Safe Deposit Boxes: Don't Set 'Em and Forget 'Em

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,
May 16th, 2024
Presented by Dawn Kincaid
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Deposit Accounts
  • Deposit Compliance
  • General Compliance
  • Safe Deposit
  • Teller
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • New Accounts Representative
  • Teller

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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! You'll come away with the tools to audit and review your safe deposit box practices and procedures.

What You'll Learn

  • Opening safe deposit boxes
  • Monitoring for suspicious activity
  • Defining rent past-due procedures
  • Processes for when a lessee passes
  • When box contents are considered abandoned property

Who Should Attend

This session is designed for new accounts staff, branch managers, 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.