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Safety deposit boxes are no more at Bank of Ireland

The bank said that safekeeping service is causing an “unacceptable risk” in the branch network.

Image: Shutterstock

BANK OF IRELAND will withdraw its safekeeping facilities from its branch network, the bank confirmed today.

The safety deposit boxes are “causing an unacceptable health, safety and security risk in some branches”, the bank said in a statement.

The service has, until now, been provided on an ad-hoc basis throughout the branch network to customers free of charge.

Bank of Ireland said that the removal will not affect customers with long-term items in storage, but those who “regularly visit the branch to view items”.

Customers will have thirty days to remove the items from storage before the banks place them into archive.

Precious metal broker Mark O’Byrne of Goldcore said that the boxes were often used by elderly people to store valuables and legal documents.

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“Bank of Ireland is removing this valuable service from their clients which it has almost certainly offered since the bank’s foundation in 1783, as safekeeping was always an important part of banking.”

“This is a very important service, still used by the elderly today.”

The majority have wills, legal documents and jewelry. Many would have stored gold in there because of the upsurge in burglaries associated with these dodgy cash for gold shops.

GoldCore has launched a replacement service with partner Sentinal Vaults in a former AIB vault in Ballsbridge.

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About the author:

Jack Horgan-Jones

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