Why have the banks withdrawn safety deposit boxes?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 This service was normally reserved for their private clients, however this has now been withdrawn and banks are no longer accepting new customers.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7/12 Dame Street, Dublin 2: currently have bank safe deposit boxes however, like Bank of Ireland, this service has been withdrawn and they are not accepting new customers.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2: have a vault in their basement, however customers were told to remove their valuables as the service was completely withdrawn.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.