Overview

Prior to drilling a box, all attempts to contact the client should be exhausted. See Working the Safe Deposit Box Past Due Report for more information.

The Internal Control Specialist will review the most recent past due report to determine if safe deposit box clients are delinquent in excess of the state specified time. The Internal Control Specialist will determine if and when we drill a past due safe deposit box.

Past due safe deposit boxes must not be drilled before the expiration of the state-mandated time frame listed below.

Working the Drill Report

The Client Experience Manager (CXM) and/or Lead Teller (LT) is responsible for ensuring monthly reports are reviewed and worked in a timely manner.  Monthly reports are to be completed by the end of the current month. The responsibility of working the reports may be assigned to a Personal Banker (PB) or Universal Associate with follow-up by the CXM and/or TXS to ensure completion.

To work the Drill Status Safe Deposit Box Report, do the following:

1. Obtain the report from Operations drive: Lead Teller/Reporting/SupportU Reporting/SDB Reports.
2. Review the report to determine if your office has any drill box notifications on the report.
   • Note: If your office does not have a box listed on the drill report, write "NO DRILL" on the top of the Safe Deposit Box Past Due Report.
3. Associates must make every effort to reach the client and obtain past due safe deposit box rent including:
   • Phone
   • Email
   • Mail
   • If the client has a loan, reach out to the loan officer for additional or updated contact information
   • Outreach to other offices/associates in the area to obtain additional contact information

Proactive client contact efforts including date, time, method of contact, and any additional notes are recorded on a physical copy of the drill report. Retain the reports in a binder for review by the Internal Control Specialist. The Internal Control Specialist will determine if and when we drill a past due safe deposit box.

Drill Requirements for Georgia Offices

Georgia Offices must send a letter to the Georgia Commissioner of Revenue 30 days prior to the drilling of past due safe deposit boxes.

1. Complete the Georgia Drill Letter.
2. Print the letter.
3. Prepare a list of past-due safe deposit boxes to be drilled including the client name and box number. 
   • Note: This list is required per Georgia Code and must accompany the letter to the Georgia Commissioner of Revenue.
4. Photocopy the letter and the past due list.
5. Retain the photocopy of the letter and list it in a file containing copies of the drill letters.
6. Mail the letter and the past due list to the Commissioner at the address listed on the Georgia Drill letter.

Locksmith Requirements

A locksmith must perform the box drilling in the presence of an Officer of the bank and a Notary who is an authorized safe deposit box associate (for example: Personal Banker, Lead Teller and/or Client Experience Manager)

1. Complete the Vault Entrance Log entry and obtain signatures from the locksmith, Officer, and associate on the entry log.
2. If the locksmith is also a CCB associate, they must serve as the locksmith only and cannot be counted as the authorized safe deposit box associate.

Drilling Safe Deposit Box - No Contents

1. The authorized safe deposit box associate who is also a notary completes a Safe Deposit Box Inventory Record signed by the Officer and notarized by the associate.
   1. Choose ALABAMA-GEORGIA Safe Deposit Box Inventory Record  or FLORIDA Safe Deposit Box Inventory Record accordingly.
2. On the original Safe Deposit Lease Contract, in Red letters write "Box Drilled" and the date the box was drilled.
3. Place the original Safe Deposit Box Inventory Record in the client’s file with the lease contract and access card.
4. Complete a  Closed Safe Deposit Box Cover Sheet and place with copies of the Safe Deposit Lease Contract, access card, and all supporting documents with the daily work for imaging.

Drilling Safe Deposit Box - With Contents

1. The authorized safe deposit box associate who is also a notary completes a Safe Deposit Box Inventory Record signed by the officer and notarized by the associate. 
   1. Choose ALABAMA/GEORGIA - Safe Deposit Box Inventory Record or FLORIDA - Safe Deposit Box Inventory Record accordingly.
2. Record all items found in the box on the appropriate inventory record form. 
3. Place contents of the box in a tamper-resistant bag.
4. Make a copy of the Safe Deposit Box Inventory Record to place in the Safe Deposit Box Client file.
5. Scan the Safe Deposit Box Inventory Record and send it to _SupportU and _Internal Control. 
6. On the original Safe Deposit Lease Contract, in Red letters write Box Drilled and the date the box was drilled.
7. On the original Safe Deposit Lease Contract, write drilling fees will need to be collected.
8. Complete a Safe Deposit Box Drill Letter.
   • The drill letter states that the box has been drilled for non-payment of rent and requests the client contact the bank to make payment for the drilling, unpaid accumulated rent to date, and the notary fee
   • A copy of the Safe Deposit Box Drill Letter is enclosed with the contents of the box in a tamper-proof bag
9. Print the letter and mail by certified return receipt to the client's last known address.
10. Complete a Closed Safe Deposit Box Cover Sheet and place with copies of the Safe Deposit Lease Contract, access card, and all supporting documents with the daily work for imaging.

Box Contents - Tamper Resistant Bag

All contents of a drilled safe deposit box must be placed in a tamper-resistant bag including the following:

Securely sealed inside the bag:

• Original notarized Safe Deposit Box Inventory Record
• Copy of Safe Deposit Box Drill Letter

Attached to the outside of the bag:

• Original box lease contract
• Copy of notarized Safe Deposit Box Inventory Record

The Office and authorized safe deposit box associate will place the tamper-resistant bag in the designated area of the bank vault for safekeeping.

Safe Deposit Box Client File - After Box Drilled

After a safe deposit box is drilled, the original client file remains in the office with the following items:

1. Original lease contract - If no contents were found in the drilled box.
2. Access card(s).
3. Other documents currently in the file.
4. Copy of Safe Deposit Box Drill Letter.
5. Copy of notarized Safe Deposit Box Inventory Record.