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Disclosures: Safe Deposit Box Policy

Lanco Federal Credit Union (“Lanco FCU”) reserves the right to amend policies in regard to Safe Deposit Box services. Notification of policy changes may be provided to members in the Lanco FCU newsletter or other written correspondence.

1. Renting, Accessing, and Closing a Safe Deposit Box

  1. To rent a safe deposit box, member(s) must be present, 18 years or older, and provide government-issued photo identification.
  2. Access is available during normal hours of operation and will only be provided to the renter or co-renter upon proof of identification.
  3. Renter(s) must be present to surrender a safe deposit box.

2. Safe Deposit Box Costs

  1. The annual fee will be collected at time of rental and will be deducted from the renter’s account each year thereafter during the one (1) year anniversary month. It is the renter’s responsibility to see that the funds are available for transfer.
  2. Lanco FCU will provide a 60 day grace period when rent is past due. Lanco will dispose of the contents in any way to reimburse Lanco FCU for rent due and all other expenses incurred in opening the box and changing the lock. Lanco FCU will abide by all State laws and regulations regarding the care and disposal of box contents.
  3. The member will be responsible for all costs to replace lost key(s) or to drill open the safe deposit box.

3. Liability for Losses

  1. Lanco FCU is not responsible for the value of the items you place in your box. (Any cash stored in your safe deposit box is NOT federally insured by NCUA.)
  2. Lanco FCU maintains property insurance, in cases of loss due to fire, explosions or natural disasters. However, if applicable, such coverage would be limited to no more than ten (10) times the annual rental fee for each safe deposit box, as to any loss or damage to the contents from such occurrences.
  3. It is the responsibility of each renter to maintain their own property loss insurance on the contents of their safe deposit box.

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