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As money methods developed with coinage and paper cash, the variety of banks expanded. By the early 1800s, US banks started offering safekeeping providers. These early days of safekeeping of customer valuables in open vaults were not significantly passable because of unclear rules and security issues. Typically, a financial institution would retailer a trunk or case containing the household silver and jewellery in its vault. However, a technological innovation was introduced in the 1860s within the form of the fashionable secure deposit field. This impacted the US banks in two respects. Firstly, it revolutionised safekeeping as clients were able to put their valuables in a sealed container in the vault and acquire particular person access to the field. The second affect was that the invention of the safe deposit box brought about the arrival of competition from safe deposit corporations that were impartial of banks. The first such impartial safe deposit company, The Safe Deposit Company of latest York, was established in 1865. This specialist vault not solely provided traditional safekeeping of trunks and packages, but also, as marketed in The new York Times on May 1st 1865, offered "five hundred protected bins of iron each having its own mixture lock with renters having full control of their particular person box".

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