We are a small community bank. A customer wishes to close his existing box and open a larger one, the problem is that the customer only has one of the two keys to his old box. Our policy states that an affidavit of lost key will be completed, but we don't seem to have such a form in place. What are other bank's procedures for this type of situation? Does the box owner sign something stating a key has been lost/stolen? Any info. or advice would be appreciated. Thanks.

We are also a small bank, and what we would do would be to collect the one key, sign off on the contract (ours asks how many keys were returned) and close out the box, collect a lost key fee, and open a new box with a new contract. We would then not re-issue that box until the locks had been rotated and it had a new set of keys made. We don't make too big of a deal about it when they only have one key - we are just glad that they have at least one. The drilling process is not fun, and it takes up a lot of time for both us and the customer, and the cost is not fun either, although we make the customer pay for it.