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#1600009 - 09/06/11 02:07 PM Safe Deposit Box Audit
Banker Offline
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Joined: Oct 2007
Posts: 128
Southeastern US
Does anyone have some type of audit program or checklist that you use when reviewing safe deposit boxes?

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Audit
#1600160 - 09/06/11 06:21 PM Re: Safe Deposit Box Audit Banker
osucpa Offline
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Joined: May 2011
Posts: 1,402
Send me a PM and I will try and help you.

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#1601881 - 09/09/11 06:43 PM Re: Safe Deposit Box Audit osucpa
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Starter
Joined: Aug 2004
Posts: 513
NJ
I have one if you want to PM me too

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#1723863 - 07/26/12 07:39 PM Re: Safe Deposit Box Audit Banker
.M. Offline
New Poster
Joined: Nov 2011
Posts: 10
I just completed ours a few months back and was it messy. Things I suggest looking at is:
-Any deceased owners
-POD's inadvertantly listed on leases
-Billing
-System coding correctly for bill and/or box size
-All signers have signed lease agreements -- if a signature is missing ensure that person has not gained access to the box.

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#1725353 - 07/31/12 04:08 PM Re: Safe Deposit Box Audit Banker
banker1014 Offline
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Joined: May 2007
Posts: 5
Does anyone know a website of company to get a safe deposit box manual. Ours is old and we need an updated one.

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#1725712 - 08/01/12 12:39 PM Re: Safe Deposit Box Audit Banker
Sequoia Offline
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Sequoia
Joined: Jun 2012
Posts: 27
East Coast
We have multiple branches with Safe Deposit Boxes and during the last audit cycle, every branch had exceptions noted in the report regarding missing signatures, billing (either system coding or proper customer autho to debit the account). We review the access cards and surrendered box documentation. We also review the system generated report for all past due boxes to verify they are being managed. Specifically we are verifying the boxes were drilled with appropriate witnesses and the items were documented under dual control. If the items were not claimed by the customer then they would fall under Abandoned Property and we would review during that audit. -

Do you verify the Safe Deposit Box keys on hand to what boxes are available to rent?

The reason I ask is at prior bank this was a critical part of the Safe Box audit and at my current bank this doesn't even show up on the radar.
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#1725723 - 08/01/12 12:57 PM Re: Safe Deposit Box Audit Sequoia
Irishguy Offline
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Irishguy
Joined: Aug 2008
Posts: 586
Kentucky
Originally Posted By: MrsPotatoHead
Do you verify the Safe Deposit Box keys on hand to what boxes are available to rent?

The reason I ask is at prior bank this was a critical part of the Safe Box audit and at my current bank this doesn't even show up on the radar.


This is part of our audit scope. When I first starting doing this as part of the audit scope, there were a lot of issues noted. But after 2 years, this part of the audit is fairly clean now. Good luck!

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#1725730 - 08/01/12 01:09 PM Re: Safe Deposit Box Audit Banker
Sequoia Offline
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Sequoia
Joined: Jun 2012
Posts: 27
East Coast
Thank you Irishguy. This will be integrated as part of our scope during the next cycle of audits and I have a feeling this may be a little ugly.
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#1726390 - 08/02/12 02:08 PM Re: Safe Deposit Box Audit Sequoia
edAudit Online
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edAudit
Joined: Jul 2008
Posts: 4,780
You are here
Originally Posted By: MrsPotatoHead
We have multiple branches with Safe Deposit Boxes and during the last audit cycle, every branch had exceptions noted in the report regarding missing signatures, billing (either system coding or proper customer autho to debit the account). We review the access cards and surrendered box documentation. We also review the system generated report for all past due boxes to verify they are being managed. Specifically we are verifying the boxes were drilled with appropriate witnesses and the items were documented under dual control. If the items were not claimed by the customer then they would fall under Abandoned Property and we would review during that audit. -

Do you verify the Safe Deposit Box keys on hand to what boxes are available to rent?

The reason I ask is at prior bank this was a critical part of the Safe Box audit and at my current bank this doesn't even show up on the radar.


We do not do a physical count here or at prior. However we do review controls on the handling of the keys.

While working in branches (prior life)it has taken years to get it correct. By the time it was correct I was shipped off to another branch and had to start it over again.
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#1736171 - 08/29/12 02:55 PM Re: Safe Deposit Box Audit Banker
nuttybanker Offline
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Joined: Sep 2010
Posts: 11
Oklahoma
would anyone share their procedures for handling unclaimed property from safe deposit boxes that have been drilled? New at this area of the bank. I see that some of you do audits and would like to have a copy of the procedures to follow.

We have several branches. I have found there are some safe deposit contents still here from 10 years ago. some of these boxes were individual and some joint. Been able to find some of the relatives on the individual agreements. Some of the contents are family tree info. Is there a way to give this to the living relatives if there is no will etc showing heirs. some type of indemnity agreement. Does antone have an example.
Can you go ahead and sale the contents that are still here from 10 years ago? recoop the fees the bank is out, then report to the state the excess funds. Or do you have to go ahead and report to the state the contents, wait and see if they want the contents or not. If not can you sell it at that time or do banks just hold the contents forever. So many questions I have. Can anyone help?
Thanks

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#1736191 - 08/29/12 03:16 PM Re: Safe Deposit Box Audit nuttybanker
A_G Offline
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Joined: Jul 2004
Posts: 18,958
That is driven by state law - you might want to try your state specific forum.
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#1737558 - 09/04/12 01:29 PM Re: Safe Deposit Box Audit Banker
Sequoia Offline
Junior Member
Sequoia
Joined: Jun 2012
Posts: 27
East Coast
I agree with Mr. A Gita.

You may want to review your state law regarding abandoned property. We are not allowed to release the contents to anyone that is not listed on the box or as deemed in a will. Our abandoned property rules regarding safe deposit box items are not very black and white meaning there is room for interpretation and depending on which side of the coin you are on, it can mean something different. We interpret the rule as any cash must be escheated to the state within the appropriate abandoned property guidelines timeline and any "property" ie jewelry, coins, ect. can be auctioned off and the funds are used to settle the unpaid dues for the box and rest is escheated to the state. However, the bank can choose NOT to auction off the property which is currently where we stand. Perhaps against my wishes but that is the way management chooses to interpret the guidelines. Also, Savings Bonds are sent back to the Treasury.
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#1738340 - 09/06/12 01:46 PM Re: Safe Deposit Box Audit Banker
gonetobeach Offline
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gonetobeach
Joined: May 2004
Posts: 132
near Dallas
Safe Deposit Specialists / David McGuinn has a good reference manual for sade deposit operations.

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