Can a business apply for deposit boxes?
Yes, businesses can apply for deposit boxes. Deposit boxes are secure storage units provided by banks and financial institutions for storing valuable items such as documents, jewelry, and other valuables.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.10% | 775 |
| 25,000 | 3.20% | 800 |
| 25,000 | 3.30% | 825 |
| 60,000 | 3.60% | 2,160 |
| 60,000 | 3.70% | 2,220 |
| 60,000 | 3.80% | 2,280 |
| 140,000 | 4.10% | 5,740 |
| 140,000 | 4.20% | 5,880 |
| 140,000 | 4.30% | 6,020 |
| 340,000 | 4.60% | 15,640 |
| 340,000 | 4.70% | 15,980 |
| 340,000 | 4.80% | 16,320 |
How my company can apply for deposit boxes?
Select a bank or credit union that offers deposit box services. Not all financial institutions may provide this service, so research local options or inquire with your current business banking provider. Reach out to the branch or contact the bank's customer service to inquire about deposit box availability and sizes suitable for your business needs.
Provide documentation verifying the business's existence, such as articles of incorporation, partnership agreements, or business registration documents. Present identification for the business, which may include identification of authorized signatories and proof of address.
Complete an application form provided by the bank or financial institution. Specify the size of deposit box required, as well as any additional services or features (e.g., access restrictions, insurance options).
Review and agree to the terms and conditions related to the use of the deposit box, including rental fees, access policies, and insurance coverage options. Understand any security deposit requirements or ongoing rental fees associated with maintaining the deposit box.
Once approved, arrange for access to the deposit box. Typically, access is granted to authorized individuals designated by the business. Discover the security protocols and procedures for accessing the deposit box, including identification requirements and operating hours.
Evaluate whether additional insurance coverage is necessary to protect the contents of the deposit box against theft, loss, or damage. Some financial institutions may offer insurance options as part of their service.
You can see the similar FAQ about Canadian banks at the link:
- Advice direct from BMO
- Alterna Bank RRSP
- Alterna Bank TFSA transfer fee
- Alterna Bank and the CDIC
- Alterna’s MarketTracer Term Deposit
Details of companies offering the financial services:
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004