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#1839799 - 08/06/13 04:19 PM Safe Deposit Box with joint owners
INOH Offline
Gold Star
Joined: Jul 2012
Posts: 345
Northeast
Need some enlightenment please…

We have a safe deposit box customer who wants to remove the joint owner from the safe deposit box. We are not sure if we can just remove the joint owner…We think we should be closing the safe deposit box and opening a new one instead of removing the joint owner. Do we need both signatures to do this?

Thanks,
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Just trying to swim in the compliance world.

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#1839812 - 08/06/13 04:30 PM Re: Safe Deposit Box with joint owners INOH
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
This is a matter of your internal procedures - you must be consistent.
Our procedures call for the box to be closed and a new opened in an instance like this.

In the first scenario you give, it makes it too easy to blame the bank 'The bank took me off of my own box' as opposed to the second scenario, 'Jim closed our box' - takes all the blame off of you.
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#1839827 - 08/06/13 04:54 PM Re: Safe Deposit Box with joint owners INOH
INOH Offline
Gold Star
Joined: Jul 2012
Posts: 345
Northeast
Thank you R Banker!
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Just trying to swim in the compliance world.

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#1840164 - 08/07/13 03:51 PM Re: Safe Deposit Box with joint owners INOH
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
If you need a second opinion - I agree.
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