CCCU

SAFE DEPOSIT BOX

TRAINING

• If a 100 checking accounts became overdrawn for $100 and we ended up charging them off? $10,000

• If 10 members could not pay their loans and each loan was for $10,000 and we ended charging them off? $100,000

• If 1 member claims that we took contents out of their safe deposit box?UNLIMITED

HOW MUCH LIABILITY DO WE HAVE?

• ABSOLUTELY!!!!

CAN FINANCIAL INSTITUTIONS BE SUED BECAUSE OF A SAFE

DEPSOSIT BOX?

WHAT SHOULD WE TELL THE MEMBER ABOUT SAFE DEPOSIT BOXES?

• Safe deposit boxes are WATER RESISTANT

• Safe deposit boxes are FIRE RESISTANT

• Safe deposit boxes are BURGLER RESISTANT

PRECAUTIONS ARE CONTINUOUS FOR SAFE DEPOSIT BOXES

• IN THE MAINTENANCE OF THE BOX• IN OUR RECORD KEEPING• IN OPENING THE BOX• IN ADDING JOINT OWNERS• IN LETTING THE MEMBER INTO THE BOX• IN CLOSING THE BOX• IN THE DEATH OF AN OWNER

KEY PLACEMENT• Guard Key

– During Lobby Hours – the guard key must be in the designated area of the MSR.

– After Lobby Hours – the guard key must be locked in a designated place in the vault overnight.

• Keys To Non-Rented Boxes– During Lobby Hours – keys to all non-rented boxes

must be in a locked area located in New Members or Teller area.

– After Lobby Hours – keys to all non-rented boxes must be in a locked area or compartment.

• Smile and greet member• Ask member for the safe deposit box #

– You can locate this on FSP if they do not know it• Find entrance card which should be listed in numerical

order– ALWAYS verify name on card to person in front of you

• Have the member sign the entrance card on the next available line

• Compare signature to previous signature– You can always ask for ID when in doubt

• Employee will complete the date and time of entrance and their initials on the entrance card

LETTING THE MEMBER INTO THE BOX(you will need the guard key)

• Insert guard key (this key slot is always the one closet to the hinges)

• Insert the member key and turn both keys at the same time.

• Pull the safe deposit box door open• Pull out the safe deposit box (always in full view of the

member)• Leave member in vault to give them privacy or escort

them to the security booth.• When member leaves, immediately view box to make

sure that the door has been closed and locked by the member.

PLEASE NOTE: The member can only get into their safe deposit box during business hours. There should be no exceptions to this rule.

LETTING THE MEMBER INTO THE BOX

WHAT IF THERE ARE EXTRA PEOPLE ENTERING THE BOX?

• All non-renters entering our safe deposit vault with the member must sign the “Non-Renter Vault Entry Record” book.– If a child is not old enough to sign then just

have the parent place their name in the book and state the age of the child next to their name.

• WHY?

LOCATION OF BOX

• If a stool or chair is required to gain entrance into the safe deposit box……..NEVER, NEVER, NEVER let a member stand on the stool or chair. Only the employee can use these items to gain entrance to the box.

We don’t want to see this!!!

SECURITY BOOTHS

• If the member decides to use the security booth (room) and asks you to carry the box to the room, always carry it in full view of the member. NEVER TURN YOUR BACK TO THE MEMBER!!!

• Once the member has left the security booth, check the room immediately to make sure that no contents were left behind. (also check the waste container)

CLOSING THE SAFE DEPOSIT BOX

• Refunds are not allowed on a safe deposit box.

• The credit union will allow a credit to be applied to a different size box at the same location or a transfer to a different safe deposit box at another location.

• Credits will be provided by the office that opens the new safe deposit box.

DEATH OF AN OWNER

• The Deputy or POA may no longer have access to the box upon death of an owner

• If the box is owned by more than one person, then the living owner(s) may enter the box at any time after the death

DEATH OF AN OWNER• If the box is owed by one person then the credit

union is limited to what can be taken from the box and by whom:– Access is available to immediate family members only

(parents, siblings, children, spouses)– Family member must show proof of death and their

picture ID (place in member file)– CCCU employee must accompany the family member

to the box and observe what is taken– Family member can only retrieve the following:

• Will• Insurance papers (only if the family member is the

beneficiary)• Burial plot agreement

– We need to fill out the “Receipt for Deceased Member” form and have family member sign.

– The Executor may retrieve any items from the box

FINAL WORDS• The Credit Union is counting on you to

perform correct Safe Deposit Box procedures

• Your precautions could prevent the Credit Union from a law suit

• Your precautions could save the Credit Union bad publicity

• When in doubt, seek manager or supervisor approval and/or consult the Safe Deposit Box manual located in each office