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No more safety deposit boxes at Chase

By 09/30/2022 3:47 PMNo CommentsBy YidInfo Staff

JPMorgan Chase & Co. will no longer be able to accommodate the storage of your priceless coins, jewelry, and papers as the bank no longer accept new safety deposit box applications from clients.

Chase decided late last year to discontinue providing new deposit boxes to customers as a “business decision,” according to a bank spokesman, who declined to give any details.

Customers who have boxes with Chase can keep their boxes for as long as the branch is open, but they cannot open new ones elsewhere.

With dozens of teller windows and a vault the size of a one-bedroom apartment, banks no longer build enormous branches.

Most branches are now compact, with many ATMs and breakout spaces so bankers may have one-on-one encounters with customers when necessary.

This reflects that customers may not enter a bank branch for months at a time.

The newest Chase branches don’t have vaults any more.

Banks never had a hugely lucrative business offering safety deposit boxes; they frequently provided them as an extra service to their most devoted clients.

Due to the high installation cost and constant security dangers posed by the valuables often kept inside the vaults, bank workers had to undergo specialized training to manage vault requests.

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