Posted by Ken Dunckel Safecracker-Boxman on July 01, 2009 at 08:23:16:
In Reply to: Safety Deposit Boxes|
Hi Anderson. The Safe Deposit Company of New York opened it doors for business in June 1865.
Proper term is "safe deposit" rather than "safety deposit."
Don't worry, though, because not only do locksmiths and safe techs often get this wrong, so do many banks that offer the safe deposit services.
U.S. banks started offering safe deposit services before the date you referenced, but the whole process wasn't as formalized with respect to equipment and procedures.
Used to be that a bank's customers could rent safekeeping storage space inside safes (get it? "safe" deposit) that were housed in their banks' vaults. Items stored could be large or small, if the item secured was too large, it might have just been tagged with the owner's name and placed on a shelf.
The lack of individualized private storage spaces on many occasions lent itself to not only confusion in access and ownership but also for a great deal of temptation. The losses and claims that inevitably followed were what goosed the the banks of the time into developing individually keyed dually controlled safe deposit box storage systems that your safe deposit nest is representative of.