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#6094 - 10/30/01 10:30 PM Safe Deposit Fees
Compliance Heifa Offline
100 Club
Joined: Sep 2001
Posts: 182
Up on the Roof in Texas
Our bank acquired another bank last year. Several branches offered no fee safe deposit or discounted safe deposit boxes. We want to begin charging for this service. I have looked in state law and cannot find any information. I assume that we need to at least give the customers 30 days notice and the chance to close the box if they don't want to pay the fee. Any suggestions would be appreciated.


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General Discussion
#6095 - 10/30/01 10:57 PM Re: Safe Deposit Fees
BrendaC Offline
Power Poster
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I would review the safe deposit contract to see if there are any provisions for notices of change.
Life without Jesus is like an unsharpened pencil - it has no point.

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#6096 - 10/31/01 03:02 PM Re: Safe Deposit Fees
Maria Offline
Platinum Poster
Joined: Apr 2001
Posts: 502
Sylacauga, Al, United States
I agree with reviewing the contract. I would also send a letter to current customers (30 days advance notice) and complete the 30 day dual disclosure on new accounts within the branch.

Opinion are mine not my employer.

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#6097 - 10/31/01 06:02 PM Re: Safe Deposit Fees
BankerMama Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,543
We recently changes some terms of our safe deposit box customers. Look at the safe deposit box lease and you will probably find that you have informed them of the way in which you inform them of changes. This may simply be posting notice of change in the area of safe deposit boxes.

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