Thread Options Tools
#1998475 - 02/26/15 07:47 PM Lock Rotation on Safe Deposit Boxes
BusyBankLady Offline
New Poster
Joined: Oct 2014
Posts: 5
Looking for best practices in regards to safe deposit boxes. Do you rotate locks when customers close out safe deposit boxes and return both keys?

Return to Top
General Discussion
#1998497 - 02/26/15 08:22 PM Re: Lock Rotation on Safe Deposit Boxes BusyBankLady
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,400
Why would you rotate locks in this instance, I assume the customer has signed a release and the box has been inspected by a bank employee. The potential rotation may depend on the number of boxes available for customer use.

Return to Top
#1998521 - 02/26/15 08:52 PM Re: Lock Rotation on Safe Deposit Boxes BusyBankLady
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,275
Illinois
Quote:
Why would you rotate locks in this instance


It is not an unusual practice as the Bank wants to eliminate the risk of the customer making a duplicate key before returning the two the Bank issued.
_________________________
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com

Return to Top
#1998610 - 02/26/15 11:07 PM Re: Lock Rotation on Safe Deposit Boxes BusyBankLady
GoneToTexas Offline
100 Club
Joined: Jul 2007
Posts: 130
Texas
We do rotate the locks. Locksmith comes on a regular basis to drill boxes and rotate locks. If a customer claims that something is missing from their box, that's just one less thing they can claim as a possibility.

Return to Top
#1998612 - 02/26/15 11:30 PM Re: Lock Rotation on Safe Deposit Boxes BusyBankLady
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,644
The Country
We rotate on every box that is returned with 1 key and randomly on everything else.
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

Return to Top
#1998765 - 02/27/15 04:36 PM Re: Lock Rotation on Safe Deposit Boxes BusyBankLady
dottiec Offline
Gold Star
Joined: Jul 2007
Posts: 305
We rotate the locks on every box no matter how many keys they return.
_________________________
"Life begins at the end of your comfort zone."

Return to Top
#1999092 - 03/02/15 11:00 AM Re: Lock Rotation on Safe Deposit Boxes BusyBankLady
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If a system was designed to facilitate changing locks; i.e. it is easily done by a bank employee, it was intended that the locks be changed every time a box is surrendered. Failing to do so would actually make your bank look sloppy in the event of a mysterious disappearance.

If the mechanisms require the services of a locksmith to change them, then rotating locks with every surrendered box is generally thought to be cost prohibitive as long as both keys were returned.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#2006489 - 04/07/15 01:49 AM Re: Lock Rotation on Safe Deposit Boxes BusyBankLady
lonewolfette Offline
New Poster
lonewolfette
Joined: Apr 2015
Posts: 5
Massachusetts
My institution also rotates locks. There is the mindset that a copy of a key could be made, so we'd rather be safe than sorry. Fortunately, our lock can easily be changed by bank employees. We've also changed our policy that if both keys are not returned, we cannot close the box until we've been paid for 1 missing key, or paid for the drilling of the box if both keys are missing.
_________________________
Of all the things I've lost, I miss my marbles the most.

Return to Top