Part 1: Safe Deposit Legal Issues: Forfeiture and Recovery - Proper Handling of Safe Deposit Box Surrenders
This safe deposit webinar covers detailed steps for handling various types of safe deposit box surrenders, including:
- “In-person” surrender;
- Customer box surrender notification (along with the box keys) via mail;
- Steps when safe deposit box keys are sent via mail without additional instructions
It will clearly identify what is a 'surrender'.
It will explore best practices to use for situations where there are contents and in which there are no contents found in the surrendered box.
It also will address what to do if a customer requests the bank, itself, to access the box and ship the contents to the renter.
Part 2: Safe Deposit Legal Issues: Forfeiture and Recovery - Requirements for Box Opening for Non Payment
This 90-minute branch banking webinar examines break-open for nonpayment of rent procedures that should be followed to ensure compliance and reduce risks, including
- Timing for break-open
Procedures at the actual break-open
Taking an inventory of the box
Inventory Declaration to the renter
Pre-auction details (if bank elect an auction of box contents)
Proceeds of sale at auction of box contents
Handling miscellaneous property
Break-opens, although optional, are a way banks can “free up” boxes that are not earning revenue. For many banks they have become a necessary year round requirement.