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#2238379 - 06/19/20 05:29 PM Safe Deposit Box- Assessing an Access Fee
Jaime Lannan Offline
New Poster
Joined: Sep 2012
Posts: 9
I was wondering if anyone knew if it is possible to assess a fee for access to a safe deposit box (when access is excessive).

Thank you in advance.

Jaime

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#2238578 - 06/24/20 04:23 PM Re: Safe Deposit Box- Assessing an Access Fee Jaime Lannan
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
I'm not sure why you would want to. It's a fine line on what is considered excessive IMO and people are allowed to go into their box so to implement a new fee telling them it's too often wouldn't go over too well I would think. The other thing I'd consider is, is there any suspicious activity related to their frequent visits and perhaps their account activity that hasn't been detected yet for a possible SAR filing?

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#2238589 - 06/24/20 05:35 PM Re: Safe Deposit Box- Assessing an Access Fee Jaime Lannan
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I'd be very careful with your proposal, Jaime. Don't do anything with it before your bank checks with legal counsel. You have lease contracts with these customers, and it's unlikely that your contract provides for adding new fees. At best, I think, you might be able to add the fee as leases come up for their (presumably annual) renewal.
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John S. Burnett
BankersOnline.com
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#2238668 - 06/25/20 05:22 PM Re: Safe Deposit Box- Assessing an Access Fee Jaime Lannan
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,700
The Country
You would probably be better off asking this very limited group to exit the safe deposit box product rather than changing everything to address an inconvenience caused by so few folks.
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

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#2238689 - 06/25/20 09:56 PM Re: Safe Deposit Box- Assessing an Access Fee Jaime Lannan
Jaime Lannan Offline
New Poster
Joined: Sep 2012
Posts: 9
Essentially what was being tossed around was this, your first 12 entries no charge. Each additional set of 12 entries would be purchased before hand at a flat cost. Most customers access their box at most once a month, if that.

I do know it would cause a change to our contract, just wasn't sure if anyone knew of any possible legal aspects that could arise. I will certainly reach out to our legal department as well.

Thank you everyone for your responses.

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