This material may not be published, broadcast, rewritten or redistributed. The news was first reported by Bloomberg News.Ĭopyright © The Associated Press. Meanwhile, customers typically rent a box at a branch for $45-$150 a year, depending on size. The vaults themselves are expensive to install and pose 24/7 security risks due to the valuables that were often stored inside, requiring bank employees to get specialized training to handle vault requests. Safety deposit boxes were never a highly profitable business for banks, often offered as an additional service to their most valued customers. Chase’s newest branches have not vaults for some time. Reflecting the fact that customers may not enter a bank branch for months at a time, most branches are now designed to be small, with multiple ATMs, as well as breakout spaces so bankers can one-on-one interactions with customers when needed. CONTENTS NOT INSURED: (1) The contents of the Box are not insured by the Bank, the Federal. ![]() ![]() ![]() As used in the Agreement the term State shall include all states within the United States (U.S.) territories as well as the District of Columbia. Banks long stopped opening up cavernous branches with dozens of teller windows and a vault the size of a one-bedroom apartment. The word Financial Center means a location where Bank of America maintains safe deposit boxes.
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