Hi Gold Chan, I have checked with Maybank & CIMB, no it is not true that Maybank and CIMB or any bank for the matter has outsourced their SDB requirements to Safe Deposit Box Sdn Bhd located at Summit USJ. It would be ridicolus & suicidal for the banks to do that when this company do not even have a single Security Guard at their premises.

If there is anyone who have outsourced for Safe Deposit Box services is Public Gold, Public Fine Gold International, Public Dinar, The Gold Label, Sovereign Wealth and Tembaga Hijau & Trading. All these are large Gold Trading companies who have outsourced to RSDB i.e. direct all their clients to Royal Safe Deposit Boxes (RSDB) located at Bandar Sunway. Royal Safe Deposit Boxes is the only SDB center which provides you with an option to insure you items for up to RM300K.

Check out www.rsdb.com.my & www.publicgold.com.my (Home page at the bottom right)

Hi Cuebiz,

If the Company goes bankrupt nothing will happen to your items in the SDB because the Court can only order items that belongs to the company to be sold, in other words to be auctioned. The items in the SDB do not belong to the company, the court or the company has no jurisdiction over these items. As such you will get back your items without any problem, unless of course the owners break open yr box and disappear with yr items.

This is interesting. How can you know or gauge if this could happen. Look at the willingness of Insurance Companies to underwrite the risk for the Safe Deposit Boxes. If the Insurance Company is not willing to provide outright cover of more than RM10K, then I would be concerned.

Looking at the 3 main players in the market only RSDB provides outright Insurance Coverage of up to RM100K and max of RM300K. I am sure the Insurance people's risk consultant would have done their survey and given their green light to RSDB. So there you go.

And for those who do not know BNM has got nothing to do with the SDB services provided by the banks. Is there anyone out there who knows what part BNM played in assisting the clients of Maybank and Public Bank who's SDBs were robbed. Nothing, BNM did nothing.

And the PIDM insurance (which, according to The Star pg B1 dated May 12, 2010 is going to be increased to RM250K per account) too does not cover your items in any bank's Safe Deposit Boxes. I have personally called them up to verify this. That insurance covers only your accounts. So do not be to enthusiastic about the PIDM insurance.

Simond