Reg Require Lessee to Sign Safe Deposit Agreement?

Answered by:

Question:

We require all lessees (agent or deputy) to sign our safe deposit box agreement in front of an employee. Why is this required? Is it a bank security measure or Reg?

Answer:

Answer by Randy Carey: It is not a Federal regulation, although there may be State law considerations. A safe deposit agreement is a contractual issue. It is difficult to enforce a contract without one party's acknowledgment of the contract.

Answer:

Answer by Kahtleen Blanchard: It is also important to know who actually signed a contract, which is why signing in front of an employee or having the contract notarized is the norm.

First published on BankersOnline.com 3/4/13