Safe deposit boxes

They might seem like a relic of the past, but the truth is that banks continue to provide the service of renting safe deposit boxes.

They are located in a specially designated place inside the vaults of bank branches, where valuables, with the exception of dangerous and prohibited products, can be deposited with no need to declare their contents.

Safe deposit boxes are subject to the following:

• In exchange for rent or a fee, which will depend mainly on the size of the box (measured in dm3) and on whether it is manual or automated, the bank undertakes to store and safeguard its contents.
• Additionally, banks may charge you a deposit, recoverable upon return of the key to the box, as well as a fee for each visit.
• In the event of theft or accident, and due to the confidential nature of its contents, the bank usually takes out insurance covering up to a certain amount, but is not required to replace the stolen items. The cost of this insurance policy may be included in the price or it can be charged separately to the customer.
• As in the case of current account contracts, the parties can agree to the terms of access, which, in the case of more than one tenant, can be through joint or several tenancy. Banks must act with the necessary diligence when deciding who is allowed to access and make use of the contents of the box.
• If the contract holder dies, the heirs and executors may open the box and access its contents once the will has been accepted. It is also possible to open the box through the intervention of a notary public, to assess its contents and thus complete the probate inventory.

In the event that you cancel the rental of the box, if your bank has charged you for the entire service in advance, you should be reimbursed proportionally to the remaining time of the service. As always, we recommend that you read the contract carefully and ask for clarification of any queries you may have.