Since banks are closing safe deposit boxes in Australia and various parts of the world, you may be wondering what options are left available for you when you need secure custodial services. Banks like National Australia Bank, CBA, and Westpac were also downsizing their safe custodial services simultaneously as well. Many were left trying to find a suitable safe deposit box services on their own. Back in 2013, the Sydney Morning Herald reported that ANZ sent out a notice their clients that they needed to clear the contents of their safe deposit boxes in three months.ĪNZ did not provide alternative arrangements for their customers’ valuables. Unfortunately, many banking institutions have not given their SDB customers ample time to find an alternative as they close down their safe custodial services. Private Vaulting Facilities: A Better Option for You The status quo in the banking system nowadays focuses on mobile and internet sales which often results not only in branch closures and therefore SDB closures as well. In addition, the management, additional security and Insurance plus the oversight required for a high security safe deposit box facilities cost too much. No bank really wants a client back of house as they see this practice as risky. Therefore, they no longer see safe custody and SDB’s as a service to be continued. One main reason is that Safe Deposit Boxes are not the core business model offered by banking institutions.
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