We have multiple branches with Safe Deposit Boxes and during the last audit cycle, every branch had exceptions noted in the report regarding missing signatures, billing (either system coding or proper customer autho to debit the account). We review the access cards and surrendered box documentation. We also review the system generated report for all past due boxes to verify they are being managed. Specifically we are verifying the boxes were drilled with appropriate witnesses and the items were documented under dual control. If the items were not claimed by the customer then they would fall under Abandoned Property and we would review during that audit. -
Do you verify the Safe Deposit Box keys on hand to what boxes are available to rent?
The reason I ask is at prior bank this was a critical part of the Safe Box audit and at my current bank this doesn't even show up on the radar.
We do not do a physical count here or at prior. However we do review controls on the handling of the keys.
While working in branches (prior life)it has taken years to get it correct. By the time it was correct I was shipped off to another branch and had to start it over again.