The withdrawal of safekeeping services by banks in Ireland has led to an increasing demand for safe deposit boxes.
Bank of Ireland announced in May of this year that they would no longer store valuable items or important documents in what was called a “phasing out” of their safekeeping service. The bank announced that customers would have 30 days to remove jewellery, heirlooms, wills, title deeds and other items of value. Ulster Bank have also this week confirmed it is to close nine branches around the country.
“The demand for safe deposit boxes has increased by over 55% since the Bank of Ireland announcement, with customers preferring a certified safe deposit box company,” said Sentinel Vaults facility manager, James Dwyer.
The need for secure storage looks set to continue to rise following the latest crime figures released by the Central Statistics Office on Monday. There were 26,317 recorded burglary and related offences in the 12-month period ending in Q1 2014, with aggravated burglary offences rising by 19.5% when compared with the corresponding period ending in 2013.
Solicitors, banks, credit unions and other financial institutions are deeming the storage of valuables and important documents a security risk, leaving private, accredited facilities as the only option for secure safekeeping.
Sentinel Vaults is the only certified, registered and accredited safe deposit box facility in Ireland. This shows that Sentinel Vaults have passed strict due diligence and compliance to operate as custodians of safekeeping. The discreet, underground facility is a former AIB bank vault that has been upgraded using state-of-the-art technology in vault security.
Bank of Ireland has begun instructing their customers that they must remove all legal documents and valuables as the bank has made a decision to phase out their important safe keeping facility.
Many elderly customers are now being given 30 days’ notice to remove valuables from the bank in what it said is to be a ‘phased removal’ of the service.
The service has been provided free of charge at branches throughout the country, and it’s understood that Bank of Ireland no longer wants the insurance and space demands associated with storing large quantities of valuables.
GoldCore and Sentinel Vaults have announced a partnership today which will allow for both the safekeeping of valuables and also the storage, delivery and collection of gold. This is the first time that this can be done from fully insured safety deposit boxes in ultra-secure vaults in a former AIB bank vault in Ballsbridge in Dublin 4.
This new service allows people and companies in Ireland and internationally to store important documents and valuables and take delivery and collect gold coins and bars from ultra-secure vaults
Bank of Ireland have made a decision that the safe keeping facility that it has provided to clients is to be phased out. The bank’s clients have been given a 30 day notice period and told that they must remove all legal documents and other valuables within 30 days.
Bank of Ireland’s action comes as GoldCore and Sentinel Vaults have announced a partnership today which will allow for both the safekeeping of important documents and valuables, and also the storage, delivery and collection of gold. This can now be done for the first time from fully insured safety deposit boxes in ultra-secure vaults in a former AIB bank vault in Ballsbridge in Dublin 4.
“We are delighted to offer both GoldCore clients and Bank of Ireland customers a secure, accredited vault for their peace of mind,” James Dwyer, Facility Manager from Sentinel Vaults said.
“BOI is removing this valuable service from their clients which it has almost certainly offered since the bank’s foundation in 1783, as safekeeping was always an important part of banking. This is a very important service, still used by the elderly today. We are glad to be able to work with Sentinel Vaults in order to help people in this regard,” said GoldCore Research Director, Mark O’Byrne.
“We know from conversations with our clients that many of them store important legal documents such as deeds and wills, not to mention family heirlooms, in the safe in their bank’s branch,” said Dwyer.
“After extensive due diligence of the two newly-launched safe deposit box facilities in Dublin, we have decided to partner with Sentinel Vaults as we are confident that they are Ireland’s premier safe deposit box facility,” O’Byrne said. “We have chosen Sentinel Vaults due to their prestigious location, accreditation, customer protection, type of vault and the convenience they offer clients. The fact that they are the country’s only certified member of the Safety Deposit Association and the only safe deposit box facility in Ireland that is registered and accredited, is important”
“Everybody needs a ‘rainy day fund’ and having some of your valuables, including gold, in a secure safety deposit box is an important part of that strategy,” said O’Byrne.
“This latest move by Bank of Ireland creates an opportunity for us and we are excited about working with GoldCore in order to provide valuable safekeeping services in Ireland,” said Dwyer.
About Sentinel Vaults
Sentinel Vaults is Ireland’s premier safe deposit box facility. It is the country’s only certified member of the Safety Deposit Association and Ireland’s first and only independent safe deposit box facility inside an original bank vault. Sentinel Vaults is the only safe deposit box facility in Ireland that is certified, registered and accredited. This shows that Sentinel Vaults have passed strict due diligence and compliance to operate as custodians of safekeeping.
The discreet underground facility is located on the prestigious Waterloo Road in Ballsbridge, Dublin 4. Security in the vault has been upgraded to surpass bank standards. They offer peace of mind by providing state-of-the-art, modern security to keep savings, gold, silver, platinum and palladium coins and bars, bitcoin, jewellery, heirlooms, wills, deeds and other sensitive documents safe and secure.
