Minimum Vault Classification - Reg Requirements
Answer by Andy Zavoina, BOL Guru Guru Bios
Question: Is there a regulatory requirement for the minimum vault classification (Class I or Class II) or is it a matter of insurance premiums?
Answer: The bank security procedures are very brief as to the requirements of the bank's vault. You simply need to have a vault, safe or other secure space. Classifications are assigned by the industry and can impact the insurance the bank has, but these are not areas of concern for regulatory agencies.
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