Efforts to up the rental rate for a safe deposit box were met with little success.īanks began to see competition from home security systems that became more complex and effective at preventing theft. Low rental rates and expensive vault construction resulted in little to no revenue for banks. The trouble with safe deposit boxes began when bank executives realized that the massive vaults weren’t resulting in any additional income-in fact they barely covered their own operating costs. Banks with massive vaults and boxes protected by a two key security system offered wealthy bank customers protections. Safe deposit boxes rose to popularity in the early 20th century at a time when valuable papers like wills or stock documents and valuables like family heirlooms were more likely to be lost to a fire or stolen.
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