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:

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.

Nut case.

Ah Ha!, rlcarey. Take that!

More stuff you didn't know.

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?

Fortunately, I don't bank with a TBTF bank. My bank is definitely not too big to fail. But it is too smart to.

"But, Momma, I read this on the Internet, so it has to be true, doesn't it, Momma?"

Outrageous.

And "Frank Dodd Act"? Really?