Does the federal banking department make up the rules for safe deposit boxes, or does each bank makes up its own rules for New York, N.Y.?
Safe deposit boxes are covered by a real crazy-quilt array of federal and state laws and regulations, plus the policies and procedures of the bank or other business offering to lease them. Most of the legal and regulatory requirements are at the state or even city level, which is where most property laws exist in this country. Federal rules generally suggest minimum security standards for banks, along with certain rules relating to verification of customer identity. State and local rules address lease terms, unpaid box rent, abandoned property, etc.
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