Fergie's Tech Blog

Next Hacker Target: Wells Fargo's 'Online Vaults'

An AP newswire article by Michael Liedtke, via The Star Tribune, reports that:

Recognizing not all banking customers want a safe deposit box, Wells Fargo & Co. 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. It's more likely to replace shoe boxes and home filing cabinets, said Jim Smith, who oversees the bank's Internet products.

posted by Fergie @ 3/19/2008 02:49:00 PM