In this issue of Community Banker, we highlight common questions surrounding safe deposit box management, servicemember protections, and borrower disclosure obligations.

YOU ARE ASKING …
Q: A safe deposit box in our vault has no joint owner on the lease agreement, and the owner passed away a year ago. The rent is past due and we are preparing to drill the box. Are we permitted to contact the daughter, who was a CD beneficiary, regarding the box?

A: Yes. Because the customer is deceased, customer privacy concerns are not an issue here. It’s appropriate to contact the daughter to determine whether there is a personal representative of the estate. The bank has a need to bring the lease current, remove any property legally, and ultimately re-lease the box. Inquiring about an estate representative is the best way to start that process.

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