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How safe are bank lockers?

Bank lockers aren’t entirely risk-free as there have been instances of bank lockers being robbed.

By OLM Desk

Bank lockers aren’t entirely risk-free as there have been instances of bank lockers being robbed and even damaged because of a fire in the branch, and so on. The bank is not responsible for any loss, for whatsoever reason, of valuables from the locker.

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The principle of force majeure comes into play if there is a break-in and the bank locker is tampered with. A 'force majeure' event means any event that occurs due to a cause beyond the reasonable control of the banks, including without limitations the unavailability of any communication systems, breach or virus in the processes or payment and delivery mechanisms, sabotage, fire, flood, explosion, natural disasters or other 'acts of god', war, damage to the bank's facilities or its correspondent bank(s), civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems getting affected by malicious, destructive or corruptive code or program, mechanical or technical errors and failures or power shutdown, which would prevent the bank from performing its obligations within the specified service delivery parameters.


OlmDesk@outlookindia.com

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