Sleeper Highlight: Safe Deposit Boxes

We all know safe deposit boxes are an essential part of any financial institution, but did you know that neglecting their proper maintenance and security measures can lead to compliance and legal issues? In this session, we'll explore the importance of having detailed procedures and strong controls for opening and maintaining safe deposit boxes.

Recorded Thursday,
July 13th, 2023
Presented by Dawn Kincaid
1h 30m total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • Compliance
  • General Compliance
  • Safe Deposit
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative

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Sleeper: “In football, a player who usually isn’t well known that goes on to have a breakout season”.

Safe deposit boxes may not seem like a flashy area of banking, but don’t let this regulatory “sleeper” fool you. Examiners have cited findings for lack of sufficient policies and procedures and inadequate controls. Quite simply, these are areas that we tend to “set and forget” and it’s reflected in our examination reports.

Are you properly monitoring for suspicious activity in your SDB area? What happens if an SDB lessee passes away? When is it okay to drill a box and when isn't it? When do unclaimed property rules apply? If you hesitated in answering any of these questions, then this session is for you!

What You'll Learn

  • Opening safe deposit boxes for consumers, businesses, trusts, and estates
  • Effective monitoring for suspicious activity in your SDB area
  • Defining clear procedures for when box rent is past due
  • Developing processes for when a lessee passes
  • Understanding when box contents are considered abandoned property
  • Utilize provided tools to audit and review your SDBs

Who Should Attend

This session is designed for new accounts staff, branch managers, and Compliance Officers, and anyone that uses safe deposit boxes.

Dawn Kincaid

Instructor Bio

Dawn Kincaid began her banking career while attending The Ohio State University. She has 19 years of experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized the implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits, and exams, and presented for numerous state associations.