Due to the privacy of safe deposit box contents, box rentals expose the bank to liability for an undetermined amount. Due to this exposure, the bank considers the safe deposit box area a potential high risk area. The potential for unlimited liability requires sound and prudent management of the safe deposit box operations. Strict adherence to safe deposit box procedures is mandatory for associates assisting clients with their box.
What To Do
- Follow written policy and procedures in all matters pertaining to safe deposit box operations.
- Obtain proper identification from all renters. Valid identification is required. Refer to Identification Verification Procedures.
- Compare the identification signature with the Safe Deposit Lease Contract and Access Card before granting access to a safe deposit box.
- Double check the safe deposit box number on the Safe Deposit Lease Contract and Access Card before granting access to a safe deposit box.
- Explain safe deposit procedures to new renter(s) so that they will know what to expect.
- Recommend that renters obtain professional insurance advice and insurance coverage for their safe deposit box contents. Be sure to advise clients that the bank does not carry or offer contents insurance and contents are not insured by FDIC.
- Conduct vault operations so no unauthorized person will have access to a box and all admissions by authorized persons are recorded.
- Keep unissued, surrendered, and found keys under dual control.
- Check the privacy booth, for any forgotten/dropped items, in the presence of the client after each use. Articles found in a booth must be placed immediately under dual control and an Officer notified if they don’t belong to the renter present.
- Refer all unusual or legal situations to SupportU.
- Check newly rented and surrendered boxes with the renter present to verify that the keys work and the box is empty.
- Say No as politely as you can to any unauthorized request. Try to suggest an alternate course of action that is within the procedures.
- Keep all safe deposit client information strictly confidential.
- Maintain safe deposit box records accurately. Safe Deposit Lease contracts should be executed carefully and corrections or erasures are not permitted. If a mistake is made in creating a contract, that copy of the contract should be destroyed and a new one completed.
- Witness the re-locking of the box by the client after they have completed their visit.
- Have all parties present before and during access when dual control is required. (There is no dual control if a single person can obtain access.)
- Have two associates (dual control) present when assisting disabled clients (for example: blind or elderly) with the contents of their box. This protects you should any item be declared missing.
- Be alert to client needs and cross-sell other products and services.
- Remember, when in doubt, verify with Call Me Direct.
What NOT To Do
- Do not deviate from established written policy and procedures for any reason.
- Do not release information to anyone about a current or former renter unless the recipient has the legal right to the information.
- Do not leave the renter alone in the vault.
- Do not, at any time, allow the renter’s key or box to be out of their view.
- Do not alter a Safe Deposit Lease Contract. Prepare a new contract with correct information.
- Do not permit access based on phone, e-mail or fax instructions.
- Do not use verbal expressions such as burglarproof, fireproof, waterproof, or bombproof. These terms could put the bank in the position of being an insurer of the client’s contents.
- Do not refer to the guard key as a master key, pass key or the bank’s key.
- Do not leave the client’s key in the box door after removing the box.
- Do not grant access after a court order has been served restricting access.
- Do not allow the client to climb the safe deposit vault ladder. Two associates must assist if the client is unable to reach their box.