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Are Safe Deposit Boxes on the Way Out?

Oct 05 2:00 PM - Oct 05, 2022 3:30 PM
Oct 05, 2022 2:00 PM - 3:30 PM
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Are safe deposit boxes still a viable service? How can that be determined? What’s happening nationwide? This presentation will provide answers to the most frequently asked “phasing-out” questions. What’s your institution’s plan?

Learning Objectives | After this webinar you'll be able to answer these questions

  • Why are nationwide institutions eliminating this service?
  • What might happen if safe deposit services are discontinued?
  • How much notice must be given if service is discontinued?
  • What safe deposit operating expenses could be saved?
  • Will offering self-service boxes save money?
  • Are home safes a better consumer option?
  • Who are your current safe deposit box renters?
  • Is your service a profit center or loss leader?

There are an estimated 30 million safe deposit boxes rented in thousands of financial institutions nationwide. Although banking is a highly regulated industry, there are very few laws governing safe deposit operation and no guidelines for eliminating this service. Should your safe deposit service be phased out? Many large nationwide institutions are eliminating safe deposit services and not installing boxes in new branches. They are regarded as a headache, expensive to install, complicated to operate and maintain, and not very lucrative. Learn the pros and cons for continuing or discontinuing this service.



David McGuinn, Safe Deposit Specialists

Dave McGuinn, president and founder of Safe Deposit Specialists, is a former banker with over 50 years of safe deposit experience. He is often referred to nationwide as the safe deposit “guru” and has trained over350,000 safe deposit personnel throughout the U.S. since 1969. Dave has served as President of the American Institute of Banking and the American, Texas, and Houston Safe Deposit Associations.

Dave is a featured speaker for the American Bankers Association, Independent Community Bankers Association, National Association of Federal Credit Unions and over 100 other nationwide financial associations. He has been widely interviewed by national publications and TV networks on current safe deposit issues. In addition, he has created numerous safe deposit operations, security and compliance forms, manuals, brochures, etc., which are now considered the financial industry standard.




Your registration includes unlimited locations, making it easier to share and learn with remote staff.

Please note: You may share the link with others at your credit union, however the confirmation will be sent to one primary contact at your credit union. It will be up to the primary contact to share the material with others.

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Member Service
  • Compliance