Chase Banks Near Me With Safety Deposit Boxes – 1 of 3 This safe was taken from Chase’s Clear Lake City Boulevard branch that was flooded by Hurricane Harvey.
Two out of three directors at some Connecticut banks have seen fewer safe deposit box rentals in recent years.
Chase Banks Near Me With Safety Deposit Boxes
A shift in consumer culture about what’s valuable and where to keep it is leading to a gradual decline in safe deposit boxes, both in Connecticut and across the country.
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While it’s doubtful that deposit boxes will disappear entirely, Thomas Mongello, president and CEO of the Connecticut Bankers Association, said “new (bank) branches are no longer being accepted.”
Laura Weitz, executive vice president and chief of staff at Bankwell Bank, headquartered in New Canaan, said that only 48 percent of the financial institution’s 12 branches have safe deposit boxes for rent.
Another Fairfield County-based financial institution, Newtown Savings, has safe deposit boxes at all 14 of its branches, according to Director of Public Affairs Tanya Truax. The bank’s branch network includes branches in Oxford and Shelton.
“We didn’t notice any obvious movement in our safe boxes,” Truax said. “We believe they are still useful for storing original documents and valuables. “
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According to David McGinn, president of Safe Deposit Specialists, a Houston-based consulting firm that advises banks and credit unions, banking industry research shows that the typical safe deposit box is 50 years old or older.
The Federal Deposit Insurance Corporation recommends consideration when determining where to store important documents and valuables.
Good safe deposit box candidates are original copies of key documents such as birth certificates, title deeds, car titles and US savings bonds that have not been converted to electronic security. Other box possibilities include family heirlooms, valuable collectibles, photos or videos of household contents for insurance purposes, and irreplaceable photos.
Be careful not to use the bank safe deposit box to store your belongings quickly or when the bank is not open. This may include copies of passports and “powers of attorney” authorizing you to make business or health care decisions on your behalf. Consult an attorney to find out what state law requires or recommends for instructions on where to keep the original will.
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Better to keep your money in a bank account, such as a savings account or certificate of deposit, rather than in a safe or deposit box. Funds outside the account are not covered by FDIC insurance, which only insures deposits in escrow accounts at insured institutions, and only in the rare case of bank failure. The safe is not an escrow account. The storage facility is provided by the bank, so its contents, including cash, checks or other valuables, are not insured.
Read the terms and conditions of the deposit box rental agreement. The bank may limit what you can keep in the safe, including cash.
A safe or home safe is not fully protected against theft, fire, water damage or other loss or damage. Take precautions, such as protecting items from water damage by placing them in waterproof plastic bags or other plastic containers you can find. And don’t keep identifying information on or near your safe deposit box key, such as the box number and bank name, in case it’s lost or stolen.
Waits said neither of her two sons, who are in their 30s, have safes, opting instead to store valuables in a fireproof safe.
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Jerry Pluard, president of Safe Deposit Insurance Coverage, said that because young people now do all their banking using mobile phone apps, they “don’t see a physical bank as an essential feature.” Pluard’s small business in Chicago sells insurance to people who keep valuables in safe deposit boxes.
“A lot of young people keep important documents in the cloud (computer),” Pluard said. “But that can change when they start getting something from their parents. It’s safe to say that millennials aren’t using safes like previous generations. “
Another reason branches have fewer safe deposit boxes, Mongellow said, is because of Connecticut Department of Banking regulations when it comes to the industry.
And if a safe containing a person’s valuables has not been used or paid for in more than five years, he said he will hold a group auction to get rid of the group. The banks will have to cover the cost of drilling those safe boxes, but any proceeds from the auction will go into the coffers, Mongellow said.
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“The lost executive is really seen more as a customer service person than anything else,” Mongellow said. “With mobile and online banking, branch sizes are getting smaller, making them (safe deposit boxes) a bit harder to find.”
According to a report by the Federal Reserve Bank of St. Petersburg, the number of bank branches across the country has decreased by 10 percent over the past decade. Louis in February 2018. Most banking networks do not have safe deposit boxes in every branch, making it even more difficult for customers to find a convenient location.
Cheshire resident John Connell recently leased a safe deposit box from Naugatuck-based Ion Bank, which has 23 branches in northern New Haven County and central Connecticut.
Another resident of Cheshire, Kiki Nichols Nugent, said her mother once had a safe: “If there’s more than one person’s name on the safe, you both have to be there to open it.” “
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Safe deposit boxes are believed to allow financial institutions to build relationships with borrowers and businesses, said John Carusone, president of the Center for Banking Analysis, a Hartford-based consulting firm. But being competitive in today’s banking environment, Carusone said, “means smarter banking, cheaper banking and using less capital.”
McLean, Virginia-based banking giant Capital One stopped renting safe deposit boxes in 2016, Pluard said.
“If you have a box at Capital One, you can keep it,” Pluard said. “If they close the branch where your safe is, you’ll have to bring them and find a new place to store your valuables.”
Capital One has automated reporting facilities in Connecticut, but it has its only full-service branch in Branford, according to the bank’s website.
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“And they spread the myth that there was actually a decline to do that,” McGinn said. “I can’t pretend it doesn’t offer full-service banking and safety deposit boxes.”
That claim is disputed, at least by Bank of America, one of the nation’s largest banks doing business in Connecticut.
Don Vecchiarello, senior vice president and communications manager for Bank of America, said the North Carolina-based financial institution “continues to offer secure deposit rentals at various financial locations in Connecticut and across the country.”
But when the couple recently visited a New Haven County Bank of America branch to pay a year’s rent for a safe deposit box, it shows some degree of readiness to leave the industry. A bank employee suggested that the couple buy a safe for their home and save money and not rent a safe at a branch.
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Pluard’s company has been around for about a decade, and it estimates there are about 50 million safe deposit boxes in banks and credit unions across the country.
– About 50% of these boxes are rented. “It’s been pretty stable, although it’s gone down a little over the last decade. But there is no industry, no centralized office controlling it. “
Pluard estimates that about 25 million safe deposit boxes are in use. According to McGinn’s calculations, their number is around 8 million.
McGinn says banks that see safe deposit boxes as more of a nuisance than a benefit are missing out on an opportunity to increase profits.
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He said the income level of cashier tenants is 14 percent higher than the national average, and 42 percent are university-level professionals.
“This market group is 16 percent more likely to use additional financial services offered by the institution,” McGinn said.
Those who don’t rent safe deposit boxes tend to be young workers with little education and low incomes, he said.
“There are waiting lists for people who want to rent larger boxes, especially in the New York area,” he said. “People with large assets in Manhattan will wait years to find them. “
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A small safe is typically 5 inches wide, 12 inches long and about 3 inches deep, according to Smart Asset, a New York-based financial technology company.
Pluard said one of the main limitations to using a safe deposit box is that access is limited to bank business hours. This has led to a new trend in the last three years: Private
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