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Renting Safe Deposit Boxes for Storing Spare Keys

Question: 
We have branches that are renting safe deposit boxes for use of storing spare combinations, keys, etc. I do not find anything in state law that says this practice is unacceptable, but am wondering if there are any implications of doing this.
Answer: 

It is a fairly common practice for banks to use a few safe deposit boxes for bank use purposes. Be aware that each box that is used for a bank use represents that amount of rental income the bank/branch is not receiving. Also be sure to document correctly that the box is being used for a bank purpose so that audits of the safe deposit box function will go smoothly.

First published on BankersOnline.com 7/8/13

First published on 07/08/2013

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