With fewer and fewer employees available to access dual control we're considering putting a small number of safe deposit box keys into a working
supply. What guidance can you give me on this?
We received a call from a customer's child asking for information about a safe deposit box in name of our customer who is now deceased. This person
was listed on signature card but never signed it. Should we give him any information regarding the closing of the box?
If I get a promise to pay two days from now on Wednesday and they don’t show, can I call Thursday morning?
When increasing a fee to drill a safety deposit box, do all customers need to be notified ahead of time?
Can there be beneficiaries on a Safe Deposit Box?
When one safe deposit box renter wants to remove the other renter in a joint lease do I:
1 - simply retype a new contract with the remaining renter and keep the same box for the one keeping the box? (basically an update)
2- close out the box and open a new one with a new contract?
3- if I am going to close out the box and open a new one what keeps me from opening the same box prior issued?
I currently close out the box and reissue a completely different one with a completely new contract.
Where can I find rules regarding safe deposit boxes and notices that must be sent before they are drilled for nonpayment of rent?
Our procedures currently allow customers to close their safe deposit box by mail if they sign and have notarized an affidavit we provide. Our procedures state the box must be opened by two bank employees and an outside Notary who will attest to the contents. If the customer states on the affidavit that the box is empty should we still require the outside Notary to witness the opening?
We have a hold harmless clause in the affidavit that states the following:
"In consideration of the Bank’s accommodation to me as requested, I hereby release, discharge and agree to indemnify and hold XYZ BANK harmless from any and all responsibility of liability, claims and causes of action under and pursuant to this instrument, or in any way relating to the contents of said Safe Deposit Box."
I'm not sure what this falls under, but I have a question about safe deposit boxes. I have always been told that if you have a safe deposit box joint with someone else and you wanted to remove their name from the box then you could do so. Is this not something you can do? I know you cannot remove a joint owner from a checking, savings, etc.
I have read several scenarios on currency in a deceased person's safe deposit box. We have one that I am not sure will meet the definition of "transaction" Case is single renter deceased, box drilled upon non-payment of rent. $18,000 in currency was in the box, that along with other items was verified under dual control and put into safe keeping. Later, staff started tracking down the estate or likely survivor. We found his spouse, and she had no idea he had the box. Upon proper documentation of her right to have box contents, she was given the currency, and no one at the branch considered that a CTR might be required. Since the dollar amount was never placed in a bank account of any kind, there was no transaction that the CTR software could see, so it did not appear there, or in BSA AML monitoring software. It is well past time to file. Do we need to start a back-filing request to FinCEN?