As Banks cut back on safe deposit box services in land-scarce Singapore, private operators are stepping in to fill the void. Read more below from AsiaOne Business….
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AS BANKS cut back on safe deposit box services in land-scarce Singapore, private operators are stepping in to fill the void.
The newest kid on the block, launched yesterday, is Vault@268, a private fully-automated safe deposit box facility at 268 Orchard Road, formerly the Yen San Building.
The 2,000-box, 1,500 sq ft facility was modelled after those in Europe and similar to the ATM concept.
Vault@268’s executive director Charlene Kang was inspired by her own negative experiences with safe deposit boxes at banks, including long waiting times.
The biggest frustration she had was not being able to access her possessions when she needed them most.
Ms Kang said: “When I was 13, my mum passed away and she put her will in a safe deposit box in a bank, but everything was frozen. My aunt had to apply for a Grant of Letters of Administration, but that would take another year.”
She recalled her aunt having to go to great lengths to help retrieve her mother’s will, a process she found cumbersome.
With Vault@268, the plan is to free the customer from restricted banking hours and guidelines, and to cut out the middleman, such as institutions or bank staff.
Customers have direct access to the facility through a security card and biometric identification. Once they are in the premises, they enter a secure room with only a kiosk and a safe deposit box dispenser.
– See more at: http://business.asiaone.com/news/private-safe-deposit-box-facility-opens-orchard-rd#sthash.AIaHlnl2.dpuf