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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.

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