Answer:
The term "fire-proof" opens debate, so the term "fire-resistant" is often preferred. The easy answer is, it depends. What documents do you want access to in the event there is a fire (such as loan contracts, collateral documents, backed up computer media, signature cards and safe deposit box card files)? It also depends on what you image and store electronically. These e-storaged items would be backed up two or more times and stored both on-site and off-site. Accurate electronic documentation can replace the paper files and are easier to store plus they may be reproduced with the push of a print button.
First published on BankersOnline.com 12/08/08
print
share