“Following my mum’s recent passing away, we found out that in her will, she had left several small items of jewellery for my three children so that when they grow up, they can have them as their memory of her. I had heard of a couple, friends of ours, who went on a cruise and when they came back, they found their home broken into. Their biggest disappointment, however, was losing some of the most sentimental objects that themselves were keeping for their own children. This is what made me revert to Ferrovault. I don’t need jewellery at home, so I’m happy knowing they are in safe keeping.” ‒ a Ferrovault client.
Jeanne Borg, director of Ferrovault, says that sentimental things are the most precious, so whenever she hear stories like the above from clients, she immediately relates to how they would be feeling. She feels proud that her company is bringing peace of mind to many of their clients.
“I meet new clients every week and they never need to be asked what prompts them to seek our service. It is so personal that they end up telling us themselves what would have spurred them to consider coming to us,” she says.
“This particular client’s story is also very relatable because we all grow up with an attachment to sentimental objects that would have belonged to our loved ones.”
Centrally located in Iklin, Ferrovault had started its operations discreetly last year. This gave the company the opportunity to gauge clients’ interest and expectations. Once the service started gaining traction, the company officially launched its service earlier last May.
Ferrovault is Malta’s only safe deposit box service. It consists of a compound of several safe deposit boxes designed to offer a private, discreet and secure service to local, international and corporate clients which range from insurance companies to crypto and legal firms, banks, notaries and wealth management companies.
“The timing worked in our favour because those banks who were already offering a similar service were stopping it, so we saw in this an opportunity for our company which invested a lot to be able to offer an even better service. In fact, Ferrovault today is the only facility offering safe deposit boxes in Malta,” Borg says.
A higher level of security
Ferrovault is a result of what is also happening in other countries such as the UK, where this same model has found its niche due to more banks stopping their safe deposit box service.
The same thing happened in Malta which created the same needs. In fact, the services offered by Ferrovault are based on the same model offered by the company in London.
“Our service has been improved upon the service that used to be offered by local banks because at Ferrovault, access to the vault is not limited, clients do not need to make an appointment before coming, we remain open for longer hours, and we offer free insurance up to a value of €10,000.”
Although Ferrovault’s facility is located below ground level, the place is equipped with a very efficient ventilation system that guarantees fresh, clean and dry air. The company also plans to create new compartments specifically for the safe storage of art and other items that require a damp-free environment.
“Although our service used to be offered by some banks, as a concept, it is still not as common, and people rest in the false idea that what happened to this person and her family while they were abroad is never going to happen to them. But then, from the stories we are coming across, many end up telling us that a mistake like this is only made once and that once it happens, you will never be trusting again. So why do people wait for something like this to happen before safeguarding themselves?”
One of the most common enquiries by those interested in the service concerns the eventual access to their safety deposit box.
“This is a good question and an important one. In fact, it is good to note that Ferrovault operates its safety boxes with only one key which the client keeps so only the client has access to the box. Besides the fact that the key is only in the client’s possession, access to the vault is only possible with the use of biometric technology using fingerprints,” Borg notes.
Claudio Spiteri, who is responsible for all the aspects concerning the security at Ferrovault’s facility, explains how the service has been particularly attracting interest mainly due to the fact that it offers new levels of security beyond what the local market has been offered to date.
“In fact, all those who visit us always ask us what type of security we offer. First and foremost, the security applied at our facility has been classified at Grade 6 – a very high level. And while the vault is protected by state-of-the-art security technology provided by Pincott Security, its management is conducted by Kavallier Security Services Ltd, two highly professional and respected brand names in the local provision of security solutions.”
“The ordeal that this particular family went through some months ago is only one of the many stories we have been coming across,” Borg adds. “In fact, when you hear of such stories where someone would have gone out only to return and finding they have been robbed, you realise what a nasty experience this must have been. This is why so many people are wanting to find out more about our services.”