The bank’s decision to eliminate the service across its eight-state branch network, primarily in the Northeast, follow similar moves by other competitors tied to what they attribute to as declining demand. Santander Bank, which has 16 branches in Connecticut, according to its website, told its customers this month that it is eliminating safe deposit boxes in all its branches, as of Jan. “It won’t be a staple of the bank branch of the future.” “It’s not something that is necessarily on the path to extinction, but it’s going to be a lot less prevalent,” Greg McBride, chief financial analyst at, said. Experts say fewer consumers are seeking them out, and while safe deposit boxes are not expected to disappear completely, they are likely to become harder to find in the coming years. The metal boxes of various sizes, used since the mid-1800s to store everything from legal documents to jewelry and cash, now are being phased out by some banks as the world goes increasingly digital. The safe deposit box - once a banking mainstay - could be headed the way of passbooks, Christmas clubs and a new toaster for opening an account.
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