Are Safe Deposit Boxes on Their Way Out?
Should you phase out your safe deposit service NOW? Many nationwide mega banks are phasing out their safe deposit services and not installing any boxes in new branches. They regard them as a headache, expensive to install, complicated to operate and maintain and not very lucrative. There is an estimated 30 million safe deposit boxes now rented in thousands of community banks and credit unions. These boxes are offered to consumers within a highly regulated industry but there are very few laws governing how to run a safe deposit operation. There are also no guidelines to follow if a financial institution decides to eliminate this service. This presentation provides answers for the most frequently asked “phasing out” questions and addresses the many important “Pros & Cons” for continuing or discontinuing this service.
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