Dates of Event & Pricing

$395 for BOTH Webinars and Playbacks*

*Playback has no expiration and may be shared internally.

  • Friday, June 28, 2019

  • 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)

Curriculum

Part 1: The Initial Customer Discussion About the Safe Deposit Box Rental Agreement Terms

The first part of this safe deposit webinar series covers the initial discussion that safe deposit personnel should have with the customer who is renting a safe deposit box. This  covers the following information:

  • Explains the difference between the two types of safe deposit contracts – the common contract form and the generic contract form
  • Shows the need for contract cards for each individual type of contract – individual, sole proprietor, fiduciary, committee, trustee, estate, minor, guardian

The webinar carefully reviews the typical rental agreement or contract between the bank (lessor) and the customer (lessee).

It explains the meaning of the following contract inclusions and strongly urges that the bank employee discuss the following with the customer.

Meaning of the term lessor? Meaning of the term lessee? Rental issues re: authorized agents allowed to access the box
The reason for clearly indicating the safe deposit box number to the customer Lost keys rules
The customer’s acknowledgment of two keys at the signing of the contract Rental issues re: authorized agents allowed to access the box
A statement that the box can be used for storage of securities, jewelry and valuable papers. The renter can not use the box to store cash, coins or other currency (unless numismatic, in nature) “Joint” rental agreement issues
A statement that the renter agrees to follow bank rules and regulations whether in the actual contract or incorporated by reference A statement that the lease agreement (contract) can not be assigned or transferred
The terms for rental payments (e.g. due annually in advanced; ACH debit to customer DDA account authorized by customer) Specific bank liability issues
The “rules” for box surrender rebates, if any Issues related to insurance on box contents
Access refusal if rent is past due x number of days (bank policy) Renter box handling issues
When the bank can forcibly break-open a box with past due rent Change of address notification
Surrender procedures re: keys to the box Signing and dating the contract
Part 2: Screening the New Safe Deposit Customer

Safe deposit personnel must ensure that the customer rents a box that meets the needs of that particular customer. This 2nd installment in this safe deposit webinar series teaches attendees how to identify eight (8) types of renters that could satisfy the customer’s needs:

  1. Individual Renter
  2. Sole proprietor
  3. Joint renters
  4. Fiduciary renters
  5. Partnerships
  6. Corporations
  7. Unincorporated groups
  8. Other types of renters

Each of the eight types of customers and the responsibilities of the customer and the bank are examined in detail.  Although all of the eight types might not be offered by all banks, bank employees should know the difference between each of the eight types.

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Instructor

  • Paul Sanchez

    Paul Sanchez

    PSA Professional Service Associates / Founder


    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.