InvestorQ : How safe are bank lockers?
Mitali Bhutta made post

How safe are bank lockers?

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Anjana Aiyar answered.
9 months ago

Most people believe that bank lockers are 100% safe. However, this can be true to some extent and not completely. Here are the reasons why banks lockers are not the safest option available:

1. Banks can open your locker without your permission: Shocking? Well yes, this is true that banks do not require your permission to open your lockers. In normal parlance, for a bank locker, one key is given to the client and other one remain with the banks So, in case one fails to pay the rent of the locker or has not accessed locker since a long-duration then the bank has the right to break open the locker. This is due to the safety policy of the bank. However, you might not consider it fair.

2. The bank is not liable for your loss of valuables in your locker: In case there is a mishap such as robbery, fire, etc. due to which someone loses the valuables kept in the locker, then bank is not liable to compensate you for the amount of loss, provided it has taken adequate measures to safeguard the lockers. The main reason for this is that the bank does not really know what is inside your locker so it can never ascertain the amount of actual loss and has to rely on the client’s words.

3. One can claim losses under extreme eventuality but not 100% compensation: Generally, bank lockers are insured for unusual circumstances that are beyond the control of the bank. Even if you keep a list of valuables in your locker and you can prove that to raise a claim, full compensation is not guaranteed.

However, the banks are required to maintain and safeguard the lockers properly. So, if any loss is caused due to the shortcomings of banks, one can claim the full amount of loss from the bank.