It is becoming more common to store important documents and valuables closer to home. Burglar & Fire safes are a convenient way to store valuables at home Consumers do not want to risk their valuables with them unless they feel it is a secure business. Also, a new safe deposit vault will take time to build profitability. They may have an “opening soon” disclosure on most of the locations with no clear time-frame. An Internet search for independent vaults may show several locations. But, the rental fee can be more expensive and the locations may not be as convenient as your local bank. One alternative is to find a private sector safe deposit facility. Some even theorize that deposit box services are becoming obsolete due to a lack of confidence in financial institutions.

Renting a safety deposit box seems dated and unsecure. Plus, so many of our personal documents are now digitized and stored in the cloud. to 5 p.m., Monday through Friday, it’s not always convenient for accessing the vault. It's expected that many other banks will follow suit.Ĭonsumers do so much of their banking online these days that a trip to a branch location happens infrequently. In the UK, the two major High Street banks - HSBC and Barclays - have closed their vaults to deposit boxes.

The safe deposit box is no longer considered to be a profit generator. Banks are now focusing on other products. The majority of large banks are opening new branches in which they don’t offer them at all.

Are bank safe deposit boxes fireproof