The History of Private Safety Deposit Boxes
The American Civil War was only a few days away when a New York businessman called Francis Jenks came up with a concept that would forever alter the banking industry, private safety deposit boxes. Jenks, the wealthy son of a Harvard professor, began to wonder what he was meant to do with his belongings while he was out of town in March 1861 on holiday in England.
He started a business that would store belongings for New York’s “fashionable people,” who might wish to go to Europe for the summer. Rather than being concerned about burglaries, Jenks proposed that the urban elite keep their books, wills, jewellery, tea sets, and silver in private safe deposit boxes with him.
Jenks required two keys to unlock a box to ensure the safety of the boxes: one for the customer and one for his employees. Throughout the night, guards armed with muskets were stationed in front of the 146 Broadway building. He called it the New York Safe Deposit Company. It was the first of its kind, and demand skyrocketed as the Civil War erupted. Vanderbilts, Guggenheims, Roosevelts, and other prominent families began storing their treasures with Jenks. Hetty Green, the billionaire businesswoman, kept a private vault large enough to accommodate a desk inside.
It was such a success that safe deposit box companies with names like the Mercantile Safe Deposit Company and the Lincoln Safe Deposit Company sprouted up across the United States.
While the initial safe-deposit businesses were independent entities committed purely to safekeeping, large banks quickly became involved. By the early twentieth century, almost every bank in America had a safe-deposit division.
Safety Deposit Boxes in the UK
The UK safe deposit box can be traced back to the 17th century in London. We frequently imagine safe deposit boxes inside enormous bank vaults. However, goldsmiths gave their patrons secure safekeeping of treasures in their walled vaults even before banks were created.
In 1875, the first privately held National Safe Deposit Company opened its doors on 1 Queen Victoria Street in London in vast specialised premises. This vault grew so popular that by
1968, it had attracted 15,000 customers. Unfortunately, it had to close its doors less than 20 years later because its lease had expired.
Fortunately, this ancient structure still survives today as the City of London magistrates’ court. Chancery Lane Safe Deposit, established in 1876, was Britain’s second non-banking institution, providing safekeeping for Londoners’ household valuables and essential documents.
Harrods’ vault doors opened in 1896, St James’ Safe Deposit Company in Manchester in 1912, and London Safe Deposit Company at Lower Regent Street in 1931. Selfridges brought it in the 1930s in its Oxford Street store, and Metropolitan Safe Deposits started in 2012.
Several private safe deposit vaults were erected in the UK over the next 50 years. However, they were insignificant.
Which banks have safety deposit boxes in the UK?
Some banks in the United Kingdom offer safe deposit boxes to their customers. Barclays, HSBC, Lloyds, Metro and Santander are among the leading banks that still provide this service, albeit only in a few locations across the UK.
The future of private safety deposit boxes in the United Kingdom
Until the 1980s, there was a moderate increase in the number of brand-new and modern private safe deposit boxes in London, Birmingham, Manchester, and other regional city centres. This increase has grown enormously in recent years as the banks continue withdrawing from this service due to concerns over costs and security and the mass closures of high street branches.
To summaries
The history of the safe deposit box industry dates back to the 17th century in London and the 19th century in the United States. From the first goldsmith vaults in the United Kingdom through Francis Jenks’ establishment of the Safe Deposit Company of New York, safe deposit boxes have evolved to provide customers with a secure and easy option to store their valuable belongings.
Throughout the ages, the sector has seen expansion and change, with large banks being engaged and private safety deposit boxes becoming increasingly popular in the UK in recent years. The private safety deposit box market will continue to evolve and provide innovative solutions to satisfy consumer needs as technology progresses. The continuous demand for secure storage grows to meet customers expanding needs.
To know more: Coventry Safety Deposit
