Question & Answer

Question: We've been writing to a safe deposit renter to try to get back rent paid, and the mail has come back to us marked "Moved - left no forwarding address." There has been no entry to the box for over a year. Do we fill out a SAR?

Answer: I almost gave a quick "No" before I considered that you may want to - depending on what you find in the box! Once you've followed your procedures for notification through registered mail, notice of drilling, etc. and inventoried the box, you'll have your answer. If it's empty, then no further action is needed. If, however, you find any suspicious contents, or over $10,000 in cash, then you will need to file additional forms. Wait until you drill to make a decision.

Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 8, 9/99