Thread Options Tools
#66449 - 03/10/03 05:55 PM Safe Deposit Boxes
HR Banker Offline
Diamond Poster
Joined: Oct 2002
Posts: 1,027
I'm curious on normal procedures when a safe deposit box is closed and both customer keys are returned. What I'm wondering is if it is a usual practice to rent that box with the same keys that were turned in or is it rekeyed before renting it again?

Return to Top
General Discussion
#66450 - 03/10/03 06:11 PM Re: Safe Deposit Boxes
I Wear Many Hats Offline
Platinum Poster
I Wear Many Hats
Joined: Mar 2001
Posts: 591
the beautiful state of ME
I think it greatly depends on bank policy. We do not rekey boxes when both keys are returned - primarily because of the time it would take to get someone here to rekey the boxes and the expense involved in doing so. I know, however, in many banks, that the standard policy is to rekey each time a box is surrendered.

Opinions are mine and mine alone.
_________________________
The paradox of planning is nothing happens....

Return to Top
#66451 - 03/10/03 07:07 PM Re: Safe Deposit Boxes
Moo Offline
New Poster
Moo
Joined: Jun 2002
Posts: 9
South East Kentucky
Our bank policy does not require us to rekey boxes either, when both keys are returned. There would be too much time and expense used.
_________________________
Wildcat basketball...not a matter of life of death....much more important than that!

Return to Top
#66452 - 03/10/03 07:26 PM Re: Safe Deposit Boxes
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
I think you'd have to evaluate the risk vs. cost. What are the chances of a person coming in with a key to a re-rented box that had been closed and not re-keyed and being granted access? If all procedures have been followed in verifying identity, I would think the risk would be minimal.
_________________________
Opinions are mine and never to be taken as legal advice!

Return to Top
#66453 - 03/10/03 07:51 PM Re: Safe Deposit Boxes
mmason Offline
Gold Star
Joined: Nov 2001
Posts: 447
New England
We wait until we have a few empty boxes and then switch the locks ourselves. That way we save the expense of a locksmith but when the box is rented again it has different keys.

Return to Top
#66454 - 03/10/03 08:29 PM Re: Safe Deposit Boxes
Bobbie Offline
New Poster
Bobbie
Joined: Oct 2001
Posts: 13
Tennessee
We would actually use the same keys until the locks are scheduled to be rotated at our next drilling schedule, which is once a year.
_________________________

Return to Top