How to open a locker without a key wow

Store gold safely in a safe deposit box

  • High protection against robbery for comparatively little money
  • You are not obliged to disclose the content to the bank
  • Safe deposit boxes also have disadvantages
  • Comparison is worthwhile, as services and conditions are different
  • Note insurance benefits and size

Are lockers for gold storage safe?

Safe deposit boxes offer a very high level of protection against theft, both in terms of security regulations and the construction of the vaults.

The advantages

Not everyone wants their own safe at home. The costs are considerable, and a house safe must also meet certain requirements and certifications in order to maintain the insurance claim, such as by VdS Schadenverhütung GmbH or the European Certification Body (ECB).

A safe deposit box is ideal here. The costs are comparatively cheap, and break-ins are much less common in bank locker systems than break-ins.

The disadvantages

You have a key to the locker, but no key to the bank. in case of an Bank run (Bank rush) this may well be an issue.

In addition, the Force the state to open safe deposit boxes in the case of well-founded suspicions. In addition, history shows that in difficult times there were attempts by the state to access citizens' property in lockers.

Do all banks offer safe deposit boxes?

No. Lockers are offered by many banks, but not by all banks. A well-known exception among the branch banks operating across Germany is, for example, Postbank. In general, however, the number of lockers on offer is good. However, it can happen that individual bank branches have already rented all of the lockers and you have to put yourself on a waiting list.

How big should a locker for gold be?

If you only want to store gold and other objects with a comparably high value density, the smallest locker in the bank's offer is sufficient. Depending on the individual locker system, the volume of the smallest locker is around three liters (about the capacity of a small briefcase) to twelve liters (about the capacity of a school bag).

For comparison:

A 1kg gold bar is about the size of a cigarette packet and, as of March 2020, is worth over 47,000 euros. The well-known gold coin Krugerrand has a diameter of 32.6 mm, a thickness of 2.75 mm and as of March 2020 is worth over 1,500 euros.

When can I access my locker?

Access is usually limited to the bank's opening hours. An exception are modern locker systems that can be used around the clock with a card and, if necessary, a PIN.

Does the bank know about the content?

The storage of gold, other valuables or documents in the Safe deposit box is done discreetly. You are not obliged to disclose the content to the bank and will not be asked to do so.

In the event that the locker is only released by a pre-locking mechanism that can only be operated by a bank employee, this bank employee is discreetly to the side.

How much is the rent for a safe deposit box per year?

For a small locker, rents between 25 and 65 euros per year are common. It is advisable to first ask your bank for a safe deposit box. Lockers can often only be used by customers, for example at Deutsche Bank, Commerzbank and HypoVereinsbank.

In other cases, anyone can rent a safe deposit box, but existing bank customers are offered better conditions. Complete equal treatment of all locker users is only common at a few banks.

Is my gold insured in the locker?

Insurance may already be included in the rental of the locker. However, the maximum sum insured is set very differently by the individual banks. It can be more than 100,000 euros or just 1,000 euros. So you should inform yourself in advance, and also compare. Rent and the included insurance benefits differ significantly from bank to bank.

Is no insurance benefit included in the locker rental or should the Sum insured additional insurance is required. The bank usually offers the corresponding policies itself. The costs for the additional insurance are usually not more than and sometimes significantly less than 2 euros per year for every 1,000 euros insured sum. However, minimum amounts are almost always set by the bank. In addition, locker contents can be insured with many household contents insurance companies.

Should I document the contents of the safe deposit box?

Yes. Keep an inventory of the locker contents and also keep all documents related to the purchase of gold such as delivery notes, invoices or other purchase receipts.

The purchase of gold from private to private should also be confirmed in writing by the seller. If the insured event occurs through theft or burglary, gold ownership and gold storage must be proven as completely as possible.

This also applies to claims for damages against the bank in accordance with Section 280 of the German Civil Code (BGB) if the bank is responsible for the loss of the gold.

Conclusion

The cost of storing and insuring the gold should always be assessed in relation to its value.

For example, if you own gold worth 2,000 euros and pay 50 euros for a locker, the gold price would have to rise 2.5 percent year after year just so that there is no effective loss of value. In addition, smaller sums of value are usually covered by household insurance even without storage in a locker.

On the other hand, if you intend to buy gold on a regular basis, an insured safe deposit box is a good choice. The more gold you own, the lower the proportional costs for storage and insurance.

Cheap alternative for the home:
Fireproof and waterproof cash box

Ideal security case for storing important documents. Also suitable for storing your gold treasures.