Banks typically do not verify the contents of safety deposit boxes since the items inside are considered private and confidential. Clients usually sign an indemnity document acknowledging that they are solely responsible for the contents, and the bank is not liable if illicit items are found.
To cover any potential issues or penalties, a safety deposit may be secured by a cash margin or deposit. However, banks may specify that certain items, such as counterfeit banknotes, are not allowed in the boxes. In a recent statement, Barclays Bank emphasized its commitment to cooperating with authorities and maintaining a zero-tolerance approach to criminal activities.
Always bear in mind that the content of the boxes is private and confidential. They are only be known to the renters. Therefore, in the event of any damage, loss or tampering of the content, it will indemnify the service providers. It is a generic clause used globally (even for car park service providers).
This is an example of forbidden items for storage in any safe deposit box in Singapore:
Any liquid, contraband or perishable substance; or
Anything of an explosive, dangerous, offensive or hazardous nature; or
Any property the possession of which is prohibited by the laws of Singapore; or
Anything for an illegal or improper purpose; or
Any item that may become a nuisance to the service provider, other customers or to any tenant of the building.
(https://www.nation.co.ke/news/Explainer--How-bank-safe-boxes-work/1056-5033976-dd62w9/ - original article summarised by ChatGPT 3.5)
What Should You Not Put into Safe Deposit Boxes
Banks typically do not verify the contents of safety deposit boxes since the items inside are considered private and confidential. Clients usually sign an indemnity document acknowledging that they are solely responsible for the contents, and the bank is not liable if illicit items are found.
To cover any potential issues or penalties, a safety deposit may be secured by a cash margin or deposit. However, banks may specify that certain items, such as counterfeit banknotes, are not allowed in the boxes. In a recent statement, Barclays Bank emphasized its commitment to cooperating with authorities and maintaining a zero-tolerance approach to criminal activities.
Always bear in mind that the content of the boxes is private and confidential. They are only be known to the renters. Therefore, in the event of any damage, loss or tampering of the content, it will indemnify the service providers. It is a generic clause used globally (even for car park service providers).
This is an example of forbidden items for storage in any safe deposit box in Singapore:
(https://www.nation.co.ke/news/Explainer--How-bank-safe-boxes-work/1056-5033976-dd62w9/ - original article summarised by ChatGPT 3.5)