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May 29, 2022

Itax Software

Income Tax Software

Are your bank lockers completely secure?

Are your bank lockers completely secure?

We believe certain properties are the safest to keep in a bank locker. Most of the individuals believe that storing assets in bank lockers is completely safe.

But, before you jump on the bandwagon, have you objectively analyzed how secure bank lockers are?

If not, here are some points you should know when considering Bank Security Deposit Locker.

Bank is not responsible for lost valuables in your locker

yes you are right If a tragedy occurs, such as a robbery or fire, and you lose the items in your locker, the bank is not obligated to pay you for the loss, assuming that the bank has made reasonable efforts to preserve the locker. Security measures have been taken.

Many reasons account for this.

  • First, the bank does not inspect the contents of your locker. As a result, it is unable to determine the exact amount of damage. They are unable to pay you because they are unable to determine the exact amount of the loss.
  • Second, if banks have maintained proper security, they will not be liable for any loss as long as they have fulfilled their responsibilities.

Banks can open your locker without your permission

The standard procedure for using a bank locker is to hand over the key to your locker while the other key is kept in the bank. When you need to open your locker, you must use both the banker’s key and your key at the same time to unlock the security deposit lock.

However, if you do not use your Safety Deposit Box for an extended period or do not pay the rent, the Bank reserves the right to break into the box without your permission. From time to time, it may send you a notice asking you to unlock your locker, pay your rent, or operate your locker. Failure to respond to the notice may force him to do so.

You may believe that it is unjust that the bank has the right to break into your locker, yet bombs and illegal drugs have been found in the locker, especially those that are dormant. As a result, banks have the right to open it and resell it.

The norms for using the locker are determined by the profile of the account holder. Some accounts are rated as high risk, while others are labeled as low or medium risk. The bank may stipulate the conditions depending on the type of risk. For example, a high-risk customer may need to enter their security locker at least once a year.

You can claim damages in extreme cases but not 100% compensation

Banks usually buy locker insurance to cover exceptional situations that are beyond the control of the bank. So, while the bank is not obligated to compensate you in the event of an accident, you may be able to recover some money if you can show confirmation of the property being claimed in the locker.

Store an inventory of everything you keep in the locker, whether it’s documents, jewelry, cash, or anything else important. Even in that case, you will not be able to get a full refund as the value of the documents cannot be determined.

As a result, you can claim a notional amount as compensation for the loss, but not 100% of the loss.

What if the loss is due to the fault of the bank?

If the loss is caused by the negligence of the bank, you are entitled to compensation. The Bank is responsible for the proper maintenance and security of the lockers. So, if the loss is due to any defect of the bank, you can claim the entire loss.

There is a famous case that supports the previous claim. There was a person who had kept some notes in the locker in that case. The termites ate the notes due to the poor condition of the locker!

In this case, the loss due to the negligence of the bank was fully compensated to the consumer.

Thus, if the bank has taken all reasonable precautions and the loss still occurs, the bank will not be liable for compensation, but you may be able to recover the nominal amount if you can show the value of the goods kept in the locker. Huh. However, if the loss is due to the negligence of the bank, you may be able to recover the full amount. However, you will need to prove the number of items kept in the locker.

Even if all the above information is correct, you should not be discouraged from having a bank locker. Your locker will be safe if you follow the security precautions outlined here:

  • After the bank employee accompanying you to the safe has left the locker area, open your locker. Make sure you are alone.
  • Find out if the bank uses high level security methods to protect the lockers, such as alarm systems, iron gated rooms, electronic surveillance via CCTV, and so on.
  • Visit your locker regularly to make sure all of your possessions are safe.
  • Before leaving the safe, double-check that the locker is securely locked.
  • Minimize the danger by renting multiple lockers to separate your documents and valuables.
  • Always choose a bank branch that you can trust and which is close to your home so that you can visit it again and again.
  • For longer shelf life, laminate the documents kept in the locker.
  • Always keep track of all your possessions in the locker, as well as their value.
  • Keep a copy of the hire-purchase agreement of the locker with the bank so that the bank cannot increase the rent in future.

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