Opening of Safe Deposit Boxes
New York Mobile Notary has many years of experience “witnessing the opening of safe deposit boxes” for banks and financial institutions.
Our services have been used by: Individuals, beneficiaries of estates, estate attorneys, criminal attorneys, district attorneys and other government agencies, locksmiths, banks, and bank service companies.
From an individual box opening, to a multi- state escheatment program comprising many thousands of boxes our company is chosen for its availability, experience and national reach.
New York Banking Law 335 states: Remedies for when safe deposit box rent is not paid or box is not vacated.
Applies where rent is not paid for one year, or 30 days have elapsed from termination of lease for reason other than non payment.
Bank must send a 30-day cure notice.
After the 30-day period, bank may in the presence of a notary and a designated bank employee open the box and inventory the contents.
A notary must prepare a certificate setting forth the date of opening, lessee’s name and list of contents.
The contents must be retained by the bank for two years.
Within 10 days of opening the box, a certificate filed by the notary with the bank must be mailed to the customer by registered or certified mail/return receipt requested to their last known postal adderess..
After the two year period following the mailing of the certificate, the bank shall serve a notice of an intent to sell the contents in not less than 30 days.
When opening safe deposit boxes, a notary must be present at all times. The Notary may not be an employee, director, officer, or stockholder of the financial institution. During the entire time there must be dual control with the Notary and Bank official present at all times. After a box is drilled open, the contents of the box must be logged, inventoried, and transferred to a tamper proof bag. See Sample
The items in the box must be properly described in accordance with the policies of the financial institution making sure to accurately describe each item as to physical appearance as opposed to value. The appropriate paperwork must be filled out, signed by the Notary, bank official and locksmith and then Notarized. It is imperative to properly fill out all forms as to dates, times, adherence to bank procedures etc. Any mistakes or omissions can expose the bank to lawsuits for negligence and unlimited liability for damages.
Due to the serious implications of these type Notarizations, our company employs only experienced Notaries. In advance of arriving to a “drilling”, we familiarize ourselves with bank rules and regulations, forms to be used as well as making sure dual control during the entire procedure is not compromised. This includes familiarizing ourselves with the Banks Guides to completing the Description of Property found in a Safe Deposit Box. We are extremely careful that our inventory content descriptions describe physical characteristics and quantity rather than ascertain value as to type of item. For example a bracelet would be noted as yellow metal as opposed to gold jewelry. We contact the bank in advance of our notary arriving and always make sure that we are on time to start the assignment. In addition our Notaries will stay at the location to finish the assignment no matter how long it takes.
Our area of concentration includes the entire Tri State Area. We have also handled large assignments involving multiple states including hundreds of branches, where we pre-interview Notaries, train them as to bank policy and procedure, and manage the entire program from scheduling, logistics to managing of the entire process.