Wells Fargo plans virtual data vaults

Wells Fargo & Co. plans to sell online vaults as a secure and convenient way to store vital records.

When the service rolls out this summer, Wells Fargo believes it will be the first major U.S. bank to offer an Internet alternative to the safe-deposit boxes that have been an industry staple for decades.

Because it can’t store jewelry, cash and many other precious assets, Wells Fargo’s online version probably isn’t going to replace the traditional safe-deposit box. It’s more likely to substitute for shoe boxes and home filing cabinets, said Jim Smith, who oversees the bank’s Internet products.

Called “vSafe,” the service can store digital versions of birth certificates, wills, driver’s licenses, passports, family photos and other important documents, Smith said. Customers will be able to retrieve the documents from any computing device with an Internet connection -- an advantage for frequent travelers.

Wells Fargo will charge about $180 per year for its biggest online safe. All documents put in vSafe will be encrypted, using the same measures that the bank employs to protect other Internet accounts.