Is there anyone out there that will not allow non-customers to open Safe Deposit Boxes? If so, can you please share with me your reasons for not doing so.
Thank you so much!!

First, your Safe Deposit area is not likely a profit center. But, it might help retain a customer relationship.

Second, all should be on automatic payments. Delinquencies are a real pain.

Third, they're going to empty the box with 1 key and try to remember to bring in both to get the key deposit back "someday". Unfortunately, you'll be drilling the box for non-payment before someday gets here.

Al

I would recommend taking steps to understand your local market. In some of our markets, banks have waiting lists for safe deposit boxes. Offering safe deposit boxes to non-customers provides us with an opportunity to cross-sell services to these customers.

If you are looking to use it as a marketing tool, you could try linking to a checking account product.

To avoid some of the problems associated with payments, you may want to use the same screening criteria for SDB customers that you use for new deposit account customers.

Requiring auto payments doesn't always work. There is nothing to keep the customer from closing (or taking to a zero balance) the checking account designated for the payment. We have to deal with that every year.

Build the drill fee into your key deposit for non-customers. Instead of a $15 key fee, have a $125 deposit that covers the key and drill. You have the ability to cross sell other products as Brenda mentions, and you cover yourself against loss should the person never return the key(s).

Alternatively, you could continue to rent boxes to non-customers without charging the extra deposit and write off any loss as marketing expense since it is an effort to bring in new deposit/loan customers.

FWIW, I have never worked for a bank that offered SD Boxes to non-customers.

Thank you all very much!!