Consigned Items and Other Customer Services

Safe Deposit Boxes

In this activity, a bank and a customer contract to rent safe deposit boxes of various sizes for a fee. In return for that fee, the bank assumes the responsibility of exercising reasonable care and precaution against loss of the box’s contents. If a loss occurs, the bank may be liable unless it can demonstrate it has acted in accordance with the required standard of care. The required standard of care is defined as that which would be taken by a reasonably prudent and careful person engaged in the same business. The bank must also preserve privacy of entry into the boxes. Two different keys are required to open the box; the customer and the bank each have one key. The customer is not required to disclose the contents of the box to the bank. Only upon a court order may the bank gain access to the box without the consent of the customer.

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