Topic: Safety Deposit Boxes
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We want to add a message to our safe deposit box delinquency notices to notify service members of their protections under the Servicemembers Civil Relief Act. The message we are considering is “[Our Bank] will not open your safe deposit box or claim any right to the contents of your safe deposit box without a court order. This protection lasts throughout the term of your military service and for an additional 90 days after your military service ends.” Does Illinois have any specific timing requirement for storage lien enforcement or foreclosure?
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Your proposed notice correctly incorporates the Servicemembers Civil Relief Act, which states that a storage lien may not be foreclosed or enforced against a service member during his or her military service and for 90 days thereafter without a court order. There is no corresponding provision in Illinois, however, because the Illinois Service Member Civil…
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After a safe deposit box customer died, one of the customer’s children came in with keys to the box. However, no executor or administrator has been appointed for the customer. How should we go about closing out the box?
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If someone can present a small estate affidavit to your institution, that individual may open the safe deposit box and remove its contents. A financial institution is required to permit a person designated in a small estate affidavit to “open the box and examine and remove the contents.” For resources related to our guidance, please…
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Under Illinois law, are we required to have a notary who is not a bank employee present when drilling a safe deposit box? We currently have a box in one of our Illinois branches for which no owner can be identified.
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We are not aware of a requirement to have a notary present when opening a safety deposit box. The Illinois Safety Deposit Box Opening Act does not impose such requirements. Your primary federal regulator, the OCC, has published helpful guidance on establishing reasonable procedures for drilling safety deposit boxes. It is important to note that…
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Our marketing brochure for the bank promotes our safe deposit boxes, among other services. The front of the brochure includes the “Member FDIC” disclosure. We were told that we should not include that disclosure when marketing nondeposit products. Should we remove the Member FDIC disclosure from the brochure?
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No. You are required to include the “Member FDIC” disclosure on the brochure. The FDIC requires you to use the Member FDIC disclosure when marketing both deposit and nondeposit products in an advertisement. In advertisements combining deposit and nondeposit products, you must “clearly segregate” the Member FDIC disclosure from information about the nondeposit products. In…
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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.
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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…
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Can a revocable trust rent a safety deposit box?
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Yes, the Trusts and Trustees Act specifically permits a trustee to enter into an agreement for a safety deposit box. For resources related to our guidance, please see: Trusts and Trustees Act, 760 ILCS 5/4.06 (“The trustee has the powers specified in the Sections following this Section . . . .” “To enter into agreements…
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The sole owner of a safety deposit box has passed away. An attorney wants to view the will, which he says is inside the box. Do we need official papers from the attorney to view the will? We were presented with the death certificate.
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Before opening the lessee’s safety deposit box, you should obtain a safety deposit box opening affidavit from the attorney, who must satisfy certain requirements in the Illinois Safety Deposit Box Opening Act (the Act). The Act requires banks to open a safety deposit box and remove its contents when presented with letters of office, another…