Answer:
Re-keying every box upon surrender is definitely a "best practice." The perceived risk is that, even though both keys were returned, a copy might have been made.
Some safe deposit systems are designed so locks can be "switched" from one box to another when a box is surrendered. The task can be performed without special tools by someone with no specialized skills. However, most safe deposit box systems currently in use would require the use of a locksmith to perform this task. So, it is cost prohibitive and, best practice or not, very few custodians do it.
First published on BankersOnline.com 2/21/11
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