Customer sent keys along with a letter stating to close out the account. We requested a letter stating that there is nothing in the box. We opened the box and could feel the weight of something in there, so we replaced the box. Customer still believes nothing is in there, and has been getting late notices for non payment. What do we do? Open the box and categorize what's in there? Require the customer to come in and physically close it out?

A little confusion here. You said you "opened the box and could feel the weight of something in there" - then you asked if you should open the box. I'm guessing you just opened the door and pulled out the box and felt it to be heavy - then replaced it in the slot and locked it up.

How far away does your customer live? You could open the box under documented dual control and do an inventory. If there is something in the box, seal it under dual control, contact the customer and insist they come in. If they don't, you should have procedures to escheat box contents. Just my opinion....

Assuming you don't have others wanting to rent this immediately, tell the customer there does feel to be something inside. Explain what happened and document that for your files. Also recognize that YOU currently have both keys and access so the keys under dual control could be important.

If they can't come in, you'll have no choice but to open and inventory the box, following whatever procedures you have in place.

Depending on their location and demand for your boxes I'd give them 2 to 4 weeks to act. I doubt you'll recover the unpaid rent unless the customer wants what is in the box. I suspect that if they would have to travel a distance, they'll ask you what it is. So be ready to inventory it and hope it isn't a priceless object that they forgot about, and then accuse you of taking or damaging.

Our procedures require that in a case of closure by mail, the box is opened in the presence of two people--one of which is an officer of the bank--and a notary (if one of the two is not a notary) just in case there IS something inside and the box must be inventoried. What if your single control employee opened the box, felt the weight, took a peek and found something to interest them and took it, put the rest back, and then came to you and reported that the box was heavy so he/she put it right back and came straight to you? The customer doesn't remember anything anyway so they won't miss what I took, right?

Or worse!! I just thought, "What if this were my ploy to bilk the bank out of easy money?" Why not claim it empty, some goes in to close it out and finds something, contacts me, and I say, "Oh, I forgot. I had such and such and a diamond ring worth $10,000." Well, you go back and inventory under dual control and see the such and such but not the diamond ring, so you go back to me and report your findings. Now I claim that your employee took it when they went in by themselves, EVEN if your employee didn't take it. What leg do you have to stand on? I will get an easy $10,000 if I am legally savvy.

If we couldn't get two people to examine the box upon receipt of the letter, the key would be immediately secured under dual control until such a time for dual controlled inventory.

i would inventory it under dual control fast and hope for the best.

I would have initially recommended the keys be immediately secured under dual control until the customer could be contacted (and well documented), but that won't work in this situation. Since the box has been opened, the bank has assumed liability for contents. I would immediately have two bank officers open the box and inventory the contents, securing them in the bank's safekeeping area. I would then contact the customer and advise that the box had contents (no description provided) that would be subject to escheat to the state. I would inform the customer as to any charges applicable to retrieve contents (which I would probably waive just to bring this uncomfortable situation to a close).

You might also want to consider contacting bank counsel for specific guidance in this situation, or even consider having them present for box inventory. You really are dealing with potential dynamite here.

We have run into this scenario in the past as well and have placed the keys under dual control. When we contacted the customer they stated they were not returning to our area. We had them appoint a deputy on the box and allowed the deputy to close it.