The role of credit checks in opening a safety deposit box – what you need to know!

May 13, 2024

As a trusted provider of secure storage solutions, we understand that opening a safety deposit box is a significant decision, one that requires careful consideration and adherence to strict security protocols. Among the various measures in place to safeguard our clients’ valuables, the requirement for a credit check stands out as a crucial step in ensuring the integrity and security of our facility.  

Let’s delve into what is needed, why a credit check is necessary, and when it’s required to open a safety deposit box. 

Documentation needed to open a safety deposit box 

Firstly, let’s address what is needed when opening a safety deposit box. Apart from the obvious requirement of valid identification documents such as a government-issued ID or passport, we may also request additional documentation to verify your identity and financial standing.  

This may include proof of address, such as a utility bill or bank statement, as well as documentation demonstrating your ability to pay the fees associated with the safety deposit box.


Why do we require a credit check?  

The primary purpose of conducting a credit check is twofold: to verify your identity and to assess your financial responsibility.  

By reviewing your credit history, we can gain insights into your financial standing and ensure that you can meet the financial obligations associated with renting a safety deposit box. 

Additionally, a credit check helps us mitigate the risk of potential fraud or illicit activities by verifying the legitimacy of your identity and financial background. 

Money laundering involves the illegal process of concealing the origins of illegally obtained money, typically by passing it through a complex sequence of banking transfers or commercial transactions.  

Safety deposit boxes can potentially be used by individuals involved in money laundering to store illicit proceeds or valuables acquired through criminal activities. 

A credit check is therefore a preventative measure against uncovering this type of activity.


I’ve rented a safety deposit box before 

It’s important to note that not all clients may be subject to a credit check. In most cases, a credit check is required for new clients or those seeking to rent a larger safety deposit box or multiple boxes.  

Existing clients with a proven track record of reliability and financial responsibility may not need to undergo a credit check when renewing their rental agreements.


When is a credit check required?

Typically, a credit check is conducted during the application process when opening a new safety deposit box rental agreement.

However, it may also be required in other circumstances, such as when upgrading to a larger box size or if there are changes to your contact information or billing details.

At our facility, the security and confidentiality of our clients’ valuables are paramount. We take every precaution to ensure that only trustworthy individuals are granted access to our safety deposit boxes.

By conducting a credit check, we uphold the highest standards of security and professionalism, providing our clients with peace of mind knowing that their belongings are in safe hands.


Maintaining integrity

Now, while the requirement for a credit check may seem like an additional step in the process of opening a safety deposit box, it serves a crucial purpose in maintaining the integrity and security of our facility.

If you have any questions or concerns regarding the credit check process or any other aspect of renting a safety deposit box, please don’t hesitate to reach out to our team.

We’re here to assist you every step of the way and ensure that your valuables are protected to the highest degree possible.

Give us a follow over on LinkedIn
Explore all services here or call us on 01788 561 244.

By clicking 'Accept,' you consent to the use of cookies on your device to enhance site navigation and assist in our marketing efforts. You may choose to opt out, which will not affect your ability to use our website.
Privacy Policy