Safe deposit contract and PODs
10/16/2016
Can a Payable of Death (POD) clause be added to our safe deposit box contract?
10/16/2016
Can a Payable of Death (POD) clause be added to our safe deposit box contract?
06/23/2014
For many profit-conscious financial institutions, their safe deposit box operation is perceived as a millstone or a low-yield "necessary evil" that must be tolerated to remain competitive and serve consumers. However, with careful analysis, planning and the revamping of some pricing and procedures, these same boxes can become a thriving profit center within 24 to 36 months. As a nationally recognized safe deposit box specialist, I am often asked what techniques could be put in place to transform this "loss leader" into a lucrative endeavor. My answer is always simple and concise: know your market, evaluate and train your department staff, and review your box rental rates, fees, programs and policies.
06/16/2014
For many profit-conscious financial institutions, their safe deposit box operation is perceived as a millstone or a low-yield "necessary evil" that must be tolerated to remain competitive and serve consumers. However, with careful analysis, planning and the revamping of some pricing and procedures, these same boxes can become a thriving profit center within 24 to 36 months. As a nationally recognized safe deposit box specialist, I am often asked what techniques could be put in place to transform this "loss leader" into a lucrative endeavor. My answer is always simple and concise: know your market, evaluate and train your department staff, and review your box rental rates, fees, programs and policies.
02/12/2007
We recently read a detailed question about permitting safe deposit box renters to access their boxes behind the locked day gate in the vault. Dave McGuinn offered a strong argument against permitting such access. That has prompted these follow-up questions:<ol><li>What if a box is so heavy a customer cannot carry it? Is it OK for an employee to carry it for the customer?<li>What if the customer only wants to slip a piece of paper into the box without removing the box? Can our employee stand at the day gate while the customer does so?<li>What if we have security cameras located in the vault to watch customers as they access the box? Would this allow them to stay in the vault?</ol>
10/30/2006
What procedures need to be followed when closing a Branch with Safe Deposit Boxes?
01/20/2003
Is there anything that would prohibit a trust from having a safe deposit box? If not, what sort of extra liabilities or problems, if any, would there be that we should watch out for?
01/20/2003
When a safe deposit box is jointly owned, the common practice is to seal the box upon the death of one lessee until a release from the state is received. However, when one owner of a joint checking account dies, the joint owner is assumed to own the balance in the account. Why are the two relationships be treated differently?
01/06/2003
We have a branch that has deposit boxes that needs a makeover. We want to demolish the branch in order to rebuild a new branch on the existing site. The boxes will be stored off site until the branch is rebuilt. Customers will not have access to the boxes. We want them to close their box until the branch is built. We do not have a termination clause in our agreement. Do you see any problems with our actions?
12/02/2002
We are adding cameras in our safe deposit box area. Should we position the cameras to cover the area inside the safe deposit vault or just the outside door? If inside, how do we address the privacy of customers who are accessing their safe deposit boxes?
12/02/2002
We are updating our Safe Deposit policy to reflect the USA PATRIOT Act. I would like to know what you think the procedures for a deputy should be as far as verification of the identification. Should we treat a deputy the same way we would handle adding a signature to an account?