The Hidden Costs of Manual Compliance Tracking in Safe Deposit Box Management

The Hidden Costs of Manual Compliance Tracking In an industry where compliance is non-negotiable, many financial institutions still rely on outdated, manual methods to manage unclaimed safe deposit box contents. While this may seem cost-effective on the surface, the hidden risks and inefficiencies tell a very different story. 💸 The True Cost of Staying Manual […]

The 7-Year Compliance Rule: What Banks Need to Know About Managing Unclaimed Safe Deposit Boxes

The 7-Year Compliance Rule: What Banks Need to Know In the financial industry, managing unclaimed safe deposit box (SDB) contents is not just a regulatory requirement, it’s a legal obligation with long-term accountability. Most U.S. states mandate that financial institutions hold unclaimed assets for up to seven years before they are escheated (transferred) to the […]