Many people don’t want to keep valuable or irreplaceable things at home. Real assets such as gold or jewelry become increasingly important, especially in times of low interest rates and high inflation. Bank lockers are still considered one of the safest options for storage because they are located in so-called strongrooms that must be equipped with modern security technology.
Are there differences in lockers?
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Lockers are not only offered by banks and savings banks, but also by specialized private providers. The basic requirements are comparable, but there are differences in safety standards, insurance coverage and costs. Be careful with particularly cheap offers: low rents can indicate savings on technology or insurance. Consumers should therefore find out exactly what security measures are in place and what insurance is included in the price.
How safe are strongrooms?
Many providers advertise with the so-called VdS standard (Association of Property Insurers). However, this exists in different levels, which differ significantly in the scope of the alarm and monitoring technology required. According to case law, a minimum standard is not always sufficient. Courts regularly require designated strongrooms to be comprehensively secured according to the recognized state of the art, for example through light barriers, motion detectors, structure-borne sound sensors and video surveillance. If such measures are missing, it can be expensive for the provider (Hamburg District Court, ref.: 330 O 127/22 and 330 O 348/22; Berlin Chamber of Commerce, ref.: 26 U 18/15).
Who is liable in the event of a break-in?
If a break-in occurs, as is currently the case in Gelsenkirchen, the question of liability quickly arises. According to the experts at Arag Versicherung, the basic rule is: If the financial institution violates its duty of care or information or does not ensure adequate security, it is liable for the damage caused. In this case, the bank or provider’s insurance usually takes effect. What is crucial, however, is the amount of coverage. Anyone who stores particularly high values should check whether additional insurance is necessary or whether the household contents insurance includes the contents of the locker. But be careful: there are usually value limits here too. You should also check whether insurance for the contents of the locker against lightning, explosion or fire is included in the rental price.
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Arag refers to a case that shows how far liability can go: A bank gave a customer access to the vault with a fake ID and left him there unattended. The man and his accomplices broke into numerous lockers. The bank not only had to reimburse the injured customer for the 65,000 euros that were demonstrably stored, but also had to pay lost interest (Berlin Chamber Court, Ref.: 26 U 18/15).
In another case, the financial institution was also liable without limitation because it had not adequately fulfilled its obligation to ensure so-called safe security and around 650 safe deposit boxes had been broken into. The perpetrators broke in with a core drill from an apartment that was above the locker room and made loot worth several million (LG Hamburg, Ref.: 330 O 127/22, 263/22 and 348/22).
Insurance only pays if proof is provided
Regardless of the question of liability, the following applies: no money without proof. Insurance only pays if the customer can prove what was in the locker. It is therefore advisable to prepare inventory lists and – especially in the case of heirlooms – photos and to keep purchase receipts. Although cash is generally allowed, it is problematic: the exact amount is often difficult to prove in the event of a claim, which is why Arag’s legal experts advise against storing large amounts of cash in a safe deposit box.
What should those affected do?
Arag recommends that affected locker customers immediately file a criminal complaint with the police. All insurance companies, such as the financial institution’s locker insurance and your own household contents insurance, should also be informed immediately. If there are problems with the settlement or if the damage is greater than insured, Arag advises getting legal advice.
Who can rent a locker – and what can go in it?
In principle, any adult with full legal capacity can rent a safe deposit box, even without having an account with a financial institution. However, there is often an additional charge on top of the fees. The storage of certain items, such as weapons, ammunition, drugs, radioactive substances or living beings, is prohibited.
According to Arag, the contents of the locker are generally a private matter. Neither the bank nor the authorities are allowed to inspect it without permission. Exceptions apply to inheritance cases as well as seizures and enforcement. In addition, credit institutions must report the rental of lockers to the tax offices, but not their contents.