Safe deposit lockers have some advantages and disadvantages. Scroll down and look at here in the article to know what they are:
- Protection: It is guaranteed that finance institutes keep your valuables and possession safe and secure. They would not misplace and lose your items. Therefore, you can keep your jewels, money and documents that you keep in your filing cabinets in Dubai.
- Privacy: Finance institutes ask you to make PIN or password of your locker so that you could only open it. Thus, it provides privacy. Therefore, you can keep your confidential documents and business papers as well.
- Family Members: The user has the option of co-signer that would give access to the box to other person as well. Yet, a person would not be able to access the account if he or she is not given access by you. Even family members are unable to use the locker. They can open it if you are died. In that case, the bank will open the locker by themselves and give family right to see what is there.
- Cost: Lockers have cost. A person is required to rent the locker. Theu have to pay $25, at least, every year to bank for giving you space and keeping your things safe.
- Size: The institute have lockers of different sizes. They provide locker of that size which you could afford. Thus, you will get minimum sized locker to keep things in it.
- Keys: You are given keys whenever you rent the locker and if you lose the keys then the institute will have to open it whenever you need something from it. So, you have to be mode careful than usual.
- Only working hours: You can come and use the locker in working hours of the financial institute only. You cannot take things out of it at midnight. Therefore, people are advised to keep some things at their home which they might need during emergency.
- Damage: There is no guarantee that your belonging would be protected from damage because the lockers are not resistant to fire, water or high temperatures.
- Denial: The institute could not let you access the locker if Internal Revenue Service would freeze the locker because of not paying debt or any other issue.
- No insurance: Lockers keep you things safe but it will not give insurance to your belongings and possessions.
So, these are advantages and disadvantages of lockers.