Are there restrictions on a customer putting several hundred thousand dollars in his or her safe deposit box?
Can we place a surveillance camera at the entrance or in the area approaching our safe deposit box vault? We don't want to violate any privacy issues.
We were discussing putting a statement in our safe deposit box agreement that the customer agrees not to place currency, coin, jewelery or any other valuables in their safe deposit box. Are there any laws against this type of verbiage and is it effective in a lawsuit against the bank for missing items?
Due to frequent breakage of old, brittle locks during the process of changing locks on safe deposit boxes, we are considering discontinuing the practice. How do you rate the risk of not changing locks before re-renting the boxes?
Another employee and I were changing the locks on the safe deposit boxes that have been closed. We came across a box full of cash that the previous owners left after they closed the box. What are we required to do with it, and isn't it illegal to keep cash in a safe deposit box?
If a safe deposit box was drilled into by law enforcement officials and contained over $10,000 in cash and the law enforcement officials were given a cashier’s check in place of the cash, what BSA reporting requirements do we have?
Is it necessary to obtain a CIP on a signer to a safe deposit box?
We recently read a detailed question about permitting safe deposit box renters to access their boxes behind the locked day gate in the vault. Dave McGuinn offered a strong argument against permitting such access. That has prompted these follow-up questions:<ol><li>What if a box is so heavy a customer cannot carry it? Is it OK for an employee to carry it for the customer?<li>What if the customer only wants to slip a piece of paper into the box without removing the box? Can our employee stand at the day gate while the customer does so?<li>What if we have security cameras located in the vault to watch customers as they access the box? Would this allow them to stay in the vault?</ol>
Our bank has decided to close our lobby on Saturdays and only use the drive-thru for business. If a customer needs access to their safe deposit box on Saturday, can we post a sign that says "Safe Deposit Box Access by appointment only on Saturday" and allow them access to the secured building?
Risks Abound in Self-Service Box Industry
by David P. McGuinn, President, Safe Deposit Specialists