07/28/2003
03/01/2003
12/02/2002
We are updating our Safe Deposit policy to reflect the USA PATRIOT Act. I would like to know what you think the procedures for a deputy should be as far as verification of the identification. Should we treat a deputy the same way we would handle adding a signature to an account?
10/07/2002
Presently safe deposit renters can either pay by automatic payment from their checking account or send out a annual notice to pay. We are having problems collecting from the customers that we send out notices. Our bank would like to change its policy and REQUIRE renters to have automatic payment from their account or if they don't have an account with us, originate via ACH. Is there any compliance issue regarding the required method of payment? If we require auto payments, I plan to send out a letter to the renters that currently receive notices that they have until the next annual billing to change their payment method.
06/17/2002
Is there a regulatory requirement that mandates a bank to change the lock on a safe deposit box after it is surrendered before it is rented to a new coustomer?
05/20/2002
I have been hearing about bank's liability for boxes when there is no disclosure about boxes not being insured by the FDIC or the institution?
02/01/2002
Where: Philadelphia Airport Marriott, Philadelphia, PA
Cost: 2-Day Workshop, $795 Full-Day Pre-Workshop Session: $295
12/03/2001
We have a customer that opened a safe deposit box with our bank. Two months later he was arrested in another state for armed robbery. No other details.The rental was past due and we sent a certified letter to his last knowaddress. Rent was past due 5 years. Had not heard anything from customerfrom 1993 until this October. He attempted to reclaim the items from thedrilled box. All identification had expired (he had been in prison all thattime). We refused since all identification was expired and we had no proofit was him. He has now contacted an attorney and is demanding the contents.During the course of talking with the branch in trying to identify theperson, a copy of the contents was sent to my attention. Should we file aSAR since we know he served time for armed robbery and the contents arenumerous pieces of jewelry (Rolex watches, loose diamonds, diamond pendants,12 rings, etc.). This is a new one for me.
05/07/2001
We have a restaurant customer who does not deposit cash to their account. They do however, exchange cash for $100 bills and then enter their safe deposit box. This customer has told a commercial lender that this is how they operate their business (it is an oriental restaurant), supposedly this is normal for this type of business. They also said they use the cash to go to a different bank and wire money to suppliers. It has become apparent they are having a difficult time closing the box and have rubberbanded it together to fit it back into the vault. Our question is whether this behavior in itself is suspicious and should we be filing a SAR? The cash exchanges are always less than $10,000.