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Bank Locker vs. Private Vault Storage Deposit Boxes: Which is a Better Option?

a safe deposit locker

Protecting your valuables can be a daunting task for many. After all, there are many things you need to consider, like where do you want to store your valuables? Sure, you can always store your valuables underneath your mattress, but that’s anything but a good idea!

When it comes to safeguarding your valuables, you need the best kind of protection. That’s why today, we’re discussing bank lockers and private vault storage deposit boxes, and which one is the better option.

Keep reading to find out more.

Why Should You Choose Safe Deposit Boxes?

A deposit box is an individual secured metal container that you can rent to store your valuables or important documents. There are many benefits of opting for a safe deposit box as they offer a lot of security for very little cost. Video cameras, alarms, physical security, and state of the art locks safeguard your valuables, family jewelry, and important documents. Most of these boxes are also designed to withstand weather calamities.

Additionally, you can use it to store hard-to-replace documents like stock or bond certificates, personal papers, records, sensitive documents, etc.

Privacy Of Your Valuables

When it comes to banks, they will only provide safe-keeping services if you already have a bank account with them. This can be a problem if you value your privacy. That’s because banks tend to keep a lot of private financial information on all their customers. This way, you might risk getting your safe deposit box restricted if you run into problems with your bank.

In comparison, private vaults will only ask for proof of address and a valid Photo ID. You might also have to fill out a simple form. This way, your private financial information won’t be available to the company. Additionally, good private companies won’t share your information without a search warrant.

Accessibility Of Your Valuables

Unfortunately, you don’t get unlimited access to your valuables if you have a safe deposit in a bank. In fact, you’d need to schedule an appointment during banking hours. The bank might also let you access your box a limited number of times each month or year.

On the other hand, private vaults tend to offer unlimited access to safe deposit boxes throughout your rental period. You’ll only need your access card and key to access your box.

Regulation and Ownership

Banks are under government regulation and follow state requirements, restrictions, and guidelines. The bank also has full control over your safe deposit box and might even have keys to it.

Comparatively, private vaults are self-regulated and fully insured, and underwritten. Moreover, only you have the keys to your storage vault.

a pile of money and gold coins

If you’re looking for a credible and trustworthy private vault storage company, consider our services!

Orion Metal Exchange is one of the most renowned companies for secure vault storage for gold and silver, as well as other precious metals. We’ve served numerous clients for over 50 years in the US, Canada and Europe.

We also deal with precious metals IRA, buying gold and silver bullion, and more.

Get in touch with us to learn more.

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