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Eugène François Vidocq (1775–1857) -

We have French thief turned criminalist Eugène François Vidocq to thank for opening the first safe deposit facility, at a bank in Paris. Vidocq, however, is better known as the founder and first director of France's first criminal investigative agency, the Sûreté nationale, which he founded in 1812.

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Paris in lockdown -

Made of steel and secured with double locks, which required two keys to open, the individual lockboxes could be rented by customers. Paris quickly became the city of choice for the wealthy seeking a higher level of security than previous methods of safekeeping.

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A great idea -

The idea of safe deposit boxes quickly caught the imagination of bankers and financiers across Europe.

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Bespoke banking -

Clients were offered a bespoke banking service. Safe deposit boxes were guaranteed "absolutely burglar-proof" and "absolutely fire-proof."

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Guarded day and night -

Furthermore, customers were reassured that the boxes were guarded day and night by military patrol and that the night watchman was armed.

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Safe Deposit Company of New-York -

Across the pond, the first independent safe deposit company, the Safe Deposit Company of New-York, was established in 1865. The New York Times splashed news of its inauguration in a May 1, 1865, review. The facility is pictured in 1974, standing next to the Bankside Boon Dock bar and restaurant.

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Merchants' National Bank of New York -

The first bank in the United States to offer safe deposit boxes was the Merchants' National Bank of New York. Located on Wall Street, the bank opened its facility in 1896.

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A global trend -

By the early 20th century, most major US banks were providing safe deposit box facilities, a service replicated in banks around the world.

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Safekeeping in antiquity -

The history of generic safekeeping dates back to antiquity and the ancient Egyptian civilization. During this era, powerful and influential individuals were entrusted with valuables in exchange for a fee, a service mirroring modern-day banking services.

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The key to success -

The ancient Greeks were responsible for developing what we today would call the modern bank vault. But it was the Romans who invented the lock and key, using their metalwork skills to craft simple but effective methods of securing strong boxes.

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A variety of uses -

As the 20th century progressed, safe deposit boxes were used by individuals to store a wide variety of items.

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Valuable contents -

Currency, jewelry, precious metals, and important documents were typically stored.

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No insurance -

One drawback of using a safe deposit box in the United States was that neither banks nor the Federal Deposit Insurance Company (FDIC), established in 1933, insured the contents—a stipulation still in force today. A safe deposit box is not a deposit account. It is storage space provided by the bank, so the contents, including cash, checks, or other valuables, are not insured by FDIC deposit insurance if damaged or stolen.

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Criminal intent -

It wasn't long before criminal elements got wise to the advantages of hiding their ill-gotten gains in a safe deposit box. The facility effectively serves as a private bank vault, where discretion and secrecy is carefully guarded. Pictured is a US police detective examining stolen goods, some of which were salvaged from a safe deposit box.

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A box for the privileged -

For the super wealthy, the attraction of renting a safe deposit box in a Swiss bank is obvious. Swiss banks require that you open a private account or savings account with them before you can rent a safe deposit box. Pictured is the high-tech interior of the Union of Swiss Banks building in Zurich.

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Hatton Garden safe deposit burglary -

Entrusting your valuables to a safe deposit box does not always guarantee security though. In April 2015, an underground safe deposit facility in Hatton Garden, London, was burgled.

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Hatton Garden safe deposit burglary -

The audacious heist was carried out by six men who drilled through a thick concrete wall to reach a strong room containing wall-to-ceiling safe deposit boxes.

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Hatton Garden safe deposit burglary -

The gang looted 73 deposit boxes, netting a cool £14 million (US$16.9 million) in gold ingots, gems, and jewelry.

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Hatton Garden safe deposit burglary -

The robbery made headlines worldwide. The investigation was assigned to London's specialist Flying Squad. Eventually all those involved were tracked down, arrested, and later sentenced to lengthy prison terms.

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Decline in use -

The advent of digital technology has seen a decline in the use of safe deposit boxes. These days, more and more people are storing their valuable information and documents online, thus physical storage becomes less of a priority.

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Reduction in availability -

Some people, of course, are uncomfortable storing documents digitally. But considering whether a safe deposit box is a good idea largely hinges on whether you can find one available. In the US, for example, some major banks, including Chase and Capital One, no longer offer deposit boxes to new customers. That said, there are, by all accounts, some 25 million safe deposit boxes leased in the US.

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Private safe deposit facilities -

In response to the shortfall, the finance sector has seen a rise in private safe deposit box facilities that offer an alternative to banks. The Colorado Vault & Safe Deposit Box Co. in Centennial (pictured) is one such option.

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Lifestyle choice -

Having a safe deposit box is still a regular feature of life in Europe, though. Pictured is an employee of Sparkasse inspecting a safe deposit box in a bank branch in Hamburg, Germany. Three floors below the surface, clients can store valuables in approximately 3,500 safe deposit boxes.

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An important service -

Despite the perceived decline in their use, safe deposit boxes remain an important service offered by many banks around the world.

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Continuous use -

As long as people continue to value their possessions and seek ways to protect them, safe deposit boxes will still be used.

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What you should place in the box -

If you're considering leasing a safe deposit box, what should you keep in it? Think expensive jewelry, rare collectibles, birth and marriage certificates, and/or the deed to your home.

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What else? -

It's also a good idea to store paper bonds, stock certificates, and important legal documents in a safe deposit box.

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Items not suitable -

Items definitely not suitable for storage in a safe deposit box include your passport, driving license, and social security card—things you might need in a hurry. Similarly, the original copy of your will or power of attorney document are best left at home. And most banks are very clear: cash should not be kept in a safe deposit box.

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Nothing illegal -

And it figures that nothing illegal, things like firearms or poisonous and illicit substances, should ever be placed in a safe deposit box. The Office of the Comptroller of the Currency (a US agency that falls under the authority of the Department of the Treasury) has the power to open safe deposit boxes with a court order or with a search warrant. Similar agencies operate worldwide.

Sources: (Capital Vaults) (The New York Times) (FDIC) (Moneyland) (The Guardian) (Encyclopedia.com) (US News) (OCC) 

See also: The worst financial crises the worlds has ever seen

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