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Question & Answer
Question: My bank has been bought, and our branch is being closed. We have safe deposit boxes here. Is there a requirement on how long a period of time we have to give our boxholders to either close or move their boxes? It seems to me that there was a 60 or a 90 day requirement, but I can't find it anywhere.
Answer: Some states have statutes addressing the time you must give a boxholder to close or move a box. In Florida, where you called from, there are not specific requirements, so you would be guided by the standard of the industry, which is 60 days. You'll also want to check your safe deposit agreement. It should have some type of termination clause, according to Houston safe deposit expert, David McGuinn. He has a book, by the way, that will give you specific instructions on moving safe deposit boxes, including sample letters, security requirements, etc. You can reach him at (713) 937-9929.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 9, 9/98
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