Safe Deposit Box Hell
October 27, 2015 11:28 AM Subscribe
I have an empty safe deposit box in a different state at an old bank... and I cannot get them to close the account.
When I moved from state A to state B, I had accidentally let my movers pack the second key to the safe deposit box. When I emptied the box, I spoke with the manager, and she told me it would be no problem -- I could just mail them the key and they would close it out. It took me a while to find the key, by the time I did the branch had a new manager.
The new manager insists I have to fly to state A to close the box in person. I have paid for that stupid box for 6 years now, $450 to store some very precious bank air. I'm tired of it. Last year, when I closed my account with that bank, they said that my only option was to let that box go into collections.
It seems crazy that the only way to fix this problem is to ruin my credit rating... people who understand the banking world... hope me. I just want to close the darn account and return the darn keys.
When I moved from state A to state B, I had accidentally let my movers pack the second key to the safe deposit box. When I emptied the box, I spoke with the manager, and she told me it would be no problem -- I could just mail them the key and they would close it out. It took me a while to find the key, by the time I did the branch had a new manager.
The new manager insists I have to fly to state A to close the box in person. I have paid for that stupid box for 6 years now, $450 to store some very precious bank air. I'm tired of it. Last year, when I closed my account with that bank, they said that my only option was to let that box go into collections.
It seems crazy that the only way to fix this problem is to ruin my credit rating... people who understand the banking world... hope me. I just want to close the darn account and return the darn keys.
Best answer: The issue might be this: they have no idea what's in that box. So they can't take your word for it, over the phone, that it's empty, because they could be taking on a risk that the caller is not you (but someone who found the key on the street, or stole it from you). They could then have you come back and sue them, claiming that you had something very valuable in there.
So, your best option would be: find someone in that town to whom you can give power of attorney to close the box. If you don't know anyone, a notary public would probably do it for a reasonable fee. Send them the key. They'll go in, open the box together with a bank officer, verify that it's empty, and you're done. The bank can probably send you a power of attorney form to complete.
If that's not possible, send them back the key, certified mail with a return receipt requested, along with a letter in which you explicitly cancel your service and explicitly certify that the box is empty and explicity tell them you do not wish to maintain the box and will not pay any more box rent going forward. Ask them to respond in writing if they have any questions or issues. If they say, in their response, that you have to do this in person, ask them to send you a copy of the contract governing the box rental where it says that. If they do that, respond again in writing, taking issue with the contract provisions (if indeed they say that, which is unlikely). In other words, keep up a written record and keep responding that you're not going to pay anymore. Pretty soon, they are going to give up. And they won't send you to collection, it's not worth it for the $75/year.
posted by beagle at 12:21 PM on October 27, 2015 [10 favorites]
So, your best option would be: find someone in that town to whom you can give power of attorney to close the box. If you don't know anyone, a notary public would probably do it for a reasonable fee. Send them the key. They'll go in, open the box together with a bank officer, verify that it's empty, and you're done. The bank can probably send you a power of attorney form to complete.
If that's not possible, send them back the key, certified mail with a return receipt requested, along with a letter in which you explicitly cancel your service and explicitly certify that the box is empty and explicity tell them you do not wish to maintain the box and will not pay any more box rent going forward. Ask them to respond in writing if they have any questions or issues. If they say, in their response, that you have to do this in person, ask them to send you a copy of the contract governing the box rental where it says that. If they do that, respond again in writing, taking issue with the contract provisions (if indeed they say that, which is unlikely). In other words, keep up a written record and keep responding that you're not going to pay anymore. Pretty soon, they are going to give up. And they won't send you to collection, it's not worth it for the $75/year.
posted by beagle at 12:21 PM on October 27, 2015 [10 favorites]
Best answer: To back up the above, here's a typical box rental agreement. It says you need to cancel in person. But it also says you can appoint an agent or deputy to access or close the box, and that they have a "Deputy agreement" for that purpose. The bank manager is really remiss in not suggesting that avenue to you.
posted by beagle at 12:28 PM on October 27, 2015 [16 favorites]
posted by beagle at 12:28 PM on October 27, 2015 [16 favorites]
Write a letter and fax and mail it. Then see what they do.
posted by Ironmouth at 1:06 PM on October 27, 2015
posted by Ironmouth at 1:06 PM on October 27, 2015
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Companies hate negative publicity, so if you can't make headway, see if you can get the local paper in the old city to do a blurb about it or leverage online review sites to kick up a fuss.
posted by Candleman at 11:51 AM on October 27, 2015 [4 favorites]