Safe deposit boxes on their way out?

148 days ago

Where do YOU keep your most valuable and prized possessions?

If you're someone who uses a safe deposit box at a bank it may be time to consider finding an alternative safe keeping spot for your valuables.

Last week Nedbank informed its clients it's getting rid of safe deposit boxes in order to “streamline” its services.

According to the Business Maverick 'FNB has already pulled the plug on the service and Absa is considering it'.

In 2016 about 60 customers were affected by safety deposit box heists at FNB in Gauteng.

The victims have launched a class action suit against the bank.

They are apparently suing the bank for, in the region of, R120 million and I guess that's caused the other banks to rethink the cost benefits involved in maintaining that service for customers.

Sasha Planting, Journalist - Business Maverick

So what's the catalyst which has led to Nedbank and other banks to withdrawing the service?

The banks looked at how many people were using that service and I think the numbers might be dwindling slightly.

Sasha Planting, Journalist - Business Maverick

I think that's because our world is becoming more digital - so people hold many of their papers electronically. We don't necessarily hold physical assets like Kruger rands,

Sasha Planting, Journalist - Business Maverick

Planting says Nedbank is giving its customers a couple of months to make alternative arrangements.

Read: Safety deposit box victims considering legal action against FNB Also read: 60 theft victims to sue FNB for R121m for stolen safety deposit boxes

Listen to the full interview below:

This article first appeared on CapeTalk : Safe deposit boxes on their way out?



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