Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2675 - FINANCIAL INSTITUTIONS
BANKING PROCEDURES
Part 2675.2300 - SAFE DEPOSIT BOXES

There must be a rental agreement, signed by the parties who are to have entry, and this agreement must specifically state who is to be authorized to enter.

The record to the agreement must contain the signature of each person who is to have access to the safe deposit box.

The guard key should be restricted to authorized bank personnel and must be kept in such a place as not to be available for customer's use. Bank employees are not to be permitted to enter the vault with the customer's key and to bring the box out to the customer. The customer must control the box at all times when the safe deposit box door is open.

There must be a record signed by each customer at each time the customer enters the safe deposit box.

A bank shall not retain customers' safe deposit box keys under any circumstances.

Keys to safe deposit boxes not under lease must be kept under dual control until such time as such box is rented.

Statutory Authority: MS s 46.01