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JPMorgan Chase Is Phasing Out Safe Deposit Boxes

  • Bank won’t rent new boxes or offer substitutes for closed ones
  • Boxes have long been a place for securing valuables, documents
A pedestrian walks past a Chase bank branch in New York on Jan. 13.
A pedestrian walks past a Chase bank branch in New York on Jan. 13.Photographer: Victor J. Blue/Bloomberg

JPMorgan Chase & Co. is starting to phase out an offering far more associated with old-fashioned bank branches than today’s smartphone apps: safe deposit boxes. 

The New York-based lender no longer allows customers to rent new boxes. If a Chase bank branch is shut, its safe deposit boxes will be closed as well, and their holders won’t be able to open a new box at another location.