IBA Compliance Connection

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Two of our customers recently separated and do not appear to be in communication. The couple have joint deposit accounts and a joint lock box. The wife requested statements for the joint accounts, which we have provided. The wife does not have a key to the lock box and has asked to see the access log. Since this is a joint lock box account, can we provide the wife with the access log without a subpoena?

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Yes, we believe that your bank may provide an access log to the wife, as she continues to be a joint lessor of the lock box. Both federal and Illinois financial privacy laws permits banks to disclose a customer’s financial records to that customer, and both joint lessors should have equal access to account records (unless otherwise stated in the lockbox lease agreement).

For resources related to our guidance, please see:

  • Regulation P, 12 CFR 1016.15(a) (“The requirements for initial notice in § 1016.4(a)(2), for the opt out in §§ 1016.7 and 1016.10, and for service providers and joint marketing in § 1016.13 do not apply when you disclose nonpublic personal information: (1) With the consent or at the direction of the consumer, provided that the consumer has not revoked the consent or direction; . . .”)
  • Illinois Banking Act, 205 ILCS 5/48.1(c) (“Except as otherwise provided by this Act, a bank may not disclose to any person, except to the customer or his duly authorized agent, any financial records or financial information obtained from financial records relating to that customer of that bank unless: . . .”)