Safe Deposit Boxes: Drilling, Unpaid Rent, Death & Unclaimed Property

Presenter: Elizabeth Fast, JD & CPA, Spencer Fan Britt & Browne LLP
Date: Tuesday, October 16, 2012
Time: 2:00 - 3:30 pm Central

Focus:
Safe deposit boxes are an important service provided by your credit union.  They are a source of additional revenue and a way to enhance member relationships.  However, safe deposit box operations are unique and sometimes mysterious.  The improper handling of a safe deposit box can result in unforeseen credit union liability of tremendous proportions.  This webinar will cover everything from the initial agreement, to drilling the safe deposit box, to the escheatment of its contents to the State.  All the common problems associated with safe deposit boxes will be addressed.

What You Will Learn

  • Your credit union’s obligations and responsibilities for safe deposit boxes
  • Proper procedures to grant access to a safe deposit box
  • What to do when the rent is delinquent on a safe deposit box
  • What to do when the sole owner or one joint owner dies
  • Drilling procedures
  • Escheatment of safe deposit box contents
  • Common mistakes

Who Should Sign Up?
This informative session is designed for personnel involved with safe deposit boxes, including officers, member service representatives, operations personnel, compliance officers, attorneys, and managers.

About the Presenter:
Elizabeth Fast, Esq. is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions.  Elizabeth is the head of the firm’s training division.  She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University.  In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant.  Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.  She is a member of the Missouri State Banking Board by appointment of the Governor.

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