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Before we allow the executor of an estate to close a deceased customer’s safety deposit box, are we required to conduct an inventory of the box with two employees present? We have been told that an inventory is required by law. – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Before we allow the executor of an estate to close a deceased customer’s safety deposit box, are we required to conduct an inventory of the box with two employees present? We have been told that an inventory is required by law.

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We are not aware of a requirement to perform an inventory or to have more than one bank employee present when opening a safe deposit box. The Illinois Safety Deposit Box Opening Act does not impose such requirements. If your institution’s policies or procedures require inventories by two employees, however, there is nothing to prevent you from enforcing that policy in this case.

For resources related to our guidance, please see:

  • Safety Deposit Box Opening Act, 755 ILCS 15/1 (“The lessor shall authorize a representative of a decedent’s estate or a person designated in a small estate affidavit pursuant to Article XXV of the Probate Act of 1975, upon presentation of letters of office, other applicable court order, or small estate affidavit, to open the box and examine and remove the contents.”)