Office Closing - Safe Deposit Box Handling

Procedures for how to handle safe deposit boxes when an office is set to close permanently.

Overview

When a CCB office is scheduled for closing, the current rented Safe Deposit Boxes must be closed. Clients are offered the opportunity to close the box and transfer the contents to another location. If another location is not near the closed office, clients may choose to close the Safe Deposit Box and can be offered a pro-rated refund of their box rental fee.

See Safe Deposit Box Locations and Sizes for additional office locations with Safe Deposit Boxes.

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Accessing the Safe Deposit Box For Closing

Follow the Procedures tab in the Accessing Safe Deposit Boxes article.

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Pro-Rating Box Rent and Refund

Click on the accordions below for details on how to pro-rate and refund a rental fee when the client does not want to move their Safe Deposit Box to another location.

Pro-rate Box Rental

If the client wishes to close their box and not transfer to another location, offer a pro-rated refund of their box rental fee.

To calculate the pro-rated refund amount, multiply the remaining months in the current contract by the Pro-rate per Month figure using the chart below.

Remaining Months x Pro-rate per Month

Annual Rent	Pro-rate per Month
$20.00	$1.67
$25.00	$2.08
$30.00	$2.50
$35.00	$2.92
$40.00	$3.33
$45.00	$3.75
$50.00	$4.17
$55.00	$4.58
$60.00	$5.00
$65.00	$5.42
$70.00	$5.83
$75.00	$6.52
$80.00	$6.67
$90.00	$7.50
$100.00	$8.33
$105.00	$8.75
$115.00	$9.58
$150.00	$12.50

For example: A client closing a box with an annual rate of $40.00 in June, with a renewal date in November creates 5 months of unused box rental and a pro-rate per month of $3.33. 5 x $3.33 = $16.65 refundDelete

Refund

To refund the key deposit and/or the pro-rated refund of a box rental fee, do the following:

Complete a General Ledger (GL) Debit Ticket to the SDB Rent Income account XXX 460360 6315 000 for the amount of the pro-rated rent amount and key deposit refund (if applicable).
Include the office number, box number, and client name on the GL Debit Ticket.
Have the client sign the GL Debit Ticket.
Clients can receive their refund as follows:
1. Credit to CCB Account
  - Offset the GL debit with a credit to the client’s checking or savings account.
  - Process the transaction in the teller work.
2. Official Check (fee waived)
  - Issue a Money Order payable to the Safe Deposit Box client for the pro-rated rent amount and key deposit refund (if applicable).
  - Offset the credit copy of the Money Order with the GL Debit Ticket created above.
3. Cash
  - Take the completed GL Debit Ticket created above to a Teller associate for processing.
  - The Teller associate will perform a Misc. Cash out transaction for the amount listed on the GL Debit Ticket and provide the cash to the associate working with the client.
  - Count the currency back to the client for verification purposes.