When you hear the words ‘safety deposit box, does your mind go straight to heists, crimes, and burglary? Portrayed by notable movies such as The Bank Job and Die Hard. And with well-publicised incidents such as Hatton Garden and Brinx Matt, is not surprising…
In very broad terms there are two types of criminals – organised and opportunist. Organised criminals will favour high return robberies, whereas opportunist thieves are more likely to be shoplifters, pickpockets, and burglars.
Fact is – the internet has caused a decline in organised crime on banks and safety deposit boxes
When it comes to the crime of robbery it is notable that, in the last 10 years as we manage more of our lives online. Organised criminals are getting far greater gains for far less effort through cybercrime. And thus the ‘traditional’ bank robberies and gold heists are in heavy decline. Being the country with the most CCTV surveillance per square mile in the world vs the relative anonymity of the cyber world this should be no surprise.
In short, it is no longer attractive for organised criminals to go through the effort of a bank or gold heist. When the gains can be far greater from their front room. Furthermore, with the security measures centres have, it is unlikely they would succeed if they tried!
Another thing is that opportunists will always be there but may not pull off a bank or safety deposit boxes heist
The opportunist thief will target your home, small retail outlets, cash points, and heavily populated areas for burglary, distraction burglary, and pickpocketing.
It is highly unlikely that the opportunist criminal will have the means, equipment, or connections to ‘pull off a bank or deposit centre heist.
That is about the kind of criminals. What then are these myths?
Only criminals have a safe deposit box
So, let’s think about this statement logically…
Why do thieves do what they do? Generally, because they have no desire to make their money in the way the rest of us do.
Once they have stolen something of value what is their priority? – to change the goods to money.
Once the goods become money what is their next priority? – to legitimise or ‘clean’ the money.
Do safety deposit centres do checks on their customers? – Yes
Are those checks auditable and could they be subject to criminal investigation – Yes
Is it likely that someone who has gone to so much effort to steal something to keep it somewhere easily discovered and traceable? – No
It is hard to say who the criminals are. But no known criminal is allowed a safety deposit box service
Organised criminals will usually put their money through or invest in legitimate businesses to ‘clean it’. Goods and money will not hang around in their original form for a second longer than required.
Opportunist thieves will generally steal little and often. This may be simply to live and feed themselves or to feed an addiction. Any money made will be spent not stored.
So, it is not unheard of for criminals to keep ‘ill gotten gains’ in a safety deposit box, but it is no more likely than any other storage facility or even a bank.
Lastly, don’t forget, it is not as simple as, just showing up at a centre and opening a box. All centres are registered with the Financial Conducts Authority and can be audited at any time. The FCA code of conduct for Safe Storage Facilities obliges them to check the identification, financial, and sanction status of all applicants.
To get box insurance then centre vaults and security have to be to an approved standard. Meaning that a Hatton Garden situation will never happen again.
The police can raid a centre and open my safety deposit box
Police raids on a centre are rare, not unheard of, but rare. So here’s what could happen…
- The police enter the premises with a warrant to access records
- The police enter the premises with a warrant to access a specific box or boxes
- The police enter the premises with a warrant to close the centre down
The police enter the premises with a warrant to access centre records
As part of an ongoing investigation, police may need access to a centre’s records. To see if the person they are investigating (or possibly any of their family and known associates) has a safety deposit box. They can only do so under a warrant. This does however mean that they may have access to the records the centre holds on you.
The police enter the premises with a warrant to access a specific box or boxes
Again, this can only be done under a warrant and the police would only be allowed to access those boxes detailed on the warrant.
The police enter the premises with a warrant to close the centre down
This is only likely to happen if the investigation leads the police to believe that a centre is a means for a criminal to ‘clean’ money. Or if they suspect the centre owners of illegal activity.
In this case, it is possible that the centre will be closed for the duration of the investigation. And you would not be given access to your box until it concludes.
It does not mean that the police can cease any legitimate items as ‘proceeds of crime’. The box contents remain your property and you will be given access to them.
So here are a few necessities and advisory things to do if you have a safe deposit box…
- Only keep legitimate items in your box. See things you can secure in a safety deposit box and those you cannot.
- Keep an inventory of all box items
- If possible retain all receipts or get a formal valuation for jewellery and other irreplaceable contents
- Ensure that your house insurance or the centre insurance covers the items in your box
- If you keep cash in your box then make sure there is a paperwork trail that shows its legitimacy. For example, bank withdrawals, sales receipts, and tax records
- In our convenient cyber word, check out the company directors
Only people with something to hide have a safe deposit box
Really?
Do you have your Great Grandmother’s engagement ring? Do you have your Grandfather’s war medals? Do you still have your children’s hospital bracelets? Do you want to hide them? Or do you simply want to preserve and protect them?
A safety deposit box is not only about the security of your valued items. Kept in the dark at an ambient temperature, with measures to protect against moisture. It also protects the integrity of your irreplaceable keepsakes.
Valuables in one place become a target
Crime is a security concern for both customers and safety deposit box owners. This is why centres are built with security at the forefront. In most centres the lockers are inside a steel six-sided strong room with a time-locked solid steel vault door. Many will have several airlocked areas before anyone can get to the secure area. All will likely have a minimum of video access systems and CCTV. And many will ‘beef’ that up with biometric access, manned security, smoke cloak, and strobe lighting like that of Stonewall Vaults.
These centres can still be a target for theft. The same can be said of a bank and any other storage facility you can think of. The difference lies in where the priority is. Secure box centres are always improving their physical security infrastructure. Maybe more so than banks whose focus is undoubtedly on combating cybercrime. Hence many banks have stopped offering safety deposit box services.
With swift reporting systems, surveillance cameras, and manned security. Safety deposit box centres may remain a target but will always be far safer than your home.
If you are concerned with the risk of breach, when choosing your centre you may want to ask the provider some or all the following questions…
- Are your lockers within a six-sided steel structure?
- How do you prevent a Hatton Garden situation (drilling under and up or through)?
- How do you alert the authorities in the event of a breach?
- How do you prevent unauthorised access?
- What do you do when staff leaves?
- What do you do when customers end their contracts?
You cannot store cash in a safety deposit box
It is fine if you chose to store cash in a safety deposit box. It is not illegal. Although banks, who are regulated, may not allow this. Your only consideration may be, your reasons for storing cash. Versus the convenience of accessing it when you need it. Remember that centres will have stringent opening hours. Particularly if they have a time-locked vault door.
Check with your provider or your insurance company whether cash is insured. And what audit trail and evidence you will need should the worst happen.
At Stonewall Vaults, we are open 17 hours per day 365 days per year – weekends and bank holidays inclusive.
Sign up today for a safety deposit box that provides you with convenient and secure access to your most valued possessions.
Visit us at Unit 6 Mitchell Court, Rugby, CV23 0UY, or call us on 01788 561 244
Contact us to get you signed up for a box today.