Guiding consumers since 2009

FNB to ditch safety deposit boxes

By Angelique Ruzicka

FNB have decided to ditch their safety deposit box offering from 1 June this year. This comes after hundreds of FNB customers had their valuables stolen in an elaborate bank heist at FNB’s Parktown branch on New Year’s Eve and the bank’s Randburg branch in early December, which Justmoney reported on back in January.  

The Hawks were called in to investigate both incidences but FNB insisted that the cases weren’t related. Customers lost valuables, worth hundreds of thousands of rands, of which some were even irreplaceable.

In a statement issued this week, FNB said it has taken a decision to discontinue the provision of safe custody storage in branches that offer the service. “The decision follows the bank’s regular review of service offerings to align with its business strategy, as well as the assessment of the product’s sustainability. With immediate effect, FNB will not accept any new safe custody applications from existing or new customers,” the bank said.

FNB will be notifying impacted individual and business customers to make arrangements to collect their safe custody valuables from the branches in which they are stored. “While customers are advised to make collection arrangements by 1 June 2017, the bank will give customers until 30 June 2017 to complete all collections,” the bank added.

While FNB further covered itself by saying that it will make all reasonable attempts to contact every affected customer through the contact details they have supplied, a customer that may have not received the sms, telephone call and official letter can also contact their respective branch to make collection arrangements. 

It advised customers to take out suitable insurance cover for all valuables held in safe custody in accordance with the terms and conditions of the service. 

“FNB’s decision to cease the safe custody storage service enables the bank to focus on continuously improving customer experience through its range of services. The bank remains committed to providing an unparalleled customer experience,” concluded the bank.

Handy tip: Do you think your bank is ripping you off? Compare bank accounts here.

Recent Articles

Featured The bank took money from my account – is this allowed?

You’ve just deposited money into your account and suddenly you see a notification from your bank. Money has been deducted from your account to pay the outstanding debt that you have with the bank. Is this allowed?

How much does it cost to draft a will?

Having a Will allows you to determine who inherits your property when you die. If you die intestate, the government will determine how to distribute your assets. Many people die intestate because they don’t know how to draft a will or are intimidated by the costs of drafting one.

Is your home correctly priced for the current market?

The property market is typically in either one of two phases, a buyers’ market or a sellers’ market. According to real estate experts, we are currently in a buyer’s market. For this reason, it is important as a seller to correctly price your house to ensure interested buyers and a valuable sale in the end.

Fuel rewards programme – how to fill up on petrol and points

South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.

Deals

Wax On Wax Off Wednesdays at Rouge Day Spa

Price: From R50
When: Wednesdays
Where: Cape Town

Aarya Restaurant Christmas Lunch Special

Price: R425
When: 25 December 2019
Where: Johannesburg

Da Vinci’s Tantalising Tuesday Pizza Special

Price: Available on request
When: Tuesdays
Where: Cape Town