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Wells Fargo Launching "Virtual" Safe Deposit Boxes Online

by Terrence O'Brien on March 20, 2008 at 11:15 AM

Wells Fargo Launching vSafe Digital Safe Deposit Box

Wells Fargo bank is prepping to launch a new service called vSafe, which will essentially act as a "virtual" (i.e. non-physical) digital safe deposit box. Instead of storing heirlooms, cash, or jewelery, the "virtual" safe is designed to store digital records or copies of records, such as birth certificates or wills.

Wells Fargo will be facing an uphill battle, though. The bank plans to charge $4.95 a month for 1-gigabyte (GB) of storage, $9.95 for 3-gigabytes, and $14.95 for 6-gigabytes. Though the bank will extend the same encryption and security measures it uses for it online banking for vSafe -- translation: guaranteed secure connections that keep you safe from hackers, and powerful encryption that scrambles any data stored or entered on the site -- it isn't giving too many other details on why its service is better than the already copious amount of storage offered for free by the likes of Microsoft and AOL.

Wells Fargo is hoping that its long history and first to market status in the new digital safe deposit box field will bring it a new source of revenue. However, we don't see a very large market for the new service. Free storage or otherwise, online storage ultimately isn't all that secure, even behind a bank's security system.

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Tags: bank, online storage, OnlineStorage, safe deposit box, SafeDepositBox, security, vsafe, wells fargo, WellsFargo

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