Safety Lockers in Banks: Analysis of Some Case Studies

Bank lockers are small boxes kept in a room in bank that is guarded heavily and has solid iron doors or concrete walls around it. Bank lockers are relatively safe for a person to store valuables for a period of time. The banks in their agreement typically declare that bank will not be responsible or liable for the contents kept in the locker by the hirer. In case of theft, burglary or similar unforeseen events, action will be initiated as per law. But there are enough cases where the courts have backed customers. By establishing that the relationship between the bank and the depositor is not that of landlord and tenant, some landmark judgements allow you to sue your bank for equivalent compensation in case of any burglary, etc. to the locker's contents. One should keep a written record of his/her contents in the locker, it will help you claim compensation in case the unforeseen events. When bank provides the locker facility to a customer, it may ask the locker-holder about the maximum limit of the valuables which he/she intends to put in locker. The locker charges may be fixed according to this limit by putting more charges for higher limit and vice versa. By doing this the banks would be able to know their maximum contingent liability. The banks may use the extra money received from locker charges to get their lockers insured. It will help in believing again that bank lockers are the safest places to keep valuables.