Ask your folks where they kept the good watches, the passports, deed to the house, birth certificates, mom’s pearls, and their wills. Chances are, they went to their local bank and rented a safe deposit box.
But times are changing.
Some banks, including JPMorgan Chase, the nation’s largest, have ended the program, citing falling profits and the fact that other methods of securing important items are available.
Documents are less precious than in bygone days, but there are critical exceptions. Though digital copies of some official documents like divorce decrees are now more easily and quickly accessible, there are times when nothing but the hard copy will suffice.
There is no digital passport to travel internationally. Even if there was, many airports have unstable or busy WiFi.
Wills are generally only official with original signatures and an embossed notary stamp.
Perhaps most importantly, in adapting to changing business environments, banks are faced with a different cost/benefits analysis. While The Wall Street Journal has noted that rental fees for boxes can range from $15 to $250 annually, the profit margin for banks is small.
Real estate in large cities can have astronomical value per square footage, meaning that space in banks can now be created for meetings with customers to discuss more profitable loans and investments.
“Modern banks make their money by providing credit, and by executing transactions. They have little enthusiasm for a low margin role as physical custodians,” according to BullionVault.
According to The Currency, one cause of the reduction of the boxes was the COVID-19 pandemic, when many branches permanently closed and space in the remaining branches was at a premium. Citing The Wall Street Journal, the report estimated that there are 20% fewer boxes than the estimated 40 million just six years ago.
“This isn’t a new development for us,” Iba Reller of JPMorgan Chase told Newsmax. “We haven’t opened any new safe deposit boxes since December 2021, and any Chase branch or JPMorgan Financial Center built since 2018 doesn’t have a safe deposit box vault.
“We’ve found that clients today have many convenient options when it comes to securing their valuables at home, and many are choosing to close their safe deposit box.”
PNC Bank, Bank of America, and Wells Fargo Bank are among those still offering boxes.
While some people are choosing to store valuables at home in a safe, that method is generally regarded as less secure than a bank box, which is fireproof. And as seen recently after disasters such as the Pacific Palisades fires, floods in Texas, and mudslides in North Carolina, entire homes and their contents can be lost.
Perhaps going full circle to the New York Safe Deposit Company vibe, there are companies, known as “independent vault operators,” that store valuables for the wealthy.
Some are connected to a commodity sold by the company, such as gold. BullionVault sells precious metals and contracts with international firms to provide the secure storage and transportation of the valuables.
As with community banks, there may be an independent vault company in your neighborhood, such as Baltimore Vaults, which promises to open in early 2026. It will offer seven-day access with longer opening hours, as well as in-house insurance.
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