Branch Operations: Streamlining Safe Deposit Box Procedures

8/30/2018 - By Susann Kunz, CAFP

Banks often use safe deposit boxes to hold contents that require dual-control.  Contracts and access cards issued for the safe deposit boxes typically list employees who have access to the box at the time the contract is issued.

Here’s the Problem

A common issue we see is that as employees are promoted, moved to different branches, retire, etc., the contract and access card become inaccurate. Then, they need to be re-issued, which is a time-consuming process.  We offer a possible solution. 

What To Do Instead

Consider issuing contracts to require “any two current employees” instead of specific employee names.  Depending on the contents of the safe deposit box, you could also list job titles such as “senior lender and loan operations manager” for loan collateral or “teller and customer service representative” for reserve official checks, and so on.

To internally or externally audit, the entry cards would then be reviewed to verify that personnel were in fact employed with the bank on the date of entry and/or that titles of employees who accessed the box agreed with the contract.

No more re-issuing bank-use safe deposit box contracts.  One and done!

If you have any questions about this or other branch operating procedures, please feel free to email me or any member of our Financial Institutions Consulting Team.

About the Author | Susann Kunz
Susann is a consultant in the Financial Institutions Advisory Group at Saltmarsh, Cleaveland & Gund. Susann joined Saltmarsh in May 2005 after working in the banking industry since 1996 in operations, compliance, lending, and internal auditing. As a result, she brings significant experience to our Financial Institution Advisory Group. 

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