There are many things we can do to protect our assets and things we care deeply about, and one of the best ways to do so is by using safe deposit boxes. Now, there are opposite opinions regarding whether using them is beneficial or not, so let’s check all the benefits and downsides of it.
Pros:
Higher level of security and privacy
The first and most important aspect is the enhanced security of your belongings if you decide to go with a safe deposit box in switzerland. This is because these boxes are located deep in the vaults of financial institutions.
As for the safe deposit boxes, the access to the vault where they are located is tightly controlled, often requiring dual authentication methods such as keys and biometric verification.
Besides security, safety boxes also grant a high level of privacy for their owners. This is because of strict confidentiality laws which grant that the contents of your safe deposit box remain private. Understandably, this is particularly useful for those looking to store sensitive documents such as wills, deeds, or financial statements.
Insurance coverage
When you have something of great value, the best thing to do is to insure it. People insure various things, even those items that don’t have any real monetary worth, just sentimental value. Now, when you store it in a safe deposit box, it makes it eligible for insuring, and you can often pick whether you want bank insurance coverage or via some other insurer. As for the importance of insurance, doing so can provide financial compensation in the unlikely event of loss or damage. Furthermore, in legal disputes, documents stored in a safe deposit box may carry more weight as evidence due to the secure and verifiable nature of their storage.
Cons:
Accessibility
One of the biggest downsides of safe deposit boxes is that we don’t have our belongings at our disposal at every given moment. Regardless of how much you pay for a safe deposit box, even if the authorities grant you regular visits and check-outs, you still have to go to them to check your belongings. Also, safe deposit boxes can only be accessed during the operating hours of the financial institution. This can be particularly inconvenient in emergencies when you need immediate access to the contents. Of course, this is not that big of a deal, but still something to keep in mind when making a decision.
The expenses
We all know that the higher the quality, or in this case, security, the more costly it gets, and the same goes for safe deposit boxes. Namely, if we want to get a safe deposit box and insure those items, the price for all that can get pretty high. This is one of the biggest reasons people avoid using safe deposit boxes, but there are ways and various offers that will not be as costly. Namely, it all depends on the financial institution, as safe deposit boxes come with a recurring rental fee, which can vary depending on the size of the box and the bank. Even though these fees are generally not restrictive, they represent an ongoing cost that you must consider before making any decision.