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#89603 - 06/19/03 12:01 AM Safe Deposit Box

Can we allow a customer to assign a POD to their Safe Deposit box??

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General Discussion
#89604 - 06/19/03 05:42 AM Re: Safe Deposit Box

I would file an SAR!!

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#89605 - 06/19/03 12:50 PM Re: Safe Deposit Box
Tom C Offline
100 Club
Joined: Jun 2002
Posts: 199
South of Boston
I am assuming by POD you are referring to Payable on Death. The general answer is "no". This is not a deposit relationship. It is a rental agreement. You cannot pass on ownership of a safe deposit box by a POD arrangement any more than you can pass on an apartment or car rental in that manner. The only way to pass on safe deposit access that I know of is by co-owner or deputy. You should refer to your bank's safe deposit agreement and/or your state laws as they may differ from state to state.

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#89606 - 06/19/03 12:57 PM Re: Safe Deposit Box
AMXSteve Offline
Joined: Jun 2001
Posts: 75
Wilmington, OH, USA
Co-ownership is the only way to pass on the lease on the box. Deputy, much like power of attorney, ends with the death of the actual renter(s).

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#89607 - 08/17/04 07:13 PM Re: Safe Deposit Box

What do you do in the event of the owner's death when the owner of the safe deposit box lived in Georgia and his heir is elderly and lives in New York. (My brother and mother)


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#89608 - 08/17/04 08:08 PM Re: Safe Deposit Box
Don_Narup Offline

Power Poster
Joined: Jul 2001
Posts: 3,708
Las Vegas Nevada
Someone has to be appointed as Executor of the Estate which gives them the legal documents along with a death certificate, the bank needs to release contents of the box.

Check state laws as some states want to make sure they collect taxes, if applicable, on the contents.
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