JPMorgan Starts Phasing Out a Banking Relic: Safe Deposit Boxes

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.

“We made a business decision to stop offering new safe deposit boxes as of December 2021, but that doesn’t affect current customers who have boxes,” said JPMorgan spokesman Tom Kelly.

Banks have offered ...