Then, in the 1860s, the first modern safe deposit box was invented. In the beginning, a bank would store the valuables of a customer in an open vault where anyone could dig through that trunk of family silver or a case filled with gold. By the early 1800s, American banks began offering safekeeping services, although there is documentation providing evidence banks accepted 'special deposits' for safekeeping prior to 1814. The first commercial bank in America, the Bank of North America, was founded in 1782, followed by the Bank of New York and the Bank of Massachusetts. The history of safekeeping by banks is best traced to the United States. Locks were smaller and keys could be worn around the neck or tucked into a pocket. Romans improved upon the locks by introducing metal as the primary material. It wasn't until about 2,500 years ago that the Greeks developed the equivalent of our modern vault.
The arrangement was comparable to today's modern banking practices.Ī lockable devise that resembled keys were discovered in the tomb of Pharaoh Ramses II who reigned in the 13th century BC. Powerful individuals were entrusted to keep valuables safe in return for a fee. To find the origins of safekeeping valuables in return for a fee, the history travels back thousands of years to ancient Egyptians.
