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#2082875 - 06/10/16 02:44 PM Frank Dodd Act and Safe Deposit Boxes
LSmith Offline
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LSmith
Joined: Dec 2002
Posts: 703
We had a customer call and said that he had read that in the Frank Dodd Act it stated something to the affect that if a bank failed the safety deposit boxes became the property of the federal gov’t and they could seize the property contained within the boxes.

Is this true:

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General Discussion
#2082896 - 06/10/16 03:09 PM Re: Frank Dodd Act and Safe Deposit Boxes LSmith
Rocky P Offline
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Joined: Jun 2003
Posts: 7,379
Florida
I would ask for a copy of what they read, but ........

the property in the SD box belongs to the lessee (based on state law). I've seen one case, where the property (cash) was determined to be the results of drug trafficing, and there was a court order upon conviction forfeiting the cash.
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#2082916 - 06/10/16 03:53 PM Re: Frank Dodd Act and Safe Deposit Boxes LSmith
rlcarey Offline
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Joined: Jul 2001
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Galveston, TX
Nut case.
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#2082947 - 06/10/16 05:26 PM Re: Frank Dodd Act and Safe Deposit Boxes rlcarey
Elwood P. Dowd Offline
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Ah Ha!, rlcarey. Take that!
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#2082955 - 06/10/16 05:41 PM Re: Frank Dodd Act and Safe Deposit Boxes rlcarey
Elwood P. Dowd Offline
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Next to Harvey
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#2082957 - 06/10/16 05:45 PM Re: Frank Dodd Act and Safe Deposit Boxes LSmith
edAudit Offline
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edAudit
Joined: Jul 2008
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You are here
Memo states DHS to make “periodic and unannounced” visits to banks and inspect contents of “selected safe deposit boxes.” Photo: EG Focus

How did they get my key?
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#2082978 - 06/10/16 06:24 PM Re: Frank Dodd Act and Safe Deposit Boxes Elwood P. Dowd
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,593
Cape Cod
Originally Posted By Ken_Pegasus
Ah Ha!, rlcarey. Take that!


Fortunately, I don't bank with a TBTF bank. My bank is definitely not too big to fail. But it is too smart to.
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#2082979 - 06/10/16 06:29 PM Re: Frank Dodd Act and Safe Deposit Boxes LSmith
John Burnett Offline
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John Burnett
Joined: Oct 2000
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Cape Cod
"But, Momma, I read this on the Internet, so it has to be true, doesn't it, Momma?"

Outrageous.

And "Frank Dodd Act"? Really?
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