Many banks are discontinuing the long-standing service of renting safe deposit boxes to their customers. Bank of America has done away with boxes at a number of locations.
The majority of large banks are opening new branches in which they don’t offer them at all. Banks are now focusing on other products and the safe deposit box is no longer considered to be a profit generator. In the UK, the two major High Street banks - HSBC and Barclays - have closed their vaults to deposit boxes, and it is expected that many other banks will follow suit.
Consumers do so much of their banking online these days that a trip to a branch location happens infrequently. With banking hours typically being Monday through Friday 9 a.m. to 5 p.m., it’s not always convenient for accessing the vault. Plus, so many of our personal documents are now being digitized and stored in the cloud. It seems that renting a safety deposit box is only something our parents or grandparents still do.
Some even theorize that deposit box services are becoming obsolete due to a lack of confidence in financial institutions. One alternative is to find a private sector safe deposit facility. However, the rental fee can be more expensive and the locations may not be as convenient as your local bank. An Internet search for independent vaults may indicate several locations; however, this might just be a marketing ploy.
They may have an “opening soon” disclosure on most of the locations with no clear time-frame. Also, a new safe deposit vault will take time to build profitability and consumers do not want to risk entrusting their valuables with them unless they feel it is a secure and sustainable business.
Burglar & Fire safes are a convenient way to safely store valuables at home
It is becoming increasingly more common to store important documents and valuables closer to home. Many like the convenience of having quick access to their documents, and since so many banking transactions are done online, there are fewer trips to the bank. Passports, birth certificates, jewelry, and small electronics can be stored in a burglar & fireproof safe purchased for the home. Some people choose to secure these items in a home safe along with their firearms. The safe can be hidden in a closet and bolted down to the floor for extra security.
A safe with a fire rating is tested so that the temperature inside the safe will not exceed 350 degrees for a given time frame, usually 1 - 2 hours. An excellent choice is theAMSEC AMVAULT CE1814 TL-15 Fire Rated Composite Safe, which can be purchased online at the Safe and Vault Store. This safe was tested to withstand severe attacks with sledgehammers, power saws, and drills. It is made in the USA and has a two-hour, 350-degree factory fire test certification.
This safe is designed to protect up to $100,000 in content value without a burglar alarm or up to $200,000 with a burglar alarm. Safe and Vault Store also offers custom safes. You can specify the dimensions needed to fit into a certain area of your home, and customize the interior with shelves and drawers.
You can also choose the fire rating, the type of lock, and the thickness of the steel construction. Dye Hawley, manager of Safe and Vault Store, has over 30 years of experience in security, safes, and vaults. He is available online to answer your questions and he will make sure you are satisfied with your purchase. Call Dye today at 800-207-2259!