If my bank fails and no one reopens its branches, how long would I have to empty out my safe deposit box? I travel frequently out of the country and am sometimes gone for months. If I'm supposed to clean it out and I'm not available, can someone else do it for me?
The FDIC will attempt to liquidate the failed bank promptly, but it will probably set up a series of dates and times when safe deposit box renters can access their boxes (appointments may be suggested) to remove their property and surrender the keys. Watch for mail from the FDIC announcing those dates.
You should also watch for the failed bank to appear on the FDIC's Failed Bank List. In the case of all recent bank failures, the FDIC has included in the group of documents concerning each failed bank a Question and Answer page that addresses safe deposit box access.
As for appointing someone else to access your box in your absence, contact your bank now to inquire about setting up a deputy for safe deposit access. The bank should have all the necessary paperwork. Appointing a deputy is similar to adding an authorized signer to a bank account. The deputy won't assume your responsibilities as the box tenant, such as paying rent, but will have authority to access the box and the property that it contains.
The bank won't be responsible for what your deputy adds to or removes from the box contents. That will be between you and your deputy.
If you are out of the country, make sure you leave a letter with your deputy that specifically authorizes him or her to close out the box and surrender the keys in your stead. You should have your signature on that letter notarized to ensure that the FDIC will accept it. The purpose of the letter is to ensure that the box rental records can be closed out and you won't get billed after the keys are surrendered. Of course, your deputy would not act on the letter unless the FDIC is calling for boxes to be closed or you have contacted your deputy and asked him or her to close the box for other reasons.
It's rare for a bank to fail and not be reopened. In most cases, the FDIC is able to transfer the bank's insured deposits and assets to another, sounder, institution, so in most cases, you'd have "business as usual" access to your safe deposit box.
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