In light of the December 25th media report concerning matters related to the ICBC USA Canal Street Branch’s safe deposit box services, we appreciate customers’ patience while we examined the situation, and now provide the following statement:

Putting our customers first is the Bank’s highest priority and an unwavering commitment. Since the media report, the Bank has treated this matter with the utmost seriousness. We have actively supported our customers to examine the contents of their safe deposit boxes by extending the opening hours of the affected branch. As of today, more than 1,400 customers have completed inspections at the branch, and none have reported anything missing. 

In compliance with the regulatory requirements, safe deposit boxes require both the customer’s key and the bank’s key to be present to open a box. Our Canal Street Branch maintains strict security procedures, including customer identity verification and access registration, to ensure that only authorized customers can access their safe deposit boxes. In addition, we maintain secure access controls to the vault where the boxes are located and have continuous video surveillance in place.

Consistent with standard banking practices and under ICBC USA’s safe deposit box lease terms and conditions, which are publicly disclosed to customers and posted at branch locations, customers may not store cash or coins in their safe deposit boxes, except for coins that have collectible value.

The Bank remains firmly committed to a transparent, thorough, and diligent review of this matter. Upon becoming aware of the issue, the Bank promptly initiated a series of internal reviews and inspections. To date, no irregularities have been identified. The Bank also commits to respond transparently to any further investigations.

The recent media report coincided with the Christmas holiday period and severe winter weather in New York, during which many customers still nonetheless made a trip to visit our branch to inspect their safe deposit boxes. We would like to express our sincere appreciation and gratitude to those customers for their patience, understanding, and continued trust. Customers with any questions are welcome to visit the branch to inspect their safe deposit boxes or contact us by phone. We value every opportunity to communicate with you and to serve you. 

Sincerely,  

ICBC USA