FNB kills safety deposit box service after heists

Johannesburg - Months after robbers hit hundreds of First National Bank (FNB) safety deposit boxes, the bank is moving to discontinue safe custody storage at its branches.

Burglars hit FNB safety deposit boxes in December and on New Year’s Eve, stealing contents from over 300 storage units at branches in Randburg, Parktown and Sunnypark.

Millions of rands in contents were stolen while crooks dumped about 250 empty deposit boxes in the veld near the FNB Stadium in the south of Johannesburg.

The theft sparked outrage and despair among customers, with one FNB safety deposit box holder having told Fin24 that thieves made off with a World War II gift.

According to reports, two suspects allegedly linked to the heists were arrested and appeared in court in February.

In January, FNB said that while it is not legally obliged to make settlements regarding the robberies, it would still initiate settlement discussions for uninsured victims.

Subsequent to this, FNB announced late last week in a blog post that it would discontinue new applications for safe custody storage in branches.

“FNB has taken a decision to discontinue the provision of safe custody storage in branches that offer the service,” said Lee-Anne van Zyl, CEO of FNB Points of Presence, in a blog post.

“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. With immediate effect, FNB will not accept any new safe custody applications from existing or new customers,” said the bank.

Van Zyl further wrote that the bank plans on notifying impacted individual and business customers to “make arrangements to collect their safe custody valuables from the branches in which they are stored”.

“While customers are advised to make collection arrangements by 1 June 2017, the bank will give customers until 30 June 2017 to complete all collections,” said Van Zyl.

FNB said it will attempt to contact every affected customer, and that users of the service can also contact their respective branches to make collection arrangements.


“In the interim, the bank continues to remind customers that it is necessary to take out suitable insurance cover for all valuables held in safe custody, in accordance with the terms and conditions of the service,” said Van Zyl.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
18.01
-1.3%
Rand - Pound
20.11
+0.1%
Rand - Euro
17.64
-0.4%
Rand - Aus dollar
11.55
-0.0%
Rand - Yen
0.12
-1.0%
Gold
1,713.07
-0.2%
Silver
20.66
+0.1%
Palladium
2,253.50
-0.2%
Platinum
925.00
+0.3%
Brent Crude
93.37
+1.7%
Top 40
59,416
+0.4%
All Share
65,833
+0.3%
Resource 10
63,279
-0.6%
Industrial 25
80,027
+1.0%
Financial 15
13,997
+0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders