Friday, July 19, 2019 (Both Parts)
12:00 – 3:30 pm (Eastern Time)
11:00 – 2:30 pm (Central Time)
10:00 – 1:30 pm (Mountain Time)
9:00 – 12:30 pm (Pacific Time)
Part 1: Safe Deposit Legal Issues: Forfeiture and Recovery - Proper Handling of Safe Deposit Box Surrenders
This safe deposit webinar covers detailed steps for handling various types of safe deposit box surrenders, including:
- “In-person” surrender;
- Customer box surrender notification (along with the box keys) via mail;
- Steps when safe deposit box keys are sent via mail without additional instructions
It will clearly identify what is a 'surrender'.
It will explore best practices to use for situations where there are contents and in which there are no contents found in the surrendered box.
It also will address what to do if a customer requests the bank, itself, to access the box and ship the contents to the renter.
Part 2: Safe Deposit Legal Issues: Forfeiture and Recovery - Requirements for Box Opening for Non Payment
This 90-minute branch banking webinar examines break-open for nonpayment of rent procedures that should be followed to ensure compliance and reduce risks, including
- Timing for break-open
Procedures at the actual break-open
Taking an inventory of the box
Inventory Declaration to the renter
Pre-auction details (if bank elect an auction of box contents)
Proceeds of sale at auction of box contents
Handling miscellaneous property
Break-opens, although optional, are a way banks can “free up” boxes that are not earning revenue. For many banks they have become a necessary year round requirement.
Paul J. Sanchez, CPA, CBA, CFSA conducts a CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University – C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors.