Deposit safes are an important tool in protecting your cash from thieves and even from employees thinking about stealing money from your company. It can be hard to decide which one is right for you because they come in different sizes, have different types of money drops, and have several lock options to choose from. Depository safes are used for “short term” storage of cash until a bank deposit can be made because these safes provide minimal burglary resistance. They have access portals (holes) in them to deposit money and other items of value. These holes represent a decrease in security over a conventional burglary resistant safe. They are used mostly by Restaurants, Bars, Taverns, Hotels, Motels and Retail Outlets.
When selecting a deposit safe, the first thing you want to think about is the size. They come in a variety of sizes:
From light weight units that can be bolted under a counter
to one that can hold several cash register drawers like this one.
Once you know what size you need, the other thing to look at is, what type of drop does it have? There are three types:
The most popular and easiest to use is the front loading drop. Rear loading drops are not as popular and are for special uses. Rotary drops are used primarily for “oversize” packages and can be used for this purpose. Rotary drop safes are easier to pry and break the rotary tumbler into the safe vs a front load drop safe. Once the rotary tumbler is driven into the safe, the “bad guys” can gain access to the compartment where the money is stored. We recommend that you go with a front loading or rear loading drop safe for added security unless you have large packages to drop.
Deposit units can also be made with a deposit chute where the chute extends through the wall. This is a good application for when customers need to deposit payments through a wall opening.
Another thing to consider is what type of lock you will need. There are three types of locks to look at:
dual key lock
Once you make your decision on size, drop, and type of lock here are some other things to consider:
- Keep cash register drawer money down below $200.00. This will minimize a loss in case of a robbery.
- Have managers and trusted employees sweep the cash register drawers for large bills and drop them in the deposit safe. The managers should drop by the cash register drawers at random times so that employees who might be thinking about stealing money from the company will NOT know exactly when the manager will come to get the large bills (100’s, 50’s and excess 20’s and 10’s)
- Since deposit safes are often lighter in weight, it is highly recommended that you anchor the safe to the concrete floor using the factory pre-drilled anchor holes.
- Deposit safes are not typically fire resistant since the holes in the safe prevent this, but it is a great safe to use for cash intensive businesses.
- It is important to establish a procedure to deposit large denominations or all currency beyond a certain maximum in the till. These procedures help limit the exposure of a burglary.
- Large operations should buy a safe like the SafeandVaultStore FLH302020-DD Double Door Depository Safe. You can have $150.00 startup cash for each cash register drawer and make employees keep their own bank. Each cash drawer can be securely stored in the lower compartment of this safe after closing time.
- Some deposit safes come with two doors. One for the deposits where only authorized employees have access and the other door/compartment can be used for rolled coin storage, till storage, etc.
- It is not recommended that large denominations of cash be stored overnight. A good cash procedure dictates a bank deposit .
- Some insurances companies will give you a discount on insurance if you have and use a drop deposit safe in your retail or wholesale business.
Deposit safes come in different sizes and applications, however, everyone in the retail industry agrees that using them in your business to prevent employee theft or armed robbery is a wise move. A Deposit safe has a very small cost when compared to losing thousands of dollars to a dishonest employee or a robbery.
If you have any questions regarding which deposit safe is right for your business, please give one of our safe experts a call at 800-207-2259. We can help you select the right one for your needs.
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