Why Don’t Banks Have Safe Deposit Boxes?

Countless Australians have lamented that they can no longer find Safe Deposit Boxes at their local banks. What used to be a common service is being phased out by banks of all sizes. That includes Australia’s “Big Four” banks. New customers haven’t been able to get a Safe Deposit Box from the banking giants as challenges of increasing demand and expectations leave banks in a hard place. Which leaves many asking, why don’t banks have Safe Deposit Boxes?

Many are confused about banks dropping this popular service. Learn the reasons behind the change and discover the solution.

Offering Too Many Services Creates Logistical Issues

Managing Safe Deposit Boxes has become a logistical nightmare for Australian banks. This is just one of the many services banks offer, and the institutions have discovered that they do not have the time to devote to managing the boxes. It is time-consuming and cumbersome, and that is when everything is running smoothly. When an issue occurs, it is also costly.

Meeting the customers security and service expectations has become difficult, especially as managing access to individual storage in a private and discreet setting requires a high attention to detail – which poses a challenge as banks focus on other services.

Better options available

Australians want a secure solution for storing their valuables, but many do not trust banks. This reason is two-fold.

1. Australians are concerned by the banking industry’s recent instability. Bailouts and bail-ins are becoming commonplace around the world, and the impact is often devastating to customers. Many Australians fear that the country’s current law will allow banks to bail-in during a crisis. This means taking depositors’ money and use it to become financially solvent. Now, some have even moved items from their Safe Deposit Boxes out of fear they could lose their valuables if the banking sector collapses again.

2. Australians are concerned about security at banks. Banks have failed to incorporate technology such as biometrics to secure valuables. Which have become an expectation for many when considering secure storage. This makes items much less secure, and if items are taken from boxes, the banks are not responsible.

The Solution

While safe deposit boxes at banks are on the way out, there is a solution for storing your valuables. From gold bullion and jewellery to private papers, Guardian Vaults can handle your storage needs. As Australia’s first privately owned and independent secure storage solution, with an unblemished record. To find out more about Guardian Vaults private Safe Deposit Box solutions, contact a friendly consultant today.