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Question & Answer
Question: We received a letter in the mail from an elderly customer and her daughter. The mother recently moved, out of state, to live with her daughter. In the letter they asked that we take the two safe deposit keys enclosed, empty out the box, mail the contents to them, and surrender the box.
To make matters worse, the envelope was ripped, and there were no keys.
What would you suggest?
Answer: Whew! I called Dave McGuinn, President, Safe Deposit Specialists, Inc. for help. He advised the following: Write to Mom and daughter and tell them what happened. Also tell them "No!" Suppose you mailed the contents of the box, and the post office lost the package? Are you willing to accept that liability?
If nobody can come and physically close the box, then eventually the rent will come due, you can drill, recover your costs (hopefully) and escheat.
David tells me you should never grant the request to deliver or mail the contents of a box to a safe deposit customer.
Note from editor: David also says there is an uproar developing around "single-nose locks" on safe deposit boxes now gaining popularity in some financial institutions…boxes accessible without a guard key or an attendant. He refers to them as "bus station lockers!"
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 4, 3/97
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