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Required Safe Deposit Security Procedures

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Question: 
Is there a list of safe deposit security procedures we are required to take? Are there any federal regulations on this?
Answer: 

To the best of my knowledge there are no federal laws relating to safe deposit security. A few states do have some laws that dictate how your safe deposit department should be run. Most of these state regulations are very basic.

The only true "security procedure" regulator (on how you should properly operate and secure your department) is your insurance and bonding companies.

These companies all have very specific audit questionnaires that must be completed at policy renewal time. If you don't answer these "yes" or "no" internal audit questions correctly, a liability claim against your financial institution could be disastrous. These insurance companies could deny all financial responsibility for your safe deposit loss. Unfortunately this has happened to a few institutions that have failed to tell the whole truth on their policy renewal applications. THIS IS A VERY COSTLY MISTAKE!

First published on BankersOnline.com 8/6/01

First published on 08/06/2001

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