At present, private-locker service is more gaining attention to secure personal stuff. People are still believed to go with bank-lockers because of security concerns, but banks cannot cater to locker service due to high demand in nature. So people are moving ahead to go with private-locker service.

But there are certain things one should know about private-locker before availing of a locker service facility.

Cost:

Let us focus on the significant cause of why private-locker service is high.

  • Private-locker service is available for extended hours as compared to other government locker service. At the same time, bank-locker service operated in banking working hours only.
  • Private-locker services work on holidays and weekends also.
  • If you are looking for quick service, go with a private-locker service where you need not stay in the queue for long hours.
  • Some time private-locker service asks to deposit an amount that is refundable and does not interest that amount while the bank gives interest on it.
  • You can use cap service unlimited time while some bank charges to operate more than twelve times or more.

Faith:

Faith is a crucial factor before availing of locker service. One can trust blindly on bank locker service, but neither regulates private-locker service as any government body. It is a Private service, and the agreement persists only between the user and the private-locker service provider.

Rectification of grievance:

Grievance rectification is the most significant issue with private-locker service. The chances of grievance are relatively high with private-locker service compared to bank locker service due to agreement between two parties. This grievance can only resolve by mutual understanding or file a criminal case on its nature.

Shutdown private-locker service:

The shutdown is a significant issue with private-locker service. A private-locker is a place where black money usually keeps to avoid government action. So, you will never come to know the day when the government decides to shut down private-locker service. In this case, financial risk is relatively high.

Check insurance:

It is the best practice to ask a private-locker service provider for insurance cover in any disaster. If private-locker service providers do not agree to provide insurance cover, you are at a higher risk.