As discussed below, the answer depends on the terms of your safe deposit box account agreements.

Under the Uniform Disposition of Unclaimed Property Act, a bank may be reimbursed for drilling and other costs associated with opening an unclaimed safe deposit box. However, no other charges may be deducted unless “authorized by law or expressly provided for by lawful contract with the owner.” Illinois law permits banks to establish fees, charges, and other account terms in their contracts with customers. Consequently, whether you may withhold late fees and back rent depends on the express terms of your safe deposit box account agreement.

For resources related to our guidance, please see:

• Uniform Disposition of Unclaimed Property Act,  765 ILCS 1025/2(d) [Repealed effective 1/1/18] (When reporting and remitting safe deposit box contents to the State Treasurer as unclaimed property, the contents are “subject to lien of the holder for reimbursement of costs incurred in the opening of a safe deposit box as determined by the holder’s regular schedule of charges.”)

• Illinois Administrative Code,74 Ill. Adm. Code 760.30(c) (“Safe Deposit Boxes . . . . (c)  The holder may be reimbursed or may deduct actual mailing, drilling and opening costs as prescribed by Section 2(d) of the Act.  No other charges may be deducted unless otherwise authorized by law or expressly provided for by lawful contract with the owner.”)

• Illinois Banking Act, 205 ILCS 5/5e(a) (“Notwithstanding the provisions of any other law in connection with extensions of credit, a State bank may elect to contract for and receive interest, fees, and other charges for extensions of credit subject only to the provisions of subsection (1) of Section 4 of the Interest Act, except for extensions of credit secured by residential real estate, which shall be subject to the laws applicable thereto.”)