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#68334 - 03/19/03 04:48 PM
Re: Self Serve Safe Deposit Boxes
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Power Poster
Joined: Jul 2001
Posts: 3,708
Las Vegas Nevada
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As an elderly grouch locked in to the "old days" I won't pose an opinion on using this service. However, trying to be realistic from a senior management point of view.
Look at all the liabilities that bank can possibly incur with such an arrangement, and have a very good attorney draw up a new safe deposit agreement that incorporates all that will be necessary to safeguard the bank. In addition there should be something (maybe a sign on the wall) that clearly dispels any notion that the bank is liable for anything that goes on in that area. IMO I wouldn't even call it a Safe Deposit area so that it cannot be confused with traditional safe deposit areas or routine practices used elsewhere.
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#68337 - 03/19/03 05:54 PM
Re: Self Serve Safe Deposit Boxes
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Anonymous
Unregistered
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I am with Sandra Y. No, an employee will not be surveying the room after each customer leaves. Also, it is my understanding that the concept is allowing more than one person being in the area at one time. The customer would be removing their inter-box which houses their contents (in the same area) place the box on a shelf were all of the boxes are located and does their business at that time. Several people can be in the area at the same time doing the same thing, all would be able to see each other. The entry is a self entry and not directed at all by an employee. I guess it might just be me and some old thinking, but I have a problem with this concept. Does anyone else? I have to prove by regulation that this can not be done in this manner. I am thinking that it might not be a regulatory issue but an insurance issue (bond coverage).
Any help will be greatly appreciated.
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#68338 - 03/19/03 06:11 PM
Re: Self Serve Safe Deposit Boxes
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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At my old bank, a competitor down the street has the self serve boxes, and most of our mutual customers hated the concept, the idea, and felt unsafe. (They didn't have sdb's in that branch of my old bank, but they will in a few months.) IMHO, I wouldn't use a self serve box either. Good luck.
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Get your facts first, then you can distort them as you please. - Mark Twain
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#68339 - 03/19/03 06:57 PM
Re: Self Serve Safe Deposit Boxes
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Diamond Poster
Joined: Jun 2001
Posts: 1,339
TX
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Self-service SDB's are certainly a milestone in the slow but certain decline of the brick and mortar branch. If you think about it, SDB's are the ONLY reason that a customer MUST physically visit a bank office. Every other banking service may be had by phone, mail, or computer.
The next logical step is 24-hour SDB access!
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Opinions are mine not my employer's, and should not be taken as legal advice.
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#68342 - 03/19/03 07:55 PM
Re: Self Serve Safe Deposit Boxes
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Power Poster
Joined: Jul 2001
Posts: 3,708
Las Vegas Nevada
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IMO a camera in the room implies the bank is taking on a security obligation, and it would appear the new system is contradictory to that.
Again you open the door to all kinds of liability if one the surface the bank is marketing safe deposit boxes giving the impression its just like it always has been, and in fact it is canceling most of the safe guards now in place. Personally, I would not want to be in a small safe deposit area with a couple of other customers at the same time, with a camera looking over my shoulder. What safeguards are in place to make sure the tape cannot be seen by other bank employees?
How would you handle access to boxes sealed by court order? It sound like a person can acces a box anytime.I have no faith in the hand identification entry as you are still relying on an employee to enter something that allows cancellation of entry. If in their busy schedule they don't get around to it for a couple of days, or the most common will be, the person that does that was out of the bank for awhile, you have a problem.
Some type of attendent or system maintenance person is always going to be needed. So, is there a real savings in time or is shifting it elsewhere giveing the illusion of savings?
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#68345 - 03/20/03 01:47 PM
Re: Self Serve Safe Deposit Boxes
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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Don, Not being in the SDB area, I believe the NJ Inheritance Tax is trying (or already did) to eliminate the state lock-down for decedents, but you made a really good point, what if it's seized. I am not keen on the idea at all, personally or professionally.
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Get your facts first, then you can distort them as you please. - Mark Twain
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