Answer:
Answer by David Dickinson:No, but you might want to apply your enhanced due diligence on this customer to determine how this is not suspicious. You may file a SAR if you do not have a sufficient answer.
Answer:
Answer by John Burnett:You can also remind the customer that the deposit does not mean the bank or the FDIC insures anything in a safe deposit box and that any insurance that the customer might obtain would require that he or she prove the cash was in the box. Homeowner's coverage won't pay.
First published on BankersOnline.com 10/20/08
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