deposit box.

It's also worth checking what the regulations prohibit from being stored in a given vault . These are usually standard exclusions, such as explosives, drugs, or items derived from crime. A significant difference between bank vaults and private vaults is the ability to deposit cash in a safe deposit box. Banks don't allow cash in safe deposit boxes. Private vaults generally don't have such restrictions.

An equally important aspect, especially during the coronavirus pandemic, is discretion and limiting contact with third parties within the vault facility. Bank vaults, and indeed all traditional vaults, require contact with staff. Each customer entry into a traditional vault requires customer identification and staff assistance upon entering the vault and opening the safe deposit box. In banks, this often also involves contact with other customers in the customer service area, as well as relatively little discretion and confidentiality associated with entering the vault and safe deposit box. In this respect, a modern vault is organized completely differently than a traditional one. Once access is granted, entry to the vault and safe deposit box takes place without the participation or assistance of staff, and the entire process is increasingly automated. Customers in a modern vault are identified based on biometrics, without document identification. Access to the vault, safe deposit box, and discreet room is independent and does not require interaction with staff or security.

Coronavirus-induced restrictions have forced many sectors and companies to drastically change their business models and limit physical contact with customers. One consequence is the limited availability of bank branches and vaults. During the first lockdown in Poland, at the turn of March and April 2020, many customers faced waits of up to several weeks to enter a vault. This meant that in a critical situation (epidemic, state of emergency, threat of war), bank vault customers were unable to access their most important and protected items and savings. The Safebox24 vault in Warsaw opened at the beginning of 2020. The state of epidemic threat and the shutdown of parts of the economy did not limit the Safebox24 vault's operations or hours of operation in any way – it was available to our customers 24/7. Additionally, we provided customers with the convenience of ozonation and disinfection of the facility , as well as limited contact with staff. However, the most important thing for our customers was the availability of rented safe deposit boxes and deposited items.

Modern vaults should be prepared for critical scenarios, such as a pandemic, and provide access to safe deposit boxes for customers in such situations. During periods of heightened risk , epidemic threats, or other critical scenarios, vault customers should be able to access their own safe deposit boxes .

All of the above elements are worth considering when choosing a vault or safe deposit box. Safebox24 Warsaw safe deposit boxes are available for purchase.