My local bank branch is moving to a new building, 50-100 yards from its current site.
Obviously, if it were moving 2 miles, they’d load all the deposit boxes into a Brinks truck for the trek. But for this much shorter trip, are they still likely to do this?
Does the Federal Reserve or FDIC or whatever issues regulations on issues like this, or is the local branch manager free to do as they see fit? I can imagine a big “bucket brigade” across the grass.
The whole kit N kaboodle is moved under the same security as an accross-town move. Once the boxes leave the building they are up for grabs. I watched the process once–you have nothing to fear unless an organized gang of 20+ individuals opens fire and siezes the entire office block surrounding the bank.
Because only the box-renter has uncontrolled access to the boxes, nobody but the renter knows what is in there: diabionds? back issues of Play Girl? 4 pounds of enriched uranium? So what you have is an institution guarantying the security of a bunch of stuff that they have no idea what it is. It’s an insurance underwriting nightmare (I’m not sure they even bother insuring it).
The FDIC wouldn’t have anything to do with it, they only insure the deposit accounts.