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Why should banks abandon the safe deposit box business? what should we do?

Updated: Jun 29, 2021

With the expansion of banking business, the safe deposit box business is no longer a good project in the type of banking business, and banks need to focus on projects with higher profits, so many banks are withdrawing from this business

Many original bank safe deposit box customers do not know that there are alternatives. Although there are some safe deposit box companies in each region, for those customers who have precious time, they can find a safe and trustworthy safe deposit box companies locally. It is not an easy task.

Through the questionnaire survey of the original market, people have relied on the bank's safe deposit box service. Some people have used this service for more than 20 years. Now, as the market changes, they have to make some choices, which has caused some concerns. The bank did not provide their alternatives or suggestions

The reason why banks close the safe deposit box business is that the operating costs of this service are getting higher and higher. The rise of Internet banking and self-service banking has reduced the number of staff, which means it is not cost-effective to hire many people to manage a vault,At least for banks

Using a third-party safe deposit box company is a very affordable and secure way for people to protect valuables and get additional services that banks cannot provide

For example: in a safe deposit box company, the cost of a box is more affordable. This cost can eliminate the worry of storing valuables at home, and it can provide 7 hours of service per week. Of course, the most important thing is safety. The safe deposit box company's vaults will use advanced video surveillance technology, including vibration alarms, to ensure the security of the vault, 7 * 24 hours of surveillance, and access to the vault also requires biometric technology.

Storing valuables in a safe deposit box company requires you to spend some time conducting background checks and field inspections, such as the strength of the company, the security measures of the vault, the amount of insurance, the service time, etc. This is an indispensable task to make sure you store your valuable property in a trusted professional institution

If you can't find the local safe deposit box manufacturer management organization, you can search through the Internet, and this service is also available in some banks and hotels.

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