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HSBC to close safe deposit box business

The Harbourview branch of HSBC Bermuda (File photograph)

Customers of HSBC Bermuda must close their safe (or safety) deposit boxes for good by the end of March, the organisation has confirmed.

A spokeswoman for HSBC said: “Periodically, HSBC Group review their products and services to ensure that they are still fit for purpose. During one such review, it was concluded that offering safe deposit boxes no longer fits within HSBC’s core service offering and risk appetite.

“HSBC Group have decided to withdraw the offering of safe deposit boxes in most markets, including Bermuda.”

HSBC said it is “working closely with all customers who currently hold a safe deposit box in the Harbourview branch, to help make this as smooth a transition as possible for them”.

Bank customers are being invited to make an appointment to close any boxes before March 31 by e-mailing hsbc.safety.mailbox@hsbc.bm.

The spokeswoman said: “HSBC will continue to proactively engage with customers throughout this period to ensure that, where possible, customer appointments to close the boxes is in a time frame that is suitable to the customer.”

She added: “HSBC had offered safe deposit boxes to its customers as part of its product offering for many years. HSBC doesn’t comment specifically on product volumes or usage but can confirm that safe deposit box rentals have materially declined over recent years.”

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Published November 02, 2022 at 8:02 am (Updated November 03, 2022 at 7:51 am)

HSBC to close safe deposit box business

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