June 5, 1865

Posted on June 5, 2014 by Joel Byers

On This Date in TWISTED-HISTORY.com! in 1865 the first safe deposit vault and boxes were opened in New York. The charge was $1.50 a year for every $1,000 that was stored. The practice of charging a fee per $1,000 was quickly discontinued when the bank’s customers and insurance company explained that this practice would tell any person who worked for the bank how much money the customers were keeping in the vault and where to go to steal it. The bank said no employee of theirs would ever steal from a customer. The insurance company said that since they had now notified the bank of this possibility, if the money ever was stolen, they would not pay off. The bank immediately stopped the practice of charging per $1,000 kept and started charging a monthly or annual fee for the size of the box instead.

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About Joel Byers

Born in North Georgia and educated at some very fine public institutions. Real education started after graduating from college and then getting married and raising two boys. Has the ability to see the funny and absurd in most things and will always remark on it, even if it means getting the stink-eye from his victims.
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