Yesterday, I was at the bank, getting into my safe deposit box for the first time in ages. I started to tell Louise, who's always the one who lets me into my box, about the jewelry I was putting in there. She suddenly got very agitated and told me she did not want to know what's in my safe deposit box -- that it is supposed to be a secret. What is the big deal?
The two primary reasons safe deposit boxes are rented is because they offer a degree of privacy and security. The time-honored tradition in the banking industry is for only the customer to know what is inside the customer's box. There is absolutely no good reason for bank employees to know what's inside. The bank does not keep a record of the contents. The bank's insurance doesn't cover the contents (except in very rare circumstances where a court rules that the customer's property was stolen or damaged and that the bank failed to observe the necessary standard of care). Deposit insurance coverage doesn't apply to the contents.
There have been a few lawsuits in the past where customers have said, "I had incredibly valuable property in my safe deposit box, the bank employees knew it, and now it's gone. One of them must have stolen it." You can see why it's in the bank's best interest to adopt a "Don't ask, don't tell" policy on box contents.
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The two primary reasons safe deposit boxes are rented is because they offer a degree of privacy and security. The time-honored tradition in the banking industry is for only the customer to know what is inside the customer's box. There is absolutely no good reason for bank employees to know what's inside. The bank does not keep a record of the contents. The bank's insurance doesn't cover the contents (except in very rare circumstances where a court rules that the customer's property was stolen or damaged and that the bank failed to observe the necessary standard of care). Deposit insurance coverage doesn't apply to the contents.
