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Simple English definitions for legal terms
deposit box
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A quick definition of deposit box:
A deposit box, also known as a safe-deposit box, is a secure lockbox stored in a bank's vault to keep a customer's valuable items safe. It requires two keys to open, one held by the bank and one held by the customer. People use deposit boxes to store important documents, jewelry, and other valuable items that they want to keep safe.
A more thorough explanation:
A deposit box, also known as a safe-deposit box or safety-deposit box, is a secure lockbox stored in a bank's vault to protect a customer's valuable items.
It typically requires two keys to open, one held by the bank and the other held by the customer. The customer can access the box during the bank's business hours.
Examples of items that can be stored in a deposit box include:
- Jewelry
- Important documents (such as passports, wills, and deeds)
- Cash
- Collectibles
These examples illustrate how a deposit box can be used to keep valuable items safe and secure, especially if they are not needed on a regular basis. By storing these items in a deposit box, customers can have peace of mind knowing that their valuables are protected from theft, fire, or other disasters.