Occasionally a safe deposit box will have a lock malfunction. Click on the tabs below for more information on rented box and unrented box malfunctions.
Rented Box
If a rented safe deposit box has a lock malfunction, the box must be closed and a new box must be rented to the client. Follow the procedures below to close the existing box and transfer to a new box.
- Obtain approval from the Internal Control Specialist for the scheduled box drilling if the lock must be drilled. See Drilling Safe Deposit Boxes for more information.
- Schedule an appointment with the locksmith and the client to drill the box.
- The client MUST be present at the drilling.
- DO NOT allow the client to select the locksmith.
- Obtain valid identification on the safe deposit renter. Refer to Identification Verification Procedures.
- Follow the Renting a New Box procedures to rent another box for the client.
- The client, locksmith and associate must sign the Vault Entrance Log.
- The associate MUST stay in the vault with the locksmith and client at all times.
- The locksmith opens the safe deposit box and the client takes possession of the box contents. The client must maintain possession of the contents until the items are transferred into a new box.
- The associate must verify that the new box is empty prior to allowing the client access.
- The associate must verify that old box is empty once contents are removed.
- Have the client signs to surrender the existing box on existing contract, page 2.
- Follow the Close Box Procedures for the old box.
- Client signs the new contact and access card for new box.
- Collect the full rent due on the new box.
- Refund any unused rent from the damaged box to the client.
- Rent is based on a 12 month lease.
- Divide the rent by 12 to obtain the monthly rental amount.
- Multiply the monthly rental amount by the number of months left in the contract.
- Refund this amount to the client.
- Debit Safe Deposit Box Settlement General Ledger account number 340 170425 6315 000 for the amount of the refund.
- Credit the refund to the client’s checking account.
Unrented Box
If an unrented/unoccupied box has a lock malfunction, the lock must be repaired and/or replaced. Follow the procedures below:
- Verify that the box has not been previously drilled and rented to another client by reviewing the following:
- Safe Deposit Box Inquiry – Silverlake
- Unoccupied Box Inquiry – Silverlake
- Safe Deposit Box Contracts
- All Rentable/Un-rentable box keys
- Obtain approval from the Internal Control Specialist for the scheduled box drilling if the lock must be drilled.
- Schedule an appointment with the locksmith to drill the box
- The associate and locksmith must sign the Vault Entrance Log.
- The associate must stay in the vault with the locksmith at all times.