Safe Deposit Box State and Federal Compliance IssuesImprove Your System:
Questions regarding deceased renters, payable-on-death clause, living trusts, court orders, Servicemembers Civil Relief Act, USA Patriot Act, Suspicious Activity Reports, power of attorneys, Americans with Disabilities Act, past due boxes, abandoned property and many other legal and compliance issues have caused great concern and confusion for the safe deposit industry.
At this workshop you will receive current information about all these issues and an in-depth explanation about how they impact on your financial institution and your safe deposit box renters. David McGuinn, a former Sr. Vice President/Cashier and nationally known expert in the area of safe deposit, will provide clear concise answers to complicated questions regarding your institution’s responsibility and potential liability. He will also identify and discuss various compliance issues relating to each legal topic.
What You Will Learn:
Get answers to the following questions and establish internal procedures to comply with your own safe deposit requirements.
- Who can legally access and remove contents from a deceased renter’s box?
- Can you title a lease as a “living trust” or add a “payable of death” clause?
- Does the Servicemembers Civil Relief Act (SCRA) apply to past due boxes?
- What seven suspicious safe deposit transactions always trigger a SAR?
- How does the USA Patriot Act affect all safe deposit areas nationwide?
- What BSA & SAR violations are compliance examiners finding today?
- What should we do if dangerous contents are found in a past due box?
- When are box contents sent to the Unclaimed Property Department?
- In most states who must be present when a past due box is drilled?
- How can poor box drilling procedures make a box renter very rich?
- Do you have “Right of Offset” against a past due renter’s account?
- What past due fees can be collected from a delinquent box renter?
- Can you report a past due box renter to a credit-reporting agency?
- What careful wording should be used in a FINAL past due notice?
- What amount of safe deposit liability insurance should you carry?
- How does the American with Disabilities Act affect safe deposit?
- How should you answer a renter’s question about insurance?
- Should a power of attorney be used to enter a renter’s box?
- Can renters legally store money, guns or drugs in a box?
Who Should Attend?
Safe deposit supervisors, vault attendants, cashiers, branch managers, compliance officers, auditors, training directors, new account personnel and your in-house legal counsel.
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