Are Safe Deposit Boxes on Their Way Out?

Should you phase out your safe deposit service NOW? Many large nationwide institutions 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, maintain and not very lucrative.

There are an estimated 30 million safe deposit boxes now rented in thousands of nationwide financial institutions. 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.

Covered Topics

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

Who Should Attend?

The information in this presentation will be of special interest and benefit to your legal counsel, branch managers, training department, compliance and marketing officers and senior management who are responsible for managing your safe deposit operations.