South African banking giant, Absa is asking to customers to get to their nearest Absa branch to collect their items from their safety deposit boxes because the bank will stop offering safe custody storage services to clients.
The safe custody storage service will be discontinued from September 30, 2024, according a statement from Absa.
Absa said: “We would like to inform you that Absa has made the decision to discontinue our safe custody storage service.”
“This change aligns with our ongoing review of service offerings to ensure they align with our business strategy and are sustainable over time.”
In order for customers to retrieve their items that are held in safe custody, they will need to schedule an appointment at their nearest bank branch by September 30.
According to the bank, any uncollected items may be sold to cover any outstanding fees where applicable.
“We will fairly evaluate and, if necessary, sell the goods at reasonable value or the best available price,” Absa said.
“The proceeds from any sale will be used to settle outstanding safe custody fees, with any remaining funds transferred to you, the customer, where traceable.”
If a customer is untraceable then Absa will manage any proceeds for them in line with the applicable regulations regarding unclaimed funds and dormant accounts.
Customers of the bank can claim these proceeds at any time without incurring interest.
“We encourage you to reach out to us at your earliest convenience to arrange the retrieval of your safe custody items,” Absa said.
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