What could go wrong? Safe deposit box rental and use are predictable, right? Not so! From delinquent rent, to joint ownership, to escheatment and death of an owner, proper handling of safe deposit boxes is hardly banal. Learn the ins and outs of this often-overlooked area.
- Understand your institution’s safe deposit box obligations and responsibilities
- Implement proper procedures to grant access to a safe deposit box
- Handle delinquent rent
- Manage the death of a joint or sole owner
- Properly escheat safe deposit box contents to the state
Safe deposit boxes are an important service. They provide additional revenue and enhance accountholder relationships. But safe deposit box operations are unique and sometimes mysterious. Inappropriately handling a safe deposit box can result in unforeseen liability to your institution of tremendous proportions. This webinar will cover everything you need to know to properly handle safe deposit boxes, including the rental agreement, collecting rent, drilling the box, and escheatment of box contents to the state.
Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.