FNB closes down safe custody storage that is clearly not safe
After three heists at three branches in 18 months, FNB is withdrawing the service with one commentator noting it is not a viable product for banks, ‘only vault specialists’
First National Bank (FNB) has decided to stop providing "safe custody" storage in its branches. "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‚" FNB’s Lee-Anne van Zyl said on Monday. There was no mention of the three highly publicised heists at three different FNB branches in the past 18 months‚ which saw thieves collectively making off with hundreds of safe-custody boxes or their contents‚ sparking widespread distrust in the bank’s ability to safeguard its customers’ most precious possessions‚ and raising questions about the level of security provided at their facilities. With immediate effect‚ Van Zyl said‚ FNB will not accept any new safe-custody applications from existing or new customers‚ and will be notifying its private and business customers to collect their safe-custody valuables by June 1 — or June 30 at the very latest. She refused to say how many safe-cus...
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