Safety Deposit Box

Posted By: ComplianceGuru89, CRCM

Safety Deposit Box - 06/28/18 02:56 PM

I've been posed with several safety deposit box questions, but I'm having some difficulty finding guidance... What type of notices need to be sent to the consumer if we were to remove the boxes from a location? No longer offering that service at that particular location. I found information if we were closing a branch with boxes, but the branch will still be open.

Also, are we able to restrict box openings to only consumers with other accounts with us? (loan, DDA, SAV, etc) My gut is telling me no, but I haven't found anything in writing that backs that feeling.

Sorry if it seems like a stupid question. I just can't find what I need
Posted By: BrianC

Re: Safety Deposit Box - 06/28/18 09:49 PM

These answers will be found in state law and are not part of federal regulations. I suggest you post in either your state forum or contact bank counsel familiar with safe deposit law in your state.