Minimum Vault Classification - Reg Requirements

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Question:

Is there a regulatory requirement for the minimum vault classification (Class I or Class II) or is it a matter of insurance premiums?

Answer:

The bank security procedures are very brief as to the requirements of the bank's vault. You simply need to have a vault, safe or other secure space. Classifications are assigned by the industry and can impact the insurance the bank has, but these are not areas of concern for regulatory agencies.

First published on BankersOnline.com 12/08/08