Absa is closing its safe deposit box service today, 30 September 2024 and has urged clients to retrieve their goods at the branch where their items are stored. <\/p>\n\n\n\n
The bank warned that it may sell uncollected items from these safe deposit boxes to cover outstanding fees where applicable.<\/p>\n\n\n\n
\u201cWe will fairly evaluate and, if necessary, sell the goods at reasonable value or the best available price,\u201d Absa said.<\/p>\n\n\n\n
\u201cThe proceeds from any sale will be used to settle outstanding safe custody fees, with any remaining funds transferred to you, the customer, where traceable.\u201d<\/p>\n\n\n\n
A safe deposit box is a metal box stored in a secure area in a bank, like a vault, and is rented by a client.<\/p>\n\n\n\n
Safe deposit boxes protect against theft, fire, and natural disasters, giving clients peace of mind that their valued possessions are safe.<\/p>\n\n\n\n
Many people use them to store valuable documents, jewellery, family heirlooms, cash, and other items they value.<\/p>\n\n\n\n
The boxes are accessible only to the client or individuals they authorise, ensuring privacy and confidentiality.<\/p>\n\n\n\n
Safe deposit boxes date back to ancient civilizations in Egypt, Greece, and Rome when people stored their treasures in temples and other secure buildings.<\/p>\n\n\n\n
Modern safe deposit boxes emerged in the nineteenth century when banking institutions started to become popular.<\/p>\n\n\n\n
The first safe deposit companies were established in the United States, offering clients a secure place to store their valuables outside of their homes.<\/p>\n\n\n\n
Banks soon adopted this service, which became a standard offering and provided clients with enhanced security and peace of mind.<\/p>\n\n\n\n
However, many banks consider them outdated and have discontinued the service in recent years.<\/p>\n\n\n\n
Absa is one of these banks. It informed clients that it decided to discontinue its safe custody storage service.<\/p>\n\n\n\n
\u201cThis change aligns with our ongoing review of service offerings to ensure they align with our business strategy and are sustainable over time,\u201d Absa said.<\/p>\n\n\n\n
\u201cTo facilitate this transition, we kindly request that you schedule an appointment at your nearest Absa branch to retrieve any items currently held in safe custody by 30 September 2024.\u201d<\/p>\n\n\n\n
Other South African banks, including Standard Bank and FNB, have also exited their safety deposit box businesses.<\/p>\n\n\n\n
In 2017, following a spate of high-profile robberies, FNB announced it decided to discontinue safe custody storage.<\/p>\n\n\n\n
\u201cWith immediate effect, FNB will not accept any new safe custody applications from existing or new customers,\u201d the bank said in 2017.<\/p>\n\n\n\n
\u201cThe decision follows the bank\u2019s regular review of service offerings to align with its business strategy, as well as the assessment of the product\u2019s sustainability.\u201d<\/p>\n\n\n\n
In March 2022, IBV International Vaults, which specialises in private vault facilities, acquired Standard Bank\u2019s safe custody business.<\/p>\n\n\n\n
IBV took over Standard Bank\u2019s book of more than 20,000 clients and the management of its seven private safety deposit vault facilities across South Africa.<\/p>\n\n\n\n