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Simple English definitions for legal terms
safe-deposit box
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A quick definition of safe-deposit box:
A safe-deposit box is a special box that you can rent from a bank to keep your important things safe. It is kept in a very secure place called a vault. To open the box, you need two keys - one that the bank has and one that you have. This way, only you and the bank can access your things inside the box. It's like having a secret hiding spot that nobody else can find!
A more thorough explanation:
A safe-deposit box is a secure container stored in a bank's vault to protect a customer's valuable items. It typically requires two keys to open, one held by the bank and the other held by the customer.
Examples of items that can be stored in a safe-deposit box include:
- Jewelry
- Important documents (such as passports, wills, and deeds)
- Cash
- Collectibles
These examples illustrate the definition of a safe-deposit box because they are all valuable items that a person may want to keep secure. By storing them in a safe-deposit box, the customer can have peace of mind knowing that their items are protected from theft, fire, or other disasters.