Do you know how many privates vaults are in the United States?

If you guessed over 10 then you were correct. The private vault industry is on the rise in America as well as around the world. In 2010, when Colorado Vault & Safe Deposit Box Co, opened there were only 3 private vaults in the United States; Dallas, Las Vegas, and the San Francisco Bay area. Now, private vaults are all across the U.S. from over 3 in California to the newest facility in the Washington D.C. area. Furthermore, as of June 2015 there were over 130 private vaults worldwide.

Why would one use a private safe deposit box rather than a bank; well there are several reasons:

  1. Not a bank – Since private vaults are in the storage business they specialize in storage, security and privacy. Clients have more options on how they store, what they can store and how they can access their stored items. Banks place restrictions on what can be stored in your safe deposit box, additionally banks have “bankers hours” which inhibits access.
  2. Security – Private vaults concentrate on securing the safe deposit boxes. Banks emphasize securing the cash. Private vaults have increased security measures that focus on keeping the vault and safe deposit box extremely safe. The next time you are in a bank; see how much attention is place on the vault. You will be surprised with the lack of attention on the vault and its contents.
  3. Privacy – Some private vaults offer complete anonymity where a client can have a numbered account. Many private vaults such as Colorado Vault & Safe Deposit Box Co ask for only name, address, phone as well as an email address. Most private vaults do not require date of birth, social security numbers, or passport numbers.

As financial situations continue to occur around the world; individuals need to and continue to find ways to diversify their wealth. Precious metals as well as cash stored in multiple safe and secure places are the only way one can reduce the risk of losing wealth.  Private vaults are a great alternative for offsite storage. If you have any additional questions please do not hesitate to contact Frank or Stewart with Colorado Vault & Safe Deposit Box Company.