Private Safe deposit Box Operator

Week 7.2. Private Safe deposit Box Operator

There are three private safe deposit operators in Malaysia. Please do spend some time by visiting their website or go for site visit.

a) http://www.safedepositbox.com.my/


USJ summit (shopping complex)
Damansara (4 storey shop lot).
Insurance coverage by Lonpac insurance
Min is RM10K coverage
Max RM80K coverage.

Wisma MPC, Jalan Raja Chulan is closed down on 15th March 2011.

Apparently, the Wisma MPC location is not good enough. There are 16,000 boxes there yet there are not many takers. If not why closed it down. It heard many of the banks are not helpful in promoting the safe deposit box services. I think the facilities there is quite OK, considering it is a high rise building and not shop lot.

If you want good location e.g Time Square, then rental going to be expensive then customer won’t want to pay. If location no good, no customer. Catch 22. I think later, customer going to pay for their ignorance. You go and find which bank in KL still have empty safe box for rental, let us know. How many phones call you have to make? How many deposit you have to pay before they allow you to rent the safe box?
It’s the cheapest among all the 3 operators.

b) Royal safe cum Public Safe
http://www.rsdb.com.my/ or http://www.publicsafe.com.my

Min coverage is RM100K /box.
Max coverage RM400K /box
Insurance Coverage by Kurnia insurance and ACE Synergy Insurance Bhd
Spend some time visit their website or go for a site visit.
Only 6000 boxes per site to prevent congestion.

All side of the walls, top and bottom are steel reinforced. Only one customer and his co-hirer can enters the facility at one time. However, there is only one small space for customer to access their belonging. Thus, you may need to wait if there is lot of customers. At the time of my visit, saw one guard and one operator in the facilities. The guard can accompany you to your car. Reserve parking for customer. There is a lot of empty parking space there. Public Gold Office is just on top of the royal safe. Thus, you may expect that most of the hirer are Public Gold Agent.

I was told that safe boxes are heavy stuff thus it should be located in the ground floor. However, I have seen many safe box facilities located not in ground floor. Thus, I need to get some verification from a structural engineer.

To go there is quite jam unless non-peak hours. It located near Sunway pyramid. Price wise it is 2nd most expensive.

c) http://www.mysafebox.com.my/

24 hours.
Sri Kembangan
Insurance per box RM10,000 to RM20,000/-
Max coverage per box RM$150,000/= by Kurnia Insurance.

I went and visit them some time back. The box is not located at ground floor, I was told that if robber/pencuri get in they must climb to the upper floor to access the safe. Sound logical. There won’t be any burglar since it is a 24 hour facilities. There is some steel beams reinforcement at the ground floor to support the weight of the boxes in upper floor. They show me the video on how to access the box, I was impressed with the procedure. There are ample spaces and few private rooms for customer to spend some time with their precious belonging. I saw 2-3 guards. This is the most guarded facilities. Their price is the most expensive. I think they cater more for Sri Kembangan people.

Drawback:
The traffic congestion is very bad at Sri Kembangan especially at South City Plaza area and near the race course at Mines.

Price wise and other info: I didn’t put it here even though I have it, operators may not like it. If you want just give them a call they will be more than happy to entertain a potential customer. Do your own due diligent before you engage their services. It not so much about the charges, it is more to protection of your assets.

Point to consider.
1. Maximum insurance amount is an indirect indication of how secure the safe deposit box facility.

2. Location of the safe box where it is convenient for you to access it. Petrol is going to be very expensive in 2012, 2013.

3. Adequate parking space for the hirer to get in the safe facilities and make a quick exit

4. Opportunity to Hide in the masses
The place must have many people walking around so that you cannot be identified. Unless the robber targeted you then that is another story. If it is a shopping complex, then it’s difficult for people to tell where you are heading to whether to the safe box or elsewhere.

5. Expansion. No movement is the best movement
Some safe facilities are in the process of expansion where there are some vacant spaces for new safe boxes to be added in. At the meantime, the old boxes are already rented out. Thus, this may pose some security threat during the process of adding new boxes.

See you on the next few articles on Safe Deposit Box.