Top 25 Safe Deposit Box Compliance Issues – Course Code C1446WC

Formats:  Webcourse and Recorded Version

 (2020 UPDATE – State and Federal Regulations)

Improve Your System:

Questions regarding deceased renters, payable-on-death clause, living trusts, court orders, Servicemembers Civil Relief Act, USA Patriot Act, Suspicious Activity Reports, power of attorneys, Americans with Disabilities Act, past due boxes, abandoned property and many other legal and compliance issues have caused great concern and confusion for the safe deposit industry. At this workshop you will receive current information about all of these issues and an in-depth explanation about how they impact on your financial institution and your safe deposit box renters.

David McGuinn, a former Sr. Vice President/Cashier and nationally known expert in the area of safe deposit, will provide clear concise answers to complicated questions regarding your institution’s responsibility and potential liability. He will also identify and discuss various compliance issues relating to each legal topic.

What You Will Learn:

Get answers to the following questions and establish internal procedures to comply with your own safe deposit requirements.

• Does the “Beneficial Ownership of Legal Entities” law apply to business boxes?
• What “SEVEN” past due fees can be collected from a delinquent box renter?
• Who can legally access and remove contents from a deceased renter’s box?
• Does the Servicemembers Civil Relief Act (SCRA) apply to past due boxes?
• Can you title a lease as a “living trust” or add a “payable of death” clause?
• 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?
• In most states who must be present when a past due box is drilled?
• How can poor box drilling procedures make a box renter very rich?
• Do you have “Right of Offset” against a past due renter’s account?
• Can you report a past due box renter to a credit-reporting agency?
• What careful wording should be used in a FINAL past due notice?
• How does the American with Disabilities Act affect safe deposit?
• How should you answer a renter’s question about insurance?
• Should a power of attorney be used to enter a renter’s box?
• Can renters legally store money, guns or drugs in a box?

Who Should Attend?

This informative program is designed to update safe deposit supervisors, vault attendants, cashiers, branch managers, compliance & security officers, auditors, training directors, new account personnel and your in-house legal counsel.

Workshop Leader:

David P. McGuinn, President of Safe Deposit Specialists, is a former banker with over 45 years of safe deposit experience and is often referred to nationwide as the safe deposit GURU. In all 50 states he has trained over 350,000 safe deposit employees and managers and has served the industry as President of American Institute of Banking and the American, Texas and Houston Safe Deposit Associations. Dave is a featured speaker for the American Bankers Association, Independent Community Bankers of America and National Association of Federal Credit Unions and over 100 nationwide financial associations. He has been interviewed by The New York Times, Wall Street Journal, Money Magazine, New York Magazine, Reader’s Digest, Fortune Magazine, Associated Press, National Public Radio (NPR), British Broadcasting Corp. (BBC), AARP, Bottom Line Financial, FDIC, CUNA, CNN, CBS, ABC, FOX, NBC Nightly News, Inside Edition, Crime Watch and Court TV on current safe deposit issues. McGuinn has created numerous training programs and his Regulatory/Compliance Manual, Policy and Procedures Handbook, Audit Manual and Disaster Recovery manuals are now the accepted standard for the industry.