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 (more…)