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#2031120 - 07/31/15 05:18 PM Safe Deposit Box (FL) Questions
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
We are acquiring two small banks, both with different safe deposit procedures. Questions: 1) We have always used a time-stamp when the box is accessed. Neither of these banks do. The attendant simply writes the date and time. That doesn't seem very "controlled". (2) Do you re-key your boxes when vacated.

I have been doing this a long time but have always used a time/date stamp and have always re-keyed the boxes. If you do not believe we need to continue to do both please convince me it is not needed. If you think we should continue both practices please help me with ammunition for senior mgmt.
Much Thanks.

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#2031991 - 08/05/15 09:54 PM Re: Safe Deposit Box (FL) Questions SunnyFL, CRCM
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
This is a generic response. If you think there may be nuances unique to Florida, please re-post in that forum.

Safe deposit procedures are like the net below the high wire. You really don't need all of those strings, but it may make a big difference which ones you choose to cut if something happens down the road. What all of your procedures come down to is that if a renter alleges that there has been a mysterious disappearance of his property could you convince the judge that it was simply impossible that anyone but the renter had access to the box?

Obviously, a time and date stamp would be more reliable than the same information handwritten by the custodian.

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.

Whatever your decisions may be, it is prudent to homogenize your procedures across all offices.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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