The virtual boxes are initially aimed at small business owners and will offer 24-hour access to whatever digital information a customer chooses to store inside them. Regardless of whether Fleet's system is successful, its introduction by the country's eighth-largest bank could make virtual safe deposit boxes more widely available, analysts say. Several smaller banks offer similar services, including BankAtlantic in Florida, the online bank NetBank and Zions First National Bank in Utah. Kilgour's Atlanta-based company sells a similar service to financial institutions. He said Fleet is the only bank to have built its own internal system.
Fleet touts the box as protection again viruses, system failures and theft.
An identification number and password is required to access the box. Fleet spokeswoman Alison Gibbs declined to provide further details about the security measures the banking institution has taken to protect the virtual safety deposit boxes. Downloaded documents will carry the same legal weight as a photocopy, said Brian Moynihan, Fleet's director of new-product development. Fleet will run a pilot project with about 100 small business owners through the fall, with plans to make it available to all customers by early next year. But Bell said he doubted features like virtual safe deposit boxes would lure those wary of online banking.