Banks are at risk when opening and closing a safe deposit box, as well as when allowing access to a box while a lessee(s) is alive. Understanding the proper procedures your bank should follow to help minimize your institution’s risk is critical, particularly since this legal relationship is primarily governed by your contract with your lessee customer rather than dictated by state law. This webinar will review various aspects of liability that banks face when managing the safe deposit area and also offer several opportunities for you to ask questions.
- Review procedures related to opening a safe deposit box for a natural person.
- Who should be allowed to access the box while the lessee is alive?
- What should be done when property is found in the safe deposit box but the “owner” is not readily identifiable?
- What should the bank do when a lessee loses their box keys?
- What should the bank do if a lessee is not paying their rent?
- How can a lessee name an agent on a safe deposit box?
- What are the procedures that should be followed upon the death of a natural person lessee?
- Who can access the box? Must an inventory/will search be done? Who has the authority to close the box?
- What is the proper method to use to terminate a lease without surrendering the box?
- How should the bank handle the receipt of both keys in the mail from an heir who assumes the box is empty and directs the bank to close the box?
Who Should Attend:
All persons who work in the safe deposit area, whether full-time or on an as-needed basis, are encouraged to participate in this important program.
Each webinar will consist of 90 minutes of instruction and 30 minutes for live questions and answers. The registration fee of $325 provides one phone line connection, access to the live webinar presentation, and one year access to the webinar replay. Additional phone line connections for your institution may be purchased for $100/connection.
A refund, less a $25 administrative fee, is provided for cancellations requested on or before April 22, 2019.