Skip to content
BOL Conferences
Thread Options
#1591924 - 08/15/11 03:41 PM Safe Deposit Boxes
BSARocksagain Offline
Member
BSARocksagain
Joined: May 2010
Posts: 67
Maryland
When a FI rents a safe deposit box to itself is a leasing agreement still needed? Or is only a Corporate Resolution only needed? Or both?

Return to Top
Deposits and Payments
#1591933 - 08/15/11 04:00 PM Re: Safe Deposit Boxes BSARocksagain
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,406
Most banks I have worked at complete a lease agreement. With the responsible party for the box signing the lease agreement. They will then attach a list of those authorized to enter the box to the lease agreement. I have never known a bank to use a corporate resoluation in renting a box.

Return to Top
#1592159 - 08/15/11 08:36 PM Re: Safe Deposit Boxes osucpa
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
What you need is controls over access and a way to ensure the box is removed from inventory so that it can't be mistakenly rented. The contract is probably superfluous, but if it becomes the frame on which the access list is placed, there's certainly no harm.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1592171 - 08/15/11 08:58 PM Re: Safe Deposit Boxes John Burnett
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I recommend using positions as opposed to specific names since they can change quite often.

For example, it may state something like: two bank employees required to enter box; at least one must be an officer.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top

Moderator:  John Burnett