Top 50 Important Safe Deposit Box Operating Procedures

Top 50 Important Safe Deposit Box Operating Procedures – Course Code C1447WC

Formats:  Webcourse and Recorded Version

(2020 Update – Safe Deposit Procedures)

Improve Your System:

The safe deposit operation is a unique, fast-changing service in the financial industry. It is the only product or service in which members of your staff do not know the value of a consumer’s assets. As a result, every vault transaction can lead to considerable liability. Effective procedures and sound daily practices can counteract and minimize this risk. This seminar covers the “nuts and bolts” and the recommended day-to-day operating procedures for your institution.


David McGuinn, a nationally recognized expert in the safe deposit area, will provide clear, concise answers to all the basic or complicated questions regarding your institution’s responsibility, liability and daily operating procedures. In addition, you will receive information about many current safe deposit lawsuits and other nationwide horror stories.


Test Your Procedures;

Answer: (Y) YES   (N) NO   (NS) NOT SURE to review your internal procedures.


Answers    OPERATIONS, LAWSUITS & LIABILITY ISSUES:                                            

_____        Can box keys be duplicated using silly putty and epoxy glue?

 _____       Will your part-time attendant make a good courtroom witness?

 _____       Are there at least ten items included in your new box renter’s kit?

_____       Are you aware that having box numbers on keys will create liability?

_____       Are you following the ten necessary steps when granting box access?

_____        Can FDIC/NCUA signs, logos or brochures create safe deposit liability?

_____       Are you completing the required Beneficial Ownership of Legal Entity Form?

 _____       Are you providing a “No Insurance Disclosure Notice” to all new box renters?

 _____       Can you purchase locksmith tools on EBAY that will open boxes in seconds?

 _____       Do you know why you will lose a lawsuit if you leave anyone in your vault alone?      

 _____       Do you require five types of identification from every signer on a new box contract?

 _____       Are you aware of your liability if box access is allowed “before or after” lobby hours?

How did you do on the test?  (This presentation addresses these issues and much more)


Who Should Attend:

This informative program will benefit your (current or new) full and part time vault attendant, safe deposit supervisor, compliance officer and internal auditor.


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.

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