Posted by ME/NJ on 10/19/11 1:42pm
Msg #400970

Something old is something new

Bank safe box business, oh how I love these jobs. The last time I did these was summer 2007 I did most of the safe box audits for BOA for many years they are great gigs if you can get them.

2007 my rate was 30/hour 4 hour min and most jobs were done in two hours, there were a few jobs that did take all day but most part easy money.

This week two gigs for local banks only 1 box in each branch.. Need to work on building this back up.

Reply by Linda_H/FL on 10/19/11 2:08pm
Msg #400973

I get $25/box at a bank 15 miles from me

If the box is empty - if not, then I add a little additional for the inventory time - I'd never get $30/hour, 4 hour minimum around here...

Reply by ME/NJ on 10/19/11 2:30pm
Msg #400980

Re: I get $25/box (not a good deal if boxes are full)

1. locksmith may take time opening box
2. If big box and full - your out of luck - Had one box took 4 hours alone to inventory contents

That is why I charge by the hour and a min hours

Most jobs 4-10 boxes and we all pray they are empty.

Reply by desktopfull on 10/19/11 3:09pm
Msg #400987

I was aware that banks were allowed to open rented safe

deposit boxes, much less inventory there contents. With this info my box is getting closed tomorrow, time to go back to the home safe.

Reply by Linda_H/FL on 10/19/11 3:19pm
Msg #400989

They open and inventory in the event of a death or

unpaid box rental. The locksmith comes in and drills it open.

If you're keeping your box rental current then you have no need to worry about it. I don't believe they can go in randomly to peek..

And it's spelled out in our handbook...page 18

Reply by desktopfull on 10/19/11 3:29pm
Msg #400990

Re: They open and inventory in the event of a death or

I think I'll still close the box and put the things in the safe, I really just don't trust banks anymore, prefer the CU.

Reply by Michael Edmonds on 10/19/11 8:46pm
Msg #401031

Re:pay the bill avoid a warrant your good n/m

Reply by Linda_H/FL on 10/19/11 2:09pm
Msg #400974

Geez Mike...are you even authorized to do these?

I don't see it in your manual...

Reply by ME/NJ on 10/19/11 2:27pm
Msg #400979

NJ Banks must use outside notary

for safe box audits, no limits on what you can charge for this service. I've found that 30-40/hour will get you the job.

Reply by Linda_H/FL on 10/19/11 2:42pm
Msg #400982

Here too Mike...thankfully our manual authorizes it for us.. n/m

Reply by HisHughness on 10/19/11 2:45pm
Msg #400984

Okay...I've never done this.

I don't even know if this sort of business is available in Texas.

Would you be a bit more explicit about what it is you are talking about?

Reply by MW/VA on 10/19/11 3:06pm
Msg #400986

Same here. I'd like to know more about it. :-) n/m

Reply by Buddy Young on 10/19/11 4:57pm
Msg #400996

Re: Okay...I've never done this.

I've never don this either.
I didn't even know it was an available line of work.

Reply by BrendaTx on 10/19/11 8:16pm
Msg #401019

Hugh, in Tejas, they do not have to have a notary.

It would be a very good idea to have a disinterested third party witness, but the law does not require it.

Reply by ME/NJ on 10/19/11 6:23pm
Msg #401006

I can only only say about NJ Banks

Thank you for emails and PM's my suggestion is to research if you can do this in your state.

Now the process

Every bank in NJ once a year opens safe deposit boxes which payment is past due and proper notice has been given.

Locksmith breaks the lock of each box in front of the notary, and two bank employees
Box is removed and opened, if box has items they are documented and placed in sealed bag with statement from the notary and employees of the bank. Banks MUST use an outside notary for this service.

How I got started

A company many years ago hired me to BOA accounts in Ocean and Monmouth County. I would meet with bank auditors as they would review each branch process plus the boxes. This would run between April and June.

After a couple of years the Audit team would hire me directly, Now local banks call me directly when they need this service. Seems NJ notaries are only just catching on to this source of income. This year is the most I've spent in local banks for one thing or another it's building up each month and different banks.

Reply by Don Courtney on 10/19/11 6:41pm
Msg #401009

Political movement

I have never heard of this in Ca. Must be a NJ thing...buts sounds great for Notaries.

Let's all write our congresspersons to introduce an amendment to the Bank Secrecy Act to have this implemented nationwide!

Reply by CopperheadVA on 10/19/11 8:28pm
Msg #401025

I got asked to do this by a large bank in northern VA. At first I was interested, but it became clear that they were going to tie up three weeks of my time, 8 hours per day, driving all over northern VA to various bank branches, and I would be unavailable to my regular loan signing clients during that time. We negotiated a daily rate, but things have gotten pretty busy for me lately with loan closings and it would be a paycut for me to do the safe deposit boxes at this point.

The breaker was when I insisted that they send me a copy of the affidavit that I would be notarizing, and it was NOT something that conforms with VA notary law. I let them know this but got silence. At that point I decided not to sign the contract they wanted and just continue plugging away with my loan closings.

Reply by ME/NJ on 10/19/11 8:36pm
Msg #401029

It could take a lot of time

Things to consider, how many boxes are scheduled to be opened if more than 5 it could be a long day. Locksmith make a big difference, we had a regular guy fro Debolt who could open a box in 5 minutes and sometimes we would get a rookie and it would take 20 minutes or longer for him to break into the box.

It's not a steady stream of income but a nice addition for example tomorrow I have one box and two loan closings tomorrow at night so it's a good day.

Reply by BrendaTx on 10/20/11 6:34am
Msg #401069

Agree, ME. Going through a box doesn't mean

that it will be 6" x 3" x 12".

I once sat by a lawyer and a guardian (serving as a witness for THEIR benefit, not the bank's) while they went through stuff for hours, broke for lunch, and returned.

Reply by CopperheadVA on 10/20/11 6:36am
Msg #401070

Re: It could take a lot of time

They told me it would be 5 boxes per day (abandoned boxes). When they first contacted me a couple of months ago, things were pretty slow - but the job ended up being for November and I'm busy enough now with closings that I don't want to be telling my good clients "no" for three weeks and probably make less money and certainly would be working more hours.

The bigger issue though was the affidavit. VA notary law does not authorize notaries to certify/verify the contents of a safe deposit box. The best I can do is administer an oath to the bank officer and notarize his/her signature with a jurat certificate. But that's not how the affidavit was set up.

If it was one or two boxes at a time and local, that would be a different story and a nice compliment to loan closing work (assuming the affidavit is set up properly for the notary's state). Thanks for the info!

Reply by LKAmikeVa on 10/20/11 7:29am
Msg #401071

Re: It could take a lot of time

A question for the Virginia notaries who have done this. Was it the bank who contacted you or an outside source? Thanks in advance.