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Question & Answer
Question: When a customer surrenders a box and brings back both keys, it has been our procedure to change the lock on the box. Management now says it's too expensive to do it that way. They want us to just reissue the keys. We've heard you say in seminars that locks should always be changed when the box is surrendered. Can you tell me why?"
Answer: There is no way you can guarantee your customer that he has the only keys to the safe deposit box he just rented unless you have changed the lock. We'd like to believe you can't get a safe deposit box key duplicated, but the fact of the matter is that hardware stores, and even some department store chains will duplicate them for you.
Imagine telling your customer, "Here is a copy of your contract, and here are two keys to the box you just rented. We think they're the only two keys for that box!"
What would the image of your financial institution be in town if word got out that your customer's box was entered by someone else who had a key? Not to mention the lawsuit from the box-holder!
Do management a favor. Convince them to change the locks when a box is surrendered.
Thanks to Dave McGuinn from Safe Deposit Specialists for his response.
Copyright © 1994 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 11, 6/94
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