Yet safe-deposit box customers—who tend to be affluent and middle-aged or older—see them as a bread-and-butter bank service. Some 48% of Chase branches have safe-deposit boxes. PNC Bank said last week that it would open 100 new branches, but none will have safe-deposit boxes. Jerry Pluard, co-founder of Safe Deposit Box Insurance Coverage, says there are about 20% fewer than the 40 million safe-deposit boxes that existed six years ago. BlueVault operates two private vaults in California with safe-deposit boxes.

Source: Wall Street Journal November 15, 2024 04:37 UTC