Business & Tech

Northfield Chase: Few Hundred Safety-Deposit Boxes Flooded

Did you know that banks are not liable for items in boxes damaged by flooding?

 

When Northfield’s Chase bank notified William Hielscher to inventory the contents of his mother’s safe-deposit box, one of the few hundred at the bank that were exposed to last week’s flooding, he was surprised the bank asked him to sign a release stating the bank was not liable for losses, Chicago Tribune reported. 

While banks and Federal Deposit Insurance Corp don’t insure the contents of safe-deposit boxes, some industry experts say banks need to better inform people upfront about safe-deposit boxes’ liability policies and advise people to insure items in their safe-deposit boxes through a homeowners’ insurance policy; other tips include storing items in waterproof containers and keeping copies of important documents separate, Chicago Tribune reported.

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