Independent Banker - September 2020 - 42

PORTFOLIO
The benefits within
safe deposit boxes
Banking
Safe deposit boxes aren't big revenue
drivers at most community banks, but
for some customers, they can be an important service.
They provide peace of mind when breaches and hacks
have eroded trust for many. By William Atkinson
y David McGuinn's estimates, the safe deposit box has
been around for nearly 160 years, and it'll be around for
quite a bit longer. The founder and president of Safe Deposit
Specialists in Houston says roughly 30 million Americans
rent boxes today-many at community banks. While they
may not bring in money, he adds, safe deposit boxes can be
important for many customers.
" Many fi nancial institutions have considered safe deposit
as a loss leader for so long that it is diffi cult for them to view
32 Q ICBA Independent Banker Q September 2020
B
this service as a successful marketing opportunity and a
profi t center, " he says. " Fortunately, many institutions are
now realizing that consumers will pay a lot for a little peace
of mind. "
However, the number of people using safe deposit boxes
has grown steadily over the years, a trend McGuinn expects
to stay constant.
" Demographic trends may be the most infl uential force
aff ecting the safe deposit box market, " he says. " Those who
chart trends cite the increasing urban population with its
attendant rise in burglaries as one big reason why people
want safe deposit services for their valuables. "
Furthermore, there are benefi ts for community banks that
off er this service. For one, customers who have safe deposit
boxes at a bank are less likely to close their other accounts

Independent Banker - September 2020

Table of Contents for the Digital Edition of Independent Banker - September 2020

Table of Contents
Independent Banker - September 2020 - Intro
Independent Banker - September 2020 - Cover1
Independent Banker - September 2020 - Cover2
Independent Banker - September 2020 - Table of Contents
Independent Banker - September 2020 - 2
Independent Banker - September 2020 - 3
Independent Banker - September 2020 - 4
Independent Banker - September 2020 - 5
Independent Banker - September 2020 - 6
Independent Banker - September 2020 - 7
Independent Banker - September 2020 - 8
Independent Banker - September 2020 - 9
Independent Banker - September 2020 - 10
Independent Banker - September 2020 - 11
Independent Banker - September 2020 - 12
Independent Banker - September 2020 - 13
Independent Banker - September 2020 - 14
Independent Banker - September 2020 - 15
Independent Banker - September 2020 - 16
Independent Banker - September 2020 - 17
Independent Banker - September 2020 - 18
Independent Banker - September 2020 - 19
Independent Banker - September 2020 - 20
Independent Banker - September 2020 - 21
Independent Banker - September 2020 - 22
Independent Banker - September 2020 - 23
Independent Banker - September 2020 - 24
Independent Banker - September 2020 - 25
Independent Banker - September 2020 - 26
Independent Banker - September 2020 - 27
Independent Banker - September 2020 - 28
Independent Banker - September 2020 - 29
Independent Banker - September 2020 - 30
Independent Banker - September 2020 - 31
Independent Banker - September 2020 - 32
Independent Banker - September 2020 - 33
Independent Banker - September 2020 - 34
Independent Banker - September 2020 - 35
Independent Banker - September 2020 - 36
Independent Banker - September 2020 - 37
Independent Banker - September 2020 - 38
Independent Banker - September 2020 - 39
Independent Banker - September 2020 - 40
Independent Banker - September 2020 - 41
Independent Banker - September 2020 - 42
Independent Banker - September 2020 - 43
Independent Banker - September 2020 - 44
Independent Banker - September 2020 - 45
Independent Banker - September 2020 - 46
Independent Banker - September 2020 - 47
Independent Banker - September 2020 - 48
Independent Banker - September 2020 - 49
Independent Banker - September 2020 - 50
Independent Banker - September 2020 - 51
Independent Banker - September 2020 - 52
Independent Banker - September 2020 - 53
Independent Banker - September 2020 - 54
Independent Banker - September 2020 - 55
Independent Banker - September 2020 - 56
Independent Banker - September 2020 - 57
Independent Banker - September 2020 - 58
Independent Banker - September 2020 - 59
Independent Banker - September 2020 - 60
Independent Banker - September 2020 - 61
Independent Banker - September 2020 - 62
Independent Banker - September 2020 - 63
Independent Banker - September 2020 - 64
Independent Banker - September 2020 - 65
Independent Banker - September 2020 - 66
Independent Banker - September 2020 - 67
Independent Banker - September 2020 - 68
Independent Banker - September 2020 - 69
Independent Banker - September 2020 - 70
Independent Banker - September 2020 - 71
Independent Banker - September 2020 - 72
Independent Banker - September 2020 - 73
Independent Banker - September 2020 - 74
Independent Banker - September 2020 - 75
Independent Banker - September 2020 - 76
Independent Banker - September 2020 - 77
Independent Banker - September 2020 - 78
Independent Banker - September 2020 - 79
Independent Banker - September 2020 - 80
Independent Banker - September 2020 - 81
Independent Banker - September 2020 - 82
Independent Banker - September 2020 - Cover3
Independent Banker - September 2020 - Cover4
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com