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Can a bank seize your safety deposit box?

Can a bank seize your safety deposit box?

While creditors can seize a safe deposit box, this is usually a last resort and requires obtaining a judgement and placing a lien on your personal property. The creditor then has to locate your safe deposit box and have the approval to seize and liquidate it.

Can a Bank of America safe deposit box be opened?

You can open it only with your assigned key, proper signature and guard key. This service is offered to any SHBA client who has a valid DDA account, so that a fee can be charged automatically. The best part is that a safe deposit box won’t be opened even if other people find your key.

Can a spouse rent a safe deposit box?

Yes. You can jointly rent your safe deposit box with a spouse, child or other person who would have unrestricted access to the safe depoosit box. (Warning: In some states your co-renter may face delays in accessing the safe deposit box if you die.

Can a power of attorney be signed on a safe deposit box?

Many people are surprised to find that a power of attorney does not allow access to a safe deposit box. The bank has no way of knowing if the power of attorney is still in effect or if the renter was competent when the power of attorney was signed. Can law enforcement authorities access my safe deposit box without my knowledge or permission?

Can a Federal Court seize a safe deposit box?

If a local, state or federal law enforcement agency persuades the appropriate court that there is “reasonable cause” to suspect you’re hiding something illegal in your safe deposit box (guns, drugs, explosives, stolen cash or money obtained illegally), it can obtain a court order, force the safe deposit box open and seize the contents.

How does joint ownership of a safe deposit box work?

Joint ownership: People tend to assume that the colessee of a safe deposit box automatically inherits the contents when the other lessee dies. This is not true. Joint rental of a safe deposit box is not like a joint bank account. It resembles the rental of an apartment by roommates.

Can a power of attorney give you access to a safe deposit box?

Similarly, a power of attorney does not grant access to a safe deposit box to another person. Banks have rules that prohibit safe-deposit attendants from looking at the contents of customers’ boxes while they are assisting them. There are no federal or state laws concerning what cannot be stored in a safe deposit box.

Can a bank get robbed in a safe deposit box?

Don’t assume that when you put your valuables in a safe deposit box there is no further need for worry. Safe deposit vaults in banks get robbed in real life as well as in the movies. Then the questions arise: Who is responsible -and for what? Is the bank insured for the loss?

Who is responsible for safe deposit box after death?

In any joint safe deposit box rental, read the contract you sign with the bank to see what it says regarding inheritance. • The bank is not responsible for the contents of the box after the death of a keyholder unless the bank was put on notice about the death. The bank can be held responsible if the deceased had bank accounts.