Should you phase out your safe deposit service NOW? Many nationwide mega banks are phasing out their safe deposit services and not installing any boxes in new branches. They regard them as a headache, expensive to install, complicated to operate and maintain and not very lucrative.
There is an estimated 30 million safe deposit boxes now rented in thousands of financial institutions. These boxes are offered to consumers within a highly regulated industry, but there are very few laws governing how to run a safe deposit operation. There also are no guidelines to follow if a financial institution decides to eliminate this service.
This presentation provides answers for the most frequently asked phasing-out questions and addresses the many important pros and cons for continuing or discontinuing this service.
Obtain answers to the following questions and establish your own internal procedures.
- What could happen if safe deposit services are discontinued?
- If service is discontinued, how much notice must be given?
- Why are nationwide banks really eliminating this service?
- What safe deposit operating expenses could you save?
- If you offer self-service boxes, will you save money?
- Are home safes a much better consumer option?
- Who are your current safe deposit box renters?
- Is your service a profit center or loss leader?
Who Should Attend
The information in this presentation will be of special interest and benefit to your branch managers, training directors, marketing officers and senior management who are responsible for managing your safe deposit operations.
CPE Continuing Education
CPE will be granted to registered attendees upon request.
Specialized Knowledge – 1 credit
Instructional Delivery Method: Group Live presented online due to COVID-19
Prerequisites: Basic knowledge of bank practices
Program Level: Basic
Advanced Preparation: None
About the Instructor
David P. McGuinn, president of Safe Deposit Specialists, is a former banker with more than 50 years of safe deposit experience and is often referred to nationwide as the safe deposit GURU. In
all 50 states, he has trained more than 350,000 safe deposit employees and managers and has served the industry as president of American Institute of Banking and the American, Texas and
Houston Safe Deposit Associations.
McGuinn is a featured speaker for the American Bankers Association and more than 100 nationwide financial associations. He has been interviewed by The New York Times, Wall Street Journal, Readers Digest, Money Magazine, New York Magazine, Fortune Magazine, Associated Press, National Public Radio (NPR), British Broadcasting Corp. (BBC), AARP, Bottom Line Financial, FDIC, CNN, CBS, ABC, FOX and NBC Nightly News on current safe deposit issues.
McGuinn has created numerous training programs, and his manuals on marketing and profitability, regulatory compliance, internal audit and disaster recovery are now the recommended and nationally accepted standard for the financial industry.
For More Information
Contact the MBA Education Department at 573-636-8151 or email.