Converting Safe Deposit Boxes from Free
by Mary Beth Guard, BOL Guru
Question: We have some “free” safe deposit boxes. We intend to discontinuing offering the service and want
to convert the existing boxes to “paying” boxes. Do you have any suggestions for solving this issue on existing safe deposit boxes?
Answer: What’s your contract say? What were the terms under which you offered the “free” box? How long did you commit to provide it for free? Was it open-ended? What does it say about cancelling or amending the contract? Observe any contractual provisions that are applicable.
To avoid claims of unfair or deceptive acts, provide plenty of advance notice in order to allow the safe deposit lessee to make other arrangements. In the future (or for those of you who are considering “free” boxes), be sure you provide it for a specifically stated
limited duration.
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