Boston Bank Offers Web-Based Safe Deposit Boxes for
Associated Press (10/11/00) Vol. 104, No. 41 p.1; Lindsay, Jay

The new federal law that makes digitally signed documents legally binding has provided banks with an opportunity to offer a new generation of secure storage harbors for these documents. FleetBoston Financial is launching a virtual safe deposit box system called fileTRUST that could eventually make metal safe deposit boxes obsolete. While Fleet is not the first bank to offer such a service, it is the first major bank to invest heavily in the technology. Fleet's online boxes are aimed at small business, such as certified public accountants, lawyers, and doctors. The system offers 24-hour Internet access to digital documents that can be retrieved by unlocking the box with an identification number and password, then downloading the information.

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