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Safe Deposit Box Training

Safe Deposit Box Training Courses

Did you inherit the safe deposit area and then start wondering what liability might exist? Historically this responsibility has been routinely passed from employee to employee with very little attention given to existing procedures or documentation. Unfortunately, only after a loss occurs does management turn its attention to this area.

Questions about self-service boxes, deceased renters, living trusts, past due boxes, Suspicious Activity Reports, and other legal, liability, and compliance topics have caused great concern and confusion for the safe deposit industry. So get trained on how to handle these issues!

What Are Safe Deposit Box Regulations?

Safe deposit boxes serve as critical storage units for currency, vital documents — such as birth certificates, bonds, wills and deeds — and prized possessions like jewelry or heirlooms. As such, many boxes are remarkably valuable, and thus they present a considerable liability to financial institutions.

While there is no overarching set of safe deposit box rules, your institution should have a strongly detailed set of self-imposed rules adapted from other popular guidelines. States also carry respective sets of regulations that you'll need to consider.

Government entities can involve themselves in safe deposit happens if an issue falls under their jurisdiction.

Why Is It Important To Remain Compliant With Your Regulations?

Failing to understand the rules — or even worse, neglecting them — can severely impact your institution in multiple ways. You face many obstacles related to this area, including debates about access, loss or theft of contents, abandoned property and more.

Outlining clear rules about accessibility, both in terms of physical appearances and custody, will minimize chances for fraud and ownership disputes. When natural disasters strike, having written disaster recovery plans for fires and floods will provide a road map for handling the matter without incurring a lawsuit.

Many more considerations exist, but the general rule is that thoroughness and accountability with your standards, as well as the state's, will go a long way in making you a reliable safety deposit box provider.

What You'll Learn From Our Safe Deposit Box Training Courses
  • Why should renters be provided with a "No Insurance" disclosure form?
  • What liability exists if access is allowed "before or after" lobby hours?
  • Can money, guns or drugs be legally stored inside a box?
  • How can renters access boxes 24 hours a day, 7 days a week?
  • Can you add a "Payable on Death" or "Living Trust" to a contact?
  • Why must all box renters receive a "No Insurance" disclosure form?
  • What current safe deposit burglaries are TV reporters now covering?
  • How can proper vault closing procedures eliminate overnight guests?
  • Who can legally enter a deceased (single) renter's box in most states?
  • How can incorrect box drilling procedures make a box renter very rich?
  • What seven suspicious safe deposit transactions always trigger a SAR?
  • How does the USA Patriot Act affect all safe deposit areas nationwide?
  • What BSA & SAR violations are compliance examiners finding today?
  • What should we do if dangerous content are found in a past due box?
  • When are box contents sent to the Unclaimed Property Department?

Find Safe Deposit Box Training Courses

To find your desired Safe Deposit Box training courses, either select a Recommended Course from the list below, or select "Safe Deposit Boxes" and your state from the "Professional Development" section of the search box at the bottom of this page.

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Overview Of Some Of Our Safe Deposit Box Training Courses

Here are some overviews of what our Recommended Classes cover:

  • "Safe Deposit Vault Security & Disaster Recovery Essentials":
    Recent natural disasters, as well as burglaries and other incidents, have altered the safe deposit industry in profound ways. These issues have brought an array of challenges to the forefront for financial institutions, and this seminar will discuss methods meant to help with reviewing and auditing your procedures before any disaster strikes. Our tips and advice will leave you to prepare for any set of circumstances.

  • "How to Avoid Safe Deposit Litigations":
    With an increase in significant disappear claims in recent years, multiple companies have been forced to deal with massive lawsuits. We'll discuss factors that may have contributed to these gaffes, as well as how you can avoid them and improve upon your current processes to increase efficiency.
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