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#1824597 - 06/18/13 04:59 PM Safe Deposit Box Reporting
Kristen C. Offline
Junior Member
Joined: Jan 2008
Posts: 30
We have a customer who passed away recently and the only relationship he had with our bank was a safe deposit box as his other accounts were closed a few months ago. His daughter is a deputy on the box and when we reached out to her about inventoring and closing the box, she said "she could not be bothered". Should we report the box to the state anyway and let her know that she must notify the state and start the process to inventory the box?

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#1824754 - 06/18/13 07:30 PM Re: Safe Deposit Box Reporting Kristen C.
Banker Kathy Offline
Member
Joined: Apr 2010
Posts: 96
Can you let a deputy into the box once the customer dies? I thought it had to be the executor and the deputy ceases on death of the renter?

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#1824759 - 06/18/13 07:42 PM Re: Safe Deposit Box Reporting Kristen C.
Beachbum, CRCM Offline
Gold Star
Joined: Dec 2006
Posts: 480
Knee Deep in Regs
check your bank's safe deposit box contract under the deputy section. Our contract specifically states the deputy authority will be revoked upon the renter's death.
_________________________
What we think, we become.
Buddha

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#1824765 - 06/18/13 07:53 PM Re: Safe Deposit Box Reporting Kristen C.
Beachbum, CRCM Offline
Gold Star
Joined: Dec 2006
Posts: 480
Knee Deep in Regs
Kristen C. Yes, we would offically notify the deputy with a certified letter.
_________________________
What we think, we become.
Buddha

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#1824809 - 06/18/13 08:46 PM Re: Safe Deposit Box Reporting Kristen C.
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
You don't have a duty to report the existence of the box. If a documented representative of the estate decides at some point to seek entry to the box, follow the normal protocol for access and inventory in PA. If nobody follows up on the box, treat is as abandoned property in accordance wit hstate escheat requirements.

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