Demand for safe deposit boxes increases as banks continue to withdraw safekeeping

Home » Demand for safe deposit boxes increases as banks continue to withdraw safekeeping

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.