I was wondering if anyone knew if it is possible to assess a fee for access to a safe deposit box (when access is excessive).

Thank you in advance.

Jaime

I'm not sure why you would want to. It's a fine line on what is considered excessive IMO and people are allowed to go into their box so to implement a new fee telling them it's too often wouldn't go over too well I would think. The other thing I'd consider is, is there any suspicious activity related to their frequent visits and perhaps their account activity that hasn't been detected yet for a possible SAR filing?

I'd be very careful with your proposal, Jaime. Don't do anything with it before your bank checks with legal counsel. You have lease contracts with these customers, and it's unlikely that your contract provides for adding new fees. At best, I think, you might be able to add the fee as leases come up for their (presumably annual) renewal.

You would probably be better off asking this very limited group to exit the safe deposit box product rather than changing everything to address an inconvenience caused by so few folks.

Essentially what was being tossed around was this, your first 12 entries no charge. Each additional set of 12 entries would be purchased before hand at a flat cost. Most customers access their box at most once a month, if that.

I do know it would cause a change to our contract, just wasn't sure if anyone knew of any possible legal aspects that could arise. I will certainly reach out to our legal department as well.

Thank you everyone for your responses.