Answers About Safe Deposit Boxes
Select from the following questions about safe deposit boxes and fees.
- The bank advised me of an increase to my annual safe deposit fee. They indicated that I could avoid the increase by opening an account with them. Is this a legal practice?
- I am missing items from my safe deposit box. The bank has stated that it is not at fault. What can I do?
- I rented a safe deposit box in 1982, but lost track of it. Now the bank cannot locate the records or contents. How can I find out what happened to my property?
- I want to find property that I left in a safe deposit box. Whom should I contact?
The bank advised me of an increase to my annual safe deposit fee. They indicated that I could avoid the increase by opening an account with them. Is this a legal practice?
Yes. A bank may provide a discount on the safe deposit fee to an account holder. Federal law provides that banks may charge for the services that they offer. Bank management determines the amount of the safe deposit box fee.
If you have concerns about the fee, you may wish to determine what other banks in your area charge for the same service. Banks are aware that customers have choices. The cost of the service or product is often a key factor in deciding where to purchase financial services.
I am missing items from my safe deposit box. The bank has stated that it is not at fault. What can I do?
Typically, banks use control systems to ensure that only authorized persons have access to safe deposit boxes. The goal is to allow only the safe deposit box renter to have access to and the ability to remove items from the box.
A bank may defend itself against a claim of unauthorized access or missing items by showing that its controls were followed. The two main controls are dual control and authorized signature.
- Dual control: Two people—usually a bank employee and the renter—are required to open the box. In this way, no one person can ever open the box and remove the contents.
- Authorized signature: When the safe deposit account is opened, all persons authorized to access the box sign the signature card. The bank can only allow those individuals to enter the box. From then on, the bank records the signature of any individual allowed to enter the box.
Dual control is recommended—or may be required by law—whenever a safe deposit box is opened without the renter's permission. This could include instances when a safe deposit box is opened due to
- court order,
- pursuant to search warrant,
- rental delinquency on the box, or
- branch closure.
Generally, when a safe deposit box is opened by force, at least two people must be present to inventory the box's contents. The bank will keep the contents in the vault for safekeeping.
I rented a safe deposit box in 1982, but lost track of it. Now the bank cannot locate the records or contents. How can I find out what happened to my property?
If you did not pay the annual fee on the safe deposit box, it would have been considered dormant once there was no activity—such as payment of the fee—for 2 to 5 years. (The length of time necessary to declare a box dormant is defined by state statute.)
If the property remains unclaimed, the bank may be required to transfer the contents of the safe deposit box to the state treasurer or unclaimed property office. Most states require that the bank send notice of the impending transfer to you at the last address of record on the bank's books.
If you wish to find out if property from your safe deposit box was sent to the state treasurer, contact your applicable state treasurer/unclaimed property office. You can also start your search by visiting www.unclaimed.org.
I want to find property that I left in a safe deposit box. Whom should I contact?
Sometimes if the fee is not paid or the branch is relocated, the box may be drilled open and the contents removed. The contents will be inventoried, usually under dual control. If the contents remain unclaimed, state law will determine if the contents will be turned over to the state treasurer for safekeeping. Typically, the period is from two to five years.
Most states require that the bank send notice of the impending transfer to you at the address of record on the bank's books.
If you wish to find out if property from your safe deposit box was sent to the state treasurer, please contact your applicable state treasurer/unclaimed property office. You can also start your search by visiting www.unclaimed.org.
Phone: 800-613-6743
TDD Number 713-658-0340
TTY: (800) 877-8339 (via a relay service)