How the End of the Safe Deposit Box Is a Signal for Banking’s Future

The quiet disappearance of the safe deposit box may seem like a small design choice. In reality, it’s a signal to the entire industry. Financial institutions are rethinking not just their branches, but their role in helping customers safeguard what matters most. And while the boxes may be gone, the need they once fulfilled is only growing.

Chase Bank, one of the largest banks in the United States, recently shared that it will begin phasing out all remaining safe deposit boxes nationwide, according to a report by The U.S. Sun. Banks and credit unions are eliminating safe deposit boxes not out of neglect, but necessity. They’re rethinking every square foot, adopting smaller branch formats, and aligning with how customers actually live and store their most important items. 

“The reality is that a vault is one of the least flexible investments a financial institution can make,” says Amanda Farmer, Director of Equipment at DBSI, a design-build firm based in Chandler, Arizona. “It takes up space, requires dual-control staffing, private viewing rooms, annual maintenance, and constant upkeep. When you add it all together, it’s a costly program that fewer and fewer customers actually use.”

A Shift in Consumer Behavior

Modern customer behavior has shifted. Many of the important items once stored in safe deposit boxes—such as wills, deeds, and insurance policies—are now scanned, uploaded, and saved to the cloud. At the same time, affordable home safes and advanced security systems give people the confidence to keep valuables at home. 

“It’s really become a mindset shift,” Farmer explains. “Younger generations in particular don’t want paper copies. They want digital access, and they want it to be shareable. That changes the very purpose of what a safe deposit box was meant to provide.”

The Real Gap: Guidance

Although the physical need for vaults has declined, the underlying needs they address—security, peace of mind, and planning—have not gone away. In fact, the stakes are higher than ever. According to data provided by Paige, a legacy planning platform:

• 76% of Americans don’t have a will. (Caring.com)
• $49.5 billion in assets sits unclaimed in state treasuries. (SmartAsset) 
• 80% of consumers say they expect help from their financial institution to improve their financial health, but only 14% believe their bank or credit union is delivering on that expectation. (Financial Health Network)

This gap represents a powerful opportunity for financial institutions to extend both their relevance and service.

Redefining the Branch

EJ Kritz, Chief Experience Officer at DBSI, views this moment as an opportunity to reframe the branch around what customers need today. “When vaults are taken out of the design equation, institutions must rethink the entire branch experience. It’s about creating new ways to deliver value, relevance, and trust.” 

With over two decades of banking equipment expertise, DBSI helps financial institutions decide when to decommission legacy vaults, when to right-size with smaller locker systems, and how to repurpose space into higher-value areas like advisory pods, self-service zones, or digital engagement hubs.

When Physical Goes Digital

While DBSI reimagines the physical environment, Paige provides what is essentially a “modern safety deposit box” for today’s households. The platform enables members to create wills, securely store vital documents and passwords, and designate access to loved ones, all in partnership with financial institutions that offer the service as a co-branded tool and a value-added benefit to their customers.

“Our vision has always been about giving people lasting peace of mind,” says Emily Cisek, Founder & CEO of Paige. “By helping customers plan, stay organized, and bring their closest connections into the process, we create a web of trust around financial institutions that strengthens loyalty, deepens relationships, and extends value across generations.”

What’s Next for FIs

Phasing out the safe deposit box reflects a larger shift in what people expect from financial institutions. It shows that customers may no longer look to the branch for physical storage, but they still expect guidance and pathways to securing assets that go beyond money. For an industry built on trust, deciding how to bridge that gap may prove as consequential as any branch redesign.