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#1858292 - 10/03/13 08:36 PM Safe Deposit Box Drilling Fee Increase
ksm Offline
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ksm
Joined: May 2003
Posts: 302
Midwest
We are going to raise our safe deposit box drilling fee from $150 to $200. Do we need to notify all of our customers or can we just include on the fee schedule? Do we need to give 30 days advance warning?

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#1858301 - 10/03/13 08:53 PM Re: Safe Deposit Box Drilling Fee Increase ksm
Tn Auditor Offline
Member
Joined: Nov 2005
Posts: 77
Safe Deposit Boxes aren't covered by Reg DD which requires a 30 day notice for any change which adversely affects the customer. I would check the sdb agreement/contract to see if it contains any language about notices for fee increases. However, as a courtesy, I would notify my sdb customers about the change. If you send paper billing notices, perhaps include a line about the drill fee increase.

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#1858303 - 10/03/13 08:53 PM Re: Safe Deposit Box Drilling Fee Increase ksm
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
There's no federal rule on this that I'm aware of. State law may inform your choice, and you also should look at your SD contract to see if there's a provision on notices on such things.
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