safe-deposit box

noun

Definition of safe-deposit box

: a box (as in the vault of a bank) for safe storage of valuables

— called also safety-deposit box

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The change removed deductions for unreimbursed employee expenses for travel, meals and entertainment, union dues, uniforms, subscriptions, safe-deposit box fees, and tax-preparation fees among others. — WSJ, "WSJ Tax Guide 2019: Other Deductions," 15 Feb. 2019 Password managers are programs that keep all your login details in an online safe-deposit box. — Geoffrey A. Fowler, The Seattle Times, "Password managers have a security flaw, but you should still use one," 19 Feb. 2019 On June 2, according to notarial records available online, the foundation board approved a revision of the deed to give Gevers single-signature access to its bank accounts and safe-deposit boxes. — Gideon Lewis-kraus, WIRED, "The Blockchain: A Love Story—And a Horror Story," 18 June 2018 Cohen's business activities have been under investigation by both special counsel Robert Mueller III and the U.S. attorney for the Southern District of New York, which conducted raids on his office, home, hotel room and safe-deposit box on April 9. — Anchorage Daily News, "Cohen, touting his access to President Trump, convinced companies to pay millions," 10 May 2018 Cohen's business activities have been under investigation by both special counsel Robert Mueller III and the U.S. attorney for the Southern District of New York, which conducted raids on his office, home, hotel room and safe-deposit box on April 9. — Anchorage Daily News, "Cohen, touting his access to President Trump, convinced companies to pay millions," 10 May 2018 Cohen's business activities have been under investigation by both special counsel Robert Mueller III and the U.S. attorney for the Southern District of New York, which conducted raids on his office, home, hotel room and safe-deposit box on April 9. — Anchorage Daily News, "Cohen, touting his access to President Trump, convinced companies to pay millions," 10 May 2018 While some are worn regularly, hordes of these watches languish in dark places, from the safe-deposit boxes of Saudi princes to, perhaps, your sock drawer. — WSJ, "The Expert’s Guide to Buying a Used Timepiece," 18 Apr. 2018 Cohen's business activities have been under investigation by both special counsel Robert Mueller III and the U.S. attorney for the Southern District of New York, which conducted raids on his office, home, hotel room and safe-deposit box on April 9. — Anchorage Daily News, "Cohen, touting his access to President Trump, convinced companies to pay millions," 10 May 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'safe-deposit box.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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23 May 2019

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The first known use of safe-deposit box was in 1870

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More Definitions for safe-deposit box

safe-deposit box

noun

Financial Definition of safe-deposit box

What It Is

A safe deposit box is a metal box, usually housed in a bank vault, that customers can rent in order to keep valuables, legal documents and other prized possessions in a secure location.

How It Works

Obtaining a safe deposit box is usually as simple as going to a local bank and asking for one. The customer must pay a rental fee (usually monthly) and will receive a key to the box. Safe deposit boxes come in different sizes, depending on what the customer needs to store. The customer places his or her valuables in the box, locks the door, and leaves the bank. To open a safe deposit box, two keys are necessary: one from the bank and one from the customer. Without these keys, the box does not open.

Safe deposit boxes are almost always in the bank's vault, which protects them from theft, fire and flooding (in theory).

Why It Matters

Safe deposit boxes provide a way for people to keep valuables safe but out of the house and less vulnerable to theft. They are also a way to ensure privacy: Nobody but the keyholder can look at the contents, and the bank cannot access the contents on its own (remember, both keys must be present to open the box).

It is a good idea to consider storing some of the following in a safe deposit box: wills, birth certificates, passports, diplomas, social security cards, property deeds, copies of videotapes of home contents, rare coins, expensive jewelry and copies of insurance policies.

It is important to note that the bank does not insure the contents of a safe deposit box, nor does the FDIC. It is also important to note that if the owner of the safe deposit box fails to make the monthly rental payment on the box, the bank usually has the right to seize the contents of the box or turn the box over to the state as unclaimed property.

Source: Investing Answers

safe-deposit box

noun