In this issue of Community Banker, we address three practical concerns banks regularly face: safe deposit box use, multiple-signature accounts, and protecting vulnerable customers from scams.

YOU ARE ASKING …
Q: We’ve been asked to give a talk to a local senior citizens group about safe deposit boxes. What items should not be kept in one?

A: A safe deposit box is excellent for storing important but non-urgent documents such as birth certificates, wills, and family keepsakes. However, people should avoid placing items they may need in an emergency — like cash, passports, or originals of powers of attorney or healthcare directives — since access is limited to banking hours. Cash, in particular, is not FDIC insured when stored in a box and earns no interest. Customers should also be reminded that joint renters have unrestricted access, and the bank is not liable if an authorized renter removes contents without permission.

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