South African banking giant ABSA is urging customers to visit their nearest branch to collect items from their safety deposit boxes, as the bank will cease offering safe custody storage services.
This service will be discontinued from September 30, 2024, according to a statement from ABSA.
The bank explained that this decision is part of an ongoing review to ensure their services align with their business strategy and remain sustainable.
To retrieve items held in safe custody, customers must schedule an appointment at their nearest branch by September 30.
Any uncollected items may be sold to cover outstanding fees, where applicable.
If a customer cannot be traced, ABSA will manage any proceeds in accordance with regulations regarding unclaimed funds and dormant accounts.
Customers can claim these proceeds at any time without incurring interest.
“We encourage you to contact us as soon as possible to arrange the retrieval of your safe custody items,” ABSA said.
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