A multi-year, nationwide phaseout of safe deposit boxes at Chase Bank is hitting La Jolla, and people who have belongings there have limited time to collect them.
Chase announced in 2021 that it would not be renting out any new safe deposit boxes and would gradually stop vault services at branches across the country. After ending the services at locations in some other states, letters went out in recent weeks to La Jolla clients saying safe deposit boxes would no longer be available at the branches at 7777 Girard Ave. in The Village and 5605 La Jolla Blvd. in Bird Rock.
Customers have 90 days from receiving the notice to pick up their items. If they don’t, the items will be sent to a central location for holding, according to Chase. Customers then can arrange to pick up the items or have them shipped to another Chase location.
According to published reports, Chase is ending the services because of decreased profitability and migration to more digital services.
A Chase representative told the La Jolla Light that “as our customers continue to look to us for advice and financial solutions, we have decided to phase out safe deposit boxes. Doing so allows our bankers to spend more time helping clients.”
The representative did not comment further.
Safe deposit boxes once were considered “one of the core services offered by banks,” said Daniel Schroeder, facility director at Del Mar-based Refuge Vault and a one-time Chase Bank employee.
The boxes were popular with clients who might not have a safe at home or have concerns about keeping their valuables in the house due to the potential for fire or burglary.
“But a lot of banks are moving away from that service as they move away from physical services,” Schroeder said. ♦