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Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Please provide your details to reserve space at Guardian Vaults.

Do you agree to receive promotional emails from us?
Would you like to receive our guide to Gold and Silver Bullion?

Enquire Now

Big 4 Australian Bank

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.

Australians are concerned by the banking industry’s constant instability

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.

 

Safe Deposit Boxes as Guardian Vaults

 

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.

Disclaimers: Guardian Vaults Holdings Pty Ltd, Registered Office, Scottish House, 100 William Street, Melbourne, Victoria, 3000. ACN 138618176 (“Guardian Vaults”) All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher and/or the author. Information contained herein is believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your personal situation. Guardian Vaults, its officers, agents, representatives and employees do not hold an Australian Financial Services License (AFSL), are not an authorised representative of an AFSL and otherwise are not qualified to provide you with advice of any kind in relation to financial products. If you require advice about a financial product, you should contact a properly licensed or authorised financial advisor. The information is indicative and general in nature only and is prepared for information purposes only and does not purport to contain all matters relevant to any particular investment. Subject to any terms implied by law and which cannot be excluded, Guardian Vaults, shall not be liable for any errors, omissions, defects or misrepresentations (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (direct or indirect) suffered by persons who use or rely on such information. The opinions expressed herein are those of the publisher and/or the author and may not be representative of the opinions of Guardian Vaults, its officers, agents, representatives and employees. Such information does not take into account the particular circumstances, investment objectives and needs for investment of any person, or purport to be comprehensive or constitute investment or financial product advice and should not be relied upon as such. Past performance is not indicative of future results. Due to various factors, including changing market conditions and/or laws the content may no longer be reflective of current opinions or positions. You should seek professional advice before you decide to invest or consider any action based on the information provided. If you do not agree with any of the above disclaimers, you should immediately cease viewing or making use of any of the information provided.