Dormant Safe Deposit Box

Posted By: FLORIDA GIRL

Dormant Safe Deposit Box - 03/18/08 05:20 PM

I have a few questions concerning when a safe deposit box becomes dormant. When is a box considered dormant? Does it become dormant after 1 year of non-payment? What about clients that you waive the annual fee on? How do you determine on these types of boxes when they become dormant.

Any help you can give me would be greatly appreciated
Posted By: Rocky P

Re: Dormant Safe Deposit Box - 03/19/08 12:44 PM

State statutes describe what constitutes dormancy.

It is not usually considered by past due rental payments, but more by loosing contact with the customer. Some states go as far as looking at the entire relationship for dormancy and eschetement - if you are active in one (of many accounts) all the relationships are considered active [even if you haven't used your savings account for a few years].

You might be best to check with your state law for definitions.
Posted By: BrendaC

Re: Dormant Safe Deposit Box - 01/12/09 07:58 PM

FL Disposition of Unclaimed Property -

http://www.flsenate.gov/statutes/index.cfm?App_mode=Display_Statute&URL=Ch0717/titl0717.htm