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Safe Deposit Boxes Are Not FDIC Insured

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Question: 
In a safe deposit box webinar, an answer regarding disclosures for safe deposit renters indicated that there were five states that have safe deposit regulations requiring written disclosure that insurance is not provided by the financial institution or FDIC. Where can I find model wording for this type of disclosure?
Answer: 

One example is wording required by the Massachusetts Division of Banks and Loan Agencies regulations governing the rental of safe deposit boxes by banks. The following must appear in or be attached to every safe deposit rental agreement, and be part of every rental bill:

"The Lessor does not provide insurance coverage for the contents of your safe deposit box. You, the Lessee, may at your expense, secure your own insurance."

First published on BankersOnline.com 12/05/05

First published on 12/05/2005

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