“If you multiply by the number of boxes available at a branch, the annual revenues aren’t substantial.”Īt National Bank, the annual fees for an existing safety box vary between $60 and $300, depending on size. The revenue generated by safety deposit boxes is 'not large” for a bank, said Reena Atanasiadis, dean of the Williams School of Business at Bishop’s University, in an interview. The five other largest Canadian banks, and Desjardins Group, confirmed that they still offer the service and don’t currently intend to follow suit, though some institutions noted that safety deposit boxes aren’t necessarily available at all of their branches. National Bank is the first large Canadian bank to stop offering safety deposit boxes. “That said, clients who already had boxes before that date will be able to keep them,” she said. The decision comes after the financial institution noted a decline in the popularity of safety deposit boxes, said spokeswoman Stéphanie Rousseau in an interview conducted in French.
The bank stopped offering the service as of Nov. It’s the first large Canadian bank to stop offering this service.
National Bank won’t offer any more new safety deposit boxes, which allow customers to keep valuable items or important documents at bank branches.
