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#1591924 - 08/15/11 03:41 PM Safe Deposit Boxes
BSARocksagain Offline
Joined: May 2010
Posts: 67
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?

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Deposits and Payments
#1591933 - 08/15/11 04:00 PM Re: Safe Deposit Boxes BSARocksagain
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,400
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.

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#1592159 - 08/15/11 08:36 PM Re: Safe Deposit Boxes osucpa
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,630
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
Fighting for Compliance since 1976
Bankers' Threads User #8

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#1592171 - 08/15/11 08:58 PM Re: Safe Deposit Boxes John Burnett
BrendaC Offline
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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.

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