Out with the Secure Solution — Banks Phasing Out Safety Deposit Boxes

Wednesday, May 29 2019 05:20 PM

"As personal banking goes digital, safe deposit boxes probably seem a relic from the analogue age. Yet some people still want the security of storage away from home for valuables, important papers and sentimental keepsakes. One Nedbank customer was outraged, telling Business Maverick that the termination of the service is a “disservice to its banking clients, particularly in a country like this where house-breaking is common and alternative options limited”."

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Some people choose to keep their valuables close, mistaking proximity for ease of access. While having safe deposit boxes at home are ideal for jewellery and passports, they are not the best choice for wills. Singapore may be one of the safest regions but we cannot be too sure when it comes to natural disasters. We did experience a few flash floods in recent years, which can cause much damage to the safe deposit box and its contents. On top of that, these safe deposit boxes can be easily accessed and stolen by burglars.

The comments are for the benefit of readers after digesting the contents of the article. Source article is at : https://www.dailymaverick.co.za/article/2019-05-21-out-with-the-secure-solution-banks-phasing-out-safety-deposit-boxes/#.XORQNOrwiRU.facebook

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