Yes, a safety deposit box can be traced, but here are two things you should note: Firstly, how anonymous is your box to external and unauthorised parties? Secondly, can box owners claim their box items if anything happens to a centre? While anonymity is not farfetched, it may not be totally achieved. Everything, including safety deposit boxes and centres, operates within a system. Of regulations, laws, and a government. Thus access warrant may be obtained by law enforcement agencies – on special occasions discussed in this blog.
Who knows if you have a safety deposit box?
When you rent a box from a safety deposit box provider, you will be asked to provide basic information about yourself. Information such as name, address, contact details, and identification. In the UK, safety deposit centres are bound by the code of conduct detailed by the Financial Conduct Authority. They must check your identity, PEP (politically exposed persons) status, and the global sanctions list. But, once you have your box, your privacy is maintained. Other instances when your box can be made known are when you are involved in a crime and if HMRC makes a request.
If you are involved in a crime
If you are involved in a crime, the Police can apply for a court-ordered warrant. To oblige a provider to release the details of a safety deposit box in your name. As with any criminal investigation, they would have to have reasonable evidence. For such a warrant to be granted by the courts. The Police cannot access your safety deposit box at will. Nor would they have the right to know of its existence other than in these circumstances.
If HMRC requests information
A tax lien is the most senior form of debt a person can have. So when HMRC is seeking funds from a person, they may use direct debt recovery. Simply put, they can take the money you owe directly from your bank. If your bank balance does not cover your debt, a distraint order may be employed. And HMRC may be granted a warrant to access your bank box and seize the contents to settle your debt.
When a person dies
We have written about ‘what happens to a safety deposit box when someone dies’. Your last will should state what happens to your safety deposit box when you die. Including those who can access it, and how the contents should be shared. Reasons you should keep a copy of your will with a trust. Covered in ‘things you should not keep in a safety deposit box’.
How private is a safe deposit box?
A safety deposit box is as private as the content on your mobile phone. Only those with registered access know what’s in your box. Also, those who have informed knowledge of its existence and content have access. Centres will not need to know what you are keeping there. But you must abide by their terms and conditions of what you may not keep there.
How to trace an escheated safety deposit box in the UK?
If you die without a will or any known heirs, your box may be forced open by the centre using a locksmith. And the contents sold to cover accrued bills. The surplus may be donated to charity or referred to the Crown as ownerless property. If you are an entitled relative, you can search the unclaimed estate lists. To trace an escheated safety deposit box in the UK.
How do you break into a safe deposit box?
A safety deposit box may be forced open when a key is lost/stolen or in the event of death. A box would always be broken into by a qualified locksmith. With at least one other person present to inventory the contents.
Final thoughts
Can a safety deposit box be traced? Yes, this can happen only on rare occasions when a safety deposit box owner is suspected of a crime or dies.
A safe deposit box is an essential feature in everyone’s financial life.
Get a Stonewall Vaults safety deposit box today. And enjoy a flexible safekeeping service, which is accessible from 06:00 to 23:00, 7 days a week, 365 days a year.