Home > Financial > BoI to close vaults after 230 years

BoI to close vaults after 230 years

Written by Business World, on 23rd May 2014. Posted in Financial

article headlineBank of Ireland has told its customers they must remove their valuables from their vaults because its 230-year-old safe keeping service is to be phased out. The bank's clients have been given a 30 day notice period and told that they must remove all legal documents and other valuables. Bank of Ireland's action comes as GoldCore and Sentinel Vaults have announced a partnership today which will allow for both the safekeeping of important documents and valuables, and the storage, delivery and collection of gold. They said that this can now be done for the first time from fully insured safety deposit boxes in ultra-secure vaults in a former AIB bank vault in Ballsbridge in Dublin 4. "We are delighted to offer both GoldCore clients and Bank of Ireland customers a secure, accredited vault for their peace of mind, James Dwyer, Facility Manager from Sentinel Vaults said. "BoI is removing this valuable service from their clients which it has almost certainly offered since the bank's foundation in 1783, as safekeeping was always an important part of banking. This is a very important service, still used by the elderly today. We are glad to be able to work with Sentinel Vaults in order to help people in this regard," said GoldCore Research Director, Mark O'Byrne. "We know from conversations with our clients that many of them store important legal documents such as wills, not to mention family heirlooms, in the safe in their bank's branch," said O'Byrne. "In recent years we have been asked to store valuables, including gold, but we could not recommend any safety deposit box company in Ireland." "After extensive due diligence of the two newly launched safe deposit box facilities in Dublin, we have decided to partner with Sentinel Vaults as we are confident that they are Ireland's premier safe deposit box facility," O'Byrne said. "We have chosen Sentinel Vaults due to their prestigious location, accreditation, customer protection, type of vault and the convenience they offer clients." "We only work with the safest storage providers internationally and after much due diligence, we are confident that Sentinel offer very secure safe keeping of valuables. The fact that they are the country's only certified member of the Safety Deposit Association and are the only safe deposit box facility in Ireland that is registered and accredited is important," O'Byrne said.

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