No one can find safe-deposit boxes anymore

Longtime deposit-box renters are getting kicked out of their boxes by banks that are shutting down or scaling back the service. A disappearing service JPMorgan Chase, the nation’s largest bank, said in late 2021 that it would stop offering new boxes to customers—and existing renters would lose theirs if their branch closed. 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. Ten-by-10-inch boxes might go for more than $250 a year, says Dave McGuinn, president of Safe Deposit Specialists, which trains and consults with banks and credit unions about proper box operations.