Why It’s Getting Harder to Find a Safe-Deposit Box
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What is the main topic discussed in this episode?
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Why are banks phasing out safe-deposit boxes and when did this trend start?
And now on to the show. Here's your Money Briefing for Friday, November 15th. I'm J.R. Whelan for The Wall Street Journal. For years, banks have allowed customers to rent safe deposit boxes to store important documents and valuables and protect them from fire and theft. Now it's becoming harder to secure a box.
You have banks, when they open new branches these days, they aren't necessarily putting safe deposit boxes in them.
How does branch closures affect access to existing safe-deposit boxes?
Some banks are telling customers they can't open new boxes. And some are just saying altogether that they're shutting down these deposit boxes. And then the other sort of broader theme that we're seeing here is that banks have been shutting branches for years now. And when they shut branches, they shut safe deposit boxes.
So if not at the bank, where can you go to safely store your belongings? We'll talk to WSJ's Ben Eisen after the break.
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Are banks still installing safe-deposit boxes in newly opened branches?
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Who still uses safe-deposit boxes and what items are commonly stored in them?
It's getting harder to find a bank that offers safe deposit boxes. Wall Street Journal Deputy Personal Finance Bureau Chief Ben Eisen joins me. Ben, these boxes have been offered for decades. In a lot of cases, they're inside of vaults.
What surprising or unusual things have people stored in safe-deposit boxes?
When did banks begin phasing them out?
Safe deposit boxes are something people generally think about when they think of what a bank looks like. They are the little boxes. They're inside a vault. But no longer. Banks have been stepping out of this business for a number of years now. Some of them were doing this a decade ago. Some of them have done it in the last few years or even the last year.
Safe deposit boxes seem like they're as common a service as walking into a bank and applying for a loan.
How much do safe-deposit boxes typically cost and are they profitable for banks?
So you have banks when they open new branches these days, they aren't necessarily putting safe deposit boxes in them. Some banks are telling customers they can't open new boxes. And some are just saying altogether that they're shutting down these deposit boxes. And then the other sort of broader theme that we're seeing here is that banks have been shutting branches for years now. And when they shut branches, they shut safe deposit boxes and customers have to take their belongings out and put them elsewhere.
When banks do open new branches, are they carving out space for deposit boxes?
Banks will still have vaults for storing cash and other banking services, but they're not necessarily putting safe deposit boxes in them all the time. Instead, what they're doing is they're creating more physical space for meetings and face-to-face interactions.
How are consumers reacting when banks discontinue safe-deposit box services?
Because what they say is customers, they do a lot of their banking online.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:57
2
Why are banks phasing out safe-deposit boxes and when did this trend start?
0:57–1:32
3
How does branch closures affect access to existing safe-deposit boxes?
1:32–2:10
4
Are banks still installing safe-deposit boxes in newly opened branches?
2:10–2:44
5
Who still uses safe-deposit boxes and what items are commonly stored in them?
2:44–2:57
6
What surprising or unusual things have people stored in safe-deposit boxes?
2:57–3:24
7
How much do safe-deposit boxes typically cost and are they profitable for banks?
3:24–4:10
8
How are consumers reacting when banks discontinue safe-deposit box services?
4:10–9:12
Speakers
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