NEW YORK (AP) — You'll no longer be able to store your precious coins, jewelry and paperwork at JPMorgan Chase & Co., as the bank has stopped opening new safety deposit boxes for customers.
A spokesman for the bank said Chase decided late last year to stop offering new deposit boxes to customers as a “business decision” but declined to share specifics. Customers who have a box with Chase will be able to keep the box as long as the branch stays open, but they will not be able to open a new one at another location.
Banks long stopped opening up cavernous branches with dozens of teller windows and a vault the size of a one-bedroom apartment. 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. Chase's newest branches have not vaults for some time.
Safety deposit boxes were never a highly profitable business for banks, often offered as an additional service to their most valued customers. 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. Meanwhile, customers typically rent a box at a branch for $45-$150 a year, depending on size.
The news was first reported by Bloomberg News.
-
1 shot, injured on Indy’s northeast side
Indianapolis Metropolitan Police Department officers responded to the 3300 block of Brouse Avenue on reports of a person shot just after 6:30 p.m.City-County Councilors make Million Dollar choice: Parks or Roads
All 25 members of the Indianapolis City-County Council were allowed to allocate $ 1 million to a park or a street project in their district.Arsenal Tech students rebuilding 1951 Chevy, preparing for work after graduation
Students have been working on a 1951 Chevrolet Deluxe. They joined the program because of their interest in cars and as a way to be successful after graduation.Old Marion County Jail now fenced off in preparation for demolition
The former Marion County Jail in downtown Indianapolis is now completely empty. Crews are now working hard to prepare the building for its final days.