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    2018 Safe Deposit Series: The Initial Discussion of the Box Rental Agreement Terms with the Customer

    $149.00
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    This is Part II of our VI-Part 2018 Safe Deposit Series. The webinar explains the difference between the two types of safe deposit contracts: (1) the common contract form, and (2) the generic contract form. This session also explores the need for contract cards for each individual type of contract: individual, sole proprietor, fiduciary, committee, trustee, estate, minor, and guardian.

    Overview

    In this webinar, we will focus on the initial discussion that safe deposit personnel should have with a customer who is renting a safe deposit box. We will discuss the difference between the two types of safe deposit contracts: (1) the common contract form, and (2) the generic contract form. We will also explore the need for contract cards for each individual type of contract: individual, sole proprietor, fiduciary, committee, trustee, estate, minor, and guardian.

    We will dissect the rental agreement or contract between the Financial Institution (bailor) and the customer (bailee). After attending this session, you will understanding the meaning of over a dozen contract provisions, as well as the importance of discussing these terms with the customer. You will also be equipped to test your understanding of the contract terms, which is in the best interest of all employees in the safe deposit area to fully understand the meaning of the contractual terms. 

    Covered Topics

    This webinar will explain the meaning of the following contract inclusions (and, strongly urges your Institution to discuss these inclusions with your customers!):

    -      Meaning of the term lessor? Meaning of the term lessee?

    -      The reason for clearly indicating the safe deposit box number to the customer.

    -      The customer’s acknowledgment of two keys at the signing of the contract.

    -      A statement that the box can be used for storage of securities, jewelry and valuable papers. The renter can not use the box to store cash, coins or other currency (unless numismatic, in nature). 

    -      A statement that the renter agrees to follow bank rules and regulations whether in the common contract or incorporated by reference in the generic contract.

    -      A statement that the bank has the right to close the vault to all customers whenever it deems it appropriate – even during normal banking hours.

    -      The terms for rental payments (e.g. due annually in advanced; ACH debit to customer DDA account authorized by customer)

    -      The “rules” for box surrender rebates, if any.

    -      Access refusal if rent is past due x number of days (bank policy)

    -      When the bank can forcibly break-open a box with past due rent.

    -      Surrender procedures re: keys to box

    -      Lost keys rules

    -      Rental issues re: authorized agents allowed box access.

    -      “Joint” rental agreement issues.

    -      A statement that the lease agreement (contract) can not be assigned or transferred.

    -      Specific bank liability issues.

    -      Issues related to insurance on box contents.

    -      Renter box handling issues.

    -      Change of address notification.

    -      Signing and dating the contract. 

    Who Should Attend?

    This webinar will help newcomers and experienced personnel. All safe deposit personnel at all levels should be involved with such a webinar at least once if not periodically.

    The webinar is a must for assuring safe and sound practices in the safe deposit area. 

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    Overview

    In this webinar, we will focus on the initial discussion that safe deposit personnel should have with a customer who is renting a safe deposit box. We will discuss the difference between the two types of safe deposit contracts: (1) the common contract form, and (2) the generic contract form. We will also explore the need for contract cards for each individual type of contract: individual, sole proprietor, fiduciary, committee, trustee, estate, minor, and guardian.

    We will dissect the rental agreement or contract between the Financial Institution (bailor) and the customer (bailee). After attending this session, you will understanding the meaning of over a dozen contract provisions, as well as the importance of discussing these terms with the customer. You will also be equipped to test your understanding of the contract terms, which is in the best interest of all employees in the safe deposit area to fully understand the meaning of the contractual terms. 

    Covered Topics

    This webinar will explain the meaning of the following contract inclusions (and, strongly urges your Institution to discuss these inclusions with your customers!):

    -      Meaning of the term lessor? Meaning of the term lessee?

    -      The reason for clearly indicating the safe deposit box number to the customer.

    -      The customer’s acknowledgment of two keys at the signing of the contract.

    -      A statement that the box can be used for storage of securities, jewelry and valuable papers. The renter can not use the box to store cash, coins or other currency (unless numismatic, in nature). 

    -      A statement that the renter agrees to follow bank rules and regulations whether in the common contract or incorporated by reference in the generic contract.

    -      A statement that the bank has the right to close the vault to all customers whenever it deems it appropriate – even during normal banking hours.

    -      The terms for rental payments (e.g. due annually in advanced; ACH debit to customer DDA account authorized by customer)

    -      The “rules” for box surrender rebates, if any.

    -      Access refusal if rent is past due x number of days (bank policy)

    -      When the bank can forcibly break-open a box with past due rent.

    -      Surrender procedures re: keys to box

    -      Lost keys rules

    -      Rental issues re: authorized agents allowed box access.

    -      “Joint” rental agreement issues.

    -      A statement that the lease agreement (contract) can not be assigned or transferred.

    -      Specific bank liability issues.

    -      Issues related to insurance on box contents.

    -      Renter box handling issues.

    -      Change of address notification.

    -      Signing and dating the contract. 

    Who Should Attend?

    This webinar will help newcomers and experienced personnel. All safe deposit personnel at all levels should be involved with such a webinar at least once if not periodically.

    The webinar is a must for assuring safe and sound practices in the safe deposit area. 

    Presenter:

    Paul J. Sanchez

    Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors. He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor. He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination. He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations. He is the author of the textbook, “Accounting Basics for Community Financial Institutions” (Financial Managers Society, 2 nd edition, Chicago, 2009) and the “Ideas an Analysis Letter: The Sanchez Take” (see www.sanchez-psa.com). As a contributing author, his chapter on ‘An Auditor’s Approach to Risk-Based Auditing: What to Audit and When,’ is included in the textbook, “Effective Auditing for Corporates: Key Developments in Practice and Procedures,” (Bloomsbury Information, Ltd, London, 2012).