A safe deposit box is an individually secured container, typically a metal box, that is stored in the safe or vault of a federally insured financial institution. When rented, the first year's annual rent and key deposit are due.
Clients will not be granted access to their safe deposit box if the annual rent is past due.
Paper/Mail Billing
Annual billing for safe deposit box rental payments is mailed to clients 30 days before the payment due date.
- Boxes are past due if the payment is not received by the due date Note: The due date is the anniversary date of the box rental.
- Clients receive a past due notification 5 days after the anniversary due date which includes a late fee of $10.
- A certified letter is mailed after 90 days (Florida) or 335 days (Alabama and Georgia) after the rental payment due date informing the renter the box will be drilled if payment is not received within 30 days.
Automatic Payments
Clients who have elected auto-debit for annual box payment will not receive notification prior to their account being debited for the annual fee. Annual payment is debited on the anniversary date of the box rental.
Billing Method Change
To request a safe deposit box billing method change, or to change the account number to be charged for the annual box rental, complete the following Synapsys Service Event:
- In Xperience > CRM > New Event/Activity > Service Session.
- Choose Deposit Services > DS - Safe Deposit General Maintenance.
- Click OK.
- In the Summary field, enter Change from charge to mail notice or Change from mail to charge accordingly.
- In the Primary CIF# field, enter the client's Client Identification File (CIF).
- In the Box # field, use the drop-down arrow to choose the client's box #.
- In the Billing Method Change section, use the Charge Type drop-down arrow to choose Mail Notice or Charge Account.
- If you choose Charge Account, use the Charge Account # drop-down arrow to choose the account to be charged automatically for the annual box rental.
- Click Save > Save and Submit Session.
Processing Payments Received
Annual safe deposit box rent payments received from clients are processed as follows:
- Complete a pre-printed Safe Deposit Box rental payment ticket for the Safe Deposit rent payment recording the safe deposit box number and the amount of the rent and any late fees.
- Process the annual safe deposit box payment in Vertex and provide a receipt to the client.