It is one of the most misunderstood features of any retail banking product or service in the market” said Dave McGuinn, President of Safe Deposit Specialists. “Most box holders today mistakenly believe their contents are fully insured by their financial institution or the FDIC. The Chase communication also repeatedly advises the box holder that their box contents are not insured by the bank or the FDIC. Furthermore, the bank instructed these box holders that the total value of all property kept in their box should not exceed $25,000. Chase Frustrates and Angers Safe Deposit Box HoldersĬhase Bank safe deposit box holders were surprised recently when they received a letter titled, “Updated Safe Deposit Lease Agreement.” In addition to raising the rental rate for the box, the Bank further implemented rules that prohibit box holders from storing money, coin and currency in the box unless it is of a collectible nature.
