Are Safe Deposit Boxes on the Way Out?

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.