About GoldCore
Founded in 2003, GoldCore are Ireland’s longest established and largest precious metal brokers and have nearly 4,000 clients in over 40 countries and with over $205 million in assets under management and storage. GoldCore are experts in the execution and logistics of the highly specialised precious metals market. Gold, silver, platinum and palladium coins and bars are delivered internationally and bullion storage services are provided in London, Zurich, Perth, Hong Kong and Singapore.
GoldCore’s research has been quoted and featured in media internationally – from CNN and CNBC to the Financial Times and Bloomberg. It provides insights into the importance of diversification and the importance of owning precious metals as financial insurance and as part of diversified investment and pension portfolios.
For further information, please contact:
Mark O’Byrne, Research Director GoldCore
t: 01 6325010 e: mark.obyrne@goldcore.com
James Dwyer, Facility Manager of Sentinel Vaults
t: 01 6678370 e: info@sentinelvaults.ie
BANK of Ireland customers will no longer be able to store fur coats, wills and jewellery at its branches.
The bank is withdrawing its centuries-old free safekeeping service to customers.
Many elderly customers are now being given 30 days’ notice to remove valuables from the bank in what it said is to be a ‘phased removal’ of the service.
The service has been provided free of charge at branches throughout the country, and it’s understood that Bank of Ireland no longer wants the insurance and space demands associated with storing large quantities of valuables.
Many items had been deposited in bank vaults and safes decades ago and there is believed to have been difficulty even establishing what exactly was there.
Some items date back over 100 years, posing real difficulties tracing the owners.
Bank of Ireland said that it was “commencing a phased withdrawal of safekeeping facilities”, having already stopped accepting new items in 2010.
From May 6, customers who visited the branch to inspect an item were being given a 30-day notice period during which they could inspect them.
“Once the notice period has expired the item will be treated as ‘archived’ within the branch and may not be accessed again by the customer unless it is to remove the item from the branch,” a statement said. It would seek at a future date to identify the owners of items stored with it, many of which had not been viewed for decades.
“The bank has now decided to discontinue the service as the large amount of safe keeping is causing an unacceptable health, safety and security risk in some branches,” it said.
Bank of Ireland was removing a service “which it has almost certainly offered since the bank’s foundation in 1783, as safekeeping was always an important part of banking”, said Mark O’Byrne of GoldCore metal brokers.
“We know from conversations with our clients that many of them store important legal documents, such as deeds and wills, not to mention family heirlooms in the safe in their bank’s branch,” he said.
The ending of safekeeping at Bank of Ireland will not apply to deeds or insurance documents held in association with mortgages, as these are held by the bank as part of that service.
Items held in safekeeping at the bank’s branch in Dublin’s College Green will also be retained.
Credit: Aideen Sheehan, Independent.ie
Why have the banks withdrawn safety deposit boxes? The globally recognised financial institutions have moved away as it was not cost effective for them.
Traditionally Irish banks (Bank of Ireland, AIB, Permanent TSB, EBS Building Society, Rabodirect, KBC Bank Ireland, ICICI Ireland, etc) used to offer bank safe deposit boxes and a safekeeping service. This service was normally reserved for their private clients, however this has now been withdrawn and banks are no longer accepting new customers.
Bank of Ireland, 2 College Green, Dublin 2: Sentinel Vaults had a very productive meeting with Bank of Ireland in relation to their bank safety deposit boxes. They confirmed that, despite inaccurate reports published online, Bank of Ireland have not begun writing to their customers giving them “6 months to clear out their safety deposit boxes”. They have, however, reduced their opening hours and are no longer taking on new customers.
Allied Irish Bank (AIB), 7/12 Dame Street, Dublin 2: currently have bank safe deposit boxes however, like Bank of Ireland, this service has been withdrawn and they are not accepting new customers.
Ulster Bank. 33 College Green, Dublin 2: have a vault in their basement, however customers were told to remove their valuables as the service was completely withdrawn.
Anglo Irish Bank (now IBRC: Irish Bank Resolution Corporation), 18/21 St Stephen’s Green, Dublin 2: Underneath the former head office of Anglo, Sentinel Vaults have seen the old Anglo Vaults. The vault has been sealed as there are 24 safety deposit boxes yet to be claimed. The special liquidator, KPMG, are responsible for tracking down the rightful owners.
Permanent TSB (PTSB) along with other banks and financial institutions such as the EBS Building Society used to offer a safekeeping service, mainly for house deeds. Customers who retrieve their title deeds from PTSB or EBS are then left with the documents in hand as they are not accepting them back.
With all the banks withdrawing their safekeeping service, this leaves Sentinel Vaults as the only secure vault in Ireland that are certified, registered and accredited. Their safe deposit boxes are inside AIB’s original bank vault.
From research conducted by Sentinel Vaults, they have found that customers are not interested in “who’s first”. Customers are concerned about the credibility, reputation and accreditation of the safe deposit provider. Sentinel Vaults are Ireland’s only certified member of the Safety Deposit Association.
There are other options to store your valuables; i.e. a loft, a home safe, a hole in the ground, an uncertified company etc. however, these options are not secure and are vulnerable when it comes to unexpected circumstances.
