Are Safe Deposit Boxes on Their Way Out?

Tuesday, December 1, 2020
11:00 am – 12:30 pm Eastern

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 community banks and credit unions. 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 are also 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 & Cons” for continuing or discontinuing this service.

Topics Covered:

• 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.

Instructor

David P. McGuinn

David P. McGuinn, president of Safe Deposit Specialists, speaks nationwide for numerous financial associations. He is a former Senior Vice President and Cashier with over 45 years of financial experience and is often referred to nationwide as the safe deposit GURU. As a consultant he has trained over 350,000 safe deposit personnel since 1969 in programs offered in all 50 states. Dave is past president of the American Institute of Banking and the American, Texas and Houston Safe Deposit Associations. He has written numerous financial articles and has been interviewed by The New York Times, Wall Street Journal, Readers Digest, Money Magazine, New York Magazine, Fortune Magazine, Washington Post, Associated Press, AARP, Bottom Line Financial, National Public Radio (NPR), British Broadcasting Corp. (BBC), Inside Edition, Crime Watch, Court TV, CUNA, FDIC, CNN, FOX, CBS, ABC, NBC Nightly News and many other financial publications regarding current safe deposit issues. He was also a featured speaker for the American Bankers Association, Independent Community Bankers of America and National Association of Federal Credit Unions and over 100 other nationwide financial associations. McGuinn has created numerous training videos, DVDs, policy and procedure manuals and many other unique safe deposit regulatory and compliance products. His safe deposit resources are often considered the accepted standard for the financial industry.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by Total Training Solutions

If you are having issues with registering online, please contact CBAO's Education, Training & Special Event Coordinator, Patti Webb, (614) 610-1877.