SAN FRANCISCO (AP) -- Not all banking customers want a safe deposit box. So Wells Fargo plans to sell online vaults as a secure and convenient alternative for storing vital records.
When the service rolls out this summer, Wells Fargo believes it will be the first major U.S. bank to offer an Internet alternative to the safe deposit boxes that have been an industry staple for decades.
Because it can't store jewelry, cash and many other precious assets, Wells Fargo's online version isn't likely to replace the traditional safe deposit box. The bank says it's more likely to replace shoe boxes and home filing cabinets by storing digital versions of birth certificates, wills, driver's licenses, passports, family photos and other important documents.
Customers will be able to retrieve the documents from any computing device with an Internet connection, a major advantage for frequent travelers.
Wells Fargo will charge nearly $180 dollars per year for its biggest online safe. The planned monthly fees will begin at $4.95 for 1 gigabyte of storage.
