The Times noted that “there are an estimated 25 million safe deposit boxes in America, and they operate in a legal gray zone within the highly regulated banking industry. In that case, valuables worth hundreds of thousands of dollars vanished. Once emptied, the contents were not all recovered after the mistake was realized. The Times reported on numerous incidents, including one in which a bank inadvertently emptied the contents of a safe deposit box due to a mix-up in box numbers. As it turns out, there is no regulatory oversight of safe deposit boxes in banks – either from the federal or state government, and that doesn’t seem likely to change, according to officials.Ĭonsumer vulnerability - in the uncommon but not unprecedented event that the contents of their safe deposit box disappear - was highlighted in an article in The New York Times recently.
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