Yes, but only the primary owner reserves the right to close a jointly held safe deposit box. There are exceptions, which is what this post will cover.
Although, only the primary renter can close a jointly held safe deposit box or one with a co-renter, taking a balanced approach is important. As the safe deposit box is only as useful as its contents.
Let’s take a look at when a joint safe deposit box may be closed and by whom.
1) When the Box Is Rented by Different Entities
The conditions for private use will differ from those for corporate use.
When a box is rented for private use
- Only the primary renter can make changes and close the account
- All registered owners can access the box, and take the box’s content.
When a Box Is Rented for Corporate Use
If a corporate account is set up then parameters will be agreed upon at the start of the rental period, these will include:
- How many users are required when the box is accessed
- Who has the authority to make changes and what happens if they leave the organisation or die
- Reporting procedures for when other registered users leave an organisation.
Who Then Is the Primary Owner of a Safe Deposit Box?
For private users, the first person registered to a box (aka principal renter) is the primary owner and can close a safe deposit box account.
For corporate users, as earlier mentioned, only the person named on the contract can close a corporately rented box.
Safe Deposit Box Versus the Content: Who Owns Each?
The safe deposit box itself is the container housing your possessions and is owned by the centre. These are then rented out to individuals or companies.
The contents of a safe deposit box are those valuables deposited in the box, and, they’re owned by the depositor or the renter. In this case, you.
Once a rental application is granted, you take possession of the box for the period.
This also means once your rental contract is terminated, you will give up possession of the box. By taking out your contents and returning the keys and access cards.
Your biometrics and documentation are handled according to UK data protection laws.
This distinction is relevant because, when you have a co-renter, they have the same rights to your box but not necessarily the items inside.
Through a Will, the primary renter specifies who is the rightful heir to their safe deposit box items.
A theoretical story about a single-parent lady with two daughters, May and June helps put the distinction in perspective.
A Tale About a Joint Safe Deposit Box Owner
May is the older sibling, and she was registered as a co-renter by her Mum.
Sometime down the line, the relationship between May, her Mum and June went ‘cold’. And Mum Willed the contents in her safe deposit box to June, her youngest daughter.
Mum forgot to revoke May’s access to the centre and her safe deposit box.
She died not having done so.
On her Mum’s death, May went to the centre and legitimately with authorised access, emptied her Mum’s safe deposit box.
June visited the safe deposit box centre with her Mum’s death certificate, requesting access to the box and its contents. But it was already empty!
June asked the centre what happened to the contents of her Mum’s safe deposit box. She was informed, that it was last accessed by an authorised user.
June will now have to look for her sister to claim what is rightfully hers.
2) When the Owner Dies
When someone dies, the content goes to those they Will it to.
A safe deposit centre would, typically, not get involved in personal matters.
So it’s either those you have added to your box, such as May in the story above or those you have Willed your box items to.
Like June, if you Willed your safe deposit box contents to a beneficiary, they would need to present a copy of your death certificate to access your box.
Also, note that safe deposit centres can give access to someone other than your heirs who present your death certificate. This will depend on individual centre policies.
We all know some people will go to any length to get what doesn’t belong to them. But safe deposit box centres won’t just give access to every Dick and Harry who presents a death certificate.
When there’s a reason for doubt, the centre may request the person to present a power of attorney. Or a notary of the death certificate before access is granted.
Although a centre will not deliberately frustrate your beneficiary’s effort to access your box.
You should take special note when you have a bank safe, as the process may be a little more.
Read what happens to a safe deposit box when someone dies, for more context.
3) When the Box Is Unclaimed for 12 Years
When the owner of a safe deposit box dies, the account remains active.
This means accruing more debt and liability for as long as 12 years, which is the longest period, according to the FCA, a company will hold your property before it’s liquidated or declared ownerless.
Banks and private safe deposit box centres would normally send a reminder to box owners before each year ends.
But would not close a safe deposit box account before the 12th year.
During this period, the centre will employ the service of a locksmith to force open the box.
Then the box content will be sold, and proceeds used to settle the accrued debt.
The remainder will be donated to charity or escheated to the crown, His Royal Majesty’s coffers as ownerless property.
Final thoughts
So the simple answer to the question: can one person close a joint safe deposit box? Is yes.
However, while a safe deposit centre can guarantee that only you (the primary owner) can close or make changes to a safe deposit box. They cannot guarantee what happens to the content of your box when you have a co-renter.
Still, a co-renter may help close down your account in the event of your death. A co-renter can also help take possession of your box content so that your box doesn’t accrue debt and its content waste away.
A safe deposit box remains a brilliant option to safe keep your prized possessions where neither moth, disaster nor thieves can penetrate.
Contact us now to reserve a box or speak to a member of our team with our 24/7 phone line at 01788 561244