Internal Control Questionnaires and Verification Procedures

Items in Safekeeping

1. Has bank counsel reviewed and approved the type and content of the contracts being used?

2. Does the bank have written contracts on hand for each item that clearly define the functions to be performed by the bank?

3. Is there a set charge or schedule of charges for this service?

4. Are such items segregated from bank-owned assets and maintained under dual control?

5. Are duplicate receipts issued to customers for items deposited in safekeeping?

6. Are blank, pre-numbered, multicopy receipts kept under dual control and periodically audited?

7. Is a safekeeping register maintained to show details of all items for each customer?

8. Is a record maintained of all entries to custodial boxes or vaults?

9. Does the bank refuse to accept sealed packages when the contents are unknown?

10. When safekeeping items are released, are receipts obtained from the customer?

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