Banks are generally a 9 to 5 business; so are the vaults housed there.
Bryant Stone, a former US Bank and BB&T banker, wants to change that with one of the metro area’s first private safe deposit box services in Ashburn.
Stone opened Commonwealth Vault and Safe Deposit Co., which cut the ribbon on December 1, with $ 150,000 he raised between himself and two investors.
As a banker, he noticed that there was a vast demand for certain safe and deposit box services which was not met by traditional banks and financial institutions.
“A large percentage of banks that offer safes operate on a 3-5 year waiting list,” Stone said. “At the moment, there is no waiting list on our site.”
Because banks are limited by safe space, they offer few options of larger boxes for people who want to protect their valuables.
Stone wanted to shake off the rigidity that the safe deposit box industry worked with, by offering a 24-hour concierge service that allows users to enter their vaults whenever they want.
It also decided to offer larger safes, custom storage lockers, and mini safes for rent.
Stone’s company offers more flexibility on contract and size offerings and contract titles because it does not have the same regulatory burdens as a bank.
The company does not provide insurance on property in safes, a policy it has in common with local banks.
Stone says providing insurance would violate many of the principles of anonymity for which he created the company.
“If I provided insurance, it would force my clients to tell me the contents of what’s going on in the safe,” Stone said.
But why Ashburn? “My market research has shown overwhelmingly that the highest concentration of sold-out bank branch safes are west of Highway 28 and north of Dulles Greenway,” Stone said.
Services range in price from $ 10 to $ 250 per month. Safes and safes are commonly used to hold important documents, family heirlooms, or sports collectibles.
Anything can be put there as long as it’s not an illegal, explosive, or live liquid.
Stone takes pride in the security it provides to its customers.
Customers are immediately confronted with a security checkpoint at the gate.
To access the safe, Stone or an employee must provide an escort.
The current safe has a higher UL rating and thicker steel plates than most local banks.
Stone says the largest box available at most banks is 10 by 10. He offers a “refrigerator-sized vault.”
The price of storage in the company is as follows:
3-by-5-by-24 for $ 120 / year
Currently, Stone has filled 15 percent of the 350 boxes, lockers and chests he has in stock.