Safe Deposit Box Terms
If you rent a safe deposit box (“box”) from the Credit Union you and each renter agree to the following Safe Deposit Box Terms. The Member Services Signature Card for this safe deposit box is incorporated into and made a part of this Safe Deposit Box Agreement. The term of this Agreement commences on the date shown on the Member Services Signature Card and continues thereafter until terminated by you or us. It is automatically renewed for an additional year under the terms of this Agreement, unless earlier terminated by you or the Credit Union. We reserve the right to make any further rules concerning use of the box as we may, in our judgment, deem necessary or desirable, with or without advance notice to you, and you agree to abide by all our rules and regulations concerning access to the box and production of such identification as we may request. No safe deposit box rental agreement shall be transferable and none may be assigned except on our records and with our prior written consent.
Access
The Credit Union shall have the exclusive right to fix the times during our regular business hours for opening and closing of a box. The vault(s) may be closed on holidays and on other days as we deem prudent or appropriate. We shall not be liable to you or your legal representative for any damage or inconvenience as a result of our failure to open a vault or the failure of any lock to operate. A box rented in the names of two persons is under the control of each of them as fully as though it was rented by one person alone. Either of you may have access to the box alone, may appoint a deputy to have access, may cancel such an appointment made by either of you, or may surrender the box during your lifetime. Any appointment of a deputy or a legal representative must be in a form that is satisfactory to the Credit Union. So long as a person is authorized to access the box, no other user can restrict what may be placed in or removed from the box by that person. We reserve the right to deny access to the safe deposit box if your accounts with Summit Credit Union are not in good standing. The Credit Union is not responsible for knowledge of your death or legal incapacity or of the death or legal incapacity of anyone else you or a court may authorize to access the box or of the revocation of any appointment through which any person is authorized to act for you until written notice of the same is received in our office in which the safe deposit box is located. Until such notice is received, any action we take in reliance upon the appointment of a deputy or a legal representative or in permitting any authorized person to access the box for any purpose shall be fully binding on each of you and upon your heirs, executors, administrators, personal representatives and assigns. No authorization to access the box shall be deemed to have been automatically revoked by the death or legal incapacity of the person making the appointment or of either of you. Each of you agrees to indemnify the Credit Union and hold us harmless against any unauthorized act of either of you or of your appointed deputy.
Renter Responsibilities
You agree all rents may be deducted from your share account as indicated in the Truth-in-Savings Disclosure. All rents of boxes are payable for a full one-year term in advance. You acknowledge receipt of two keys and agree to notify us immediately if a key is lost and to return any remaining key at that time. You also agree to pay immediately upon our request any charge we impose for replacing a lost key, replacing a lock, or for opening a box for which the key(s) have been lost; If you fail to surrender both your keys and possession of the box at the end of the year, we will not consider a box vacated until all keys are returned or we have received your written notice. You will not leave the box unlocked at any time. You will not deliver the keys to the box or divulge any password or number associated with it to anyone who is not legally authorized to access it. It is your responsibility to notify us promptly of any changes in your name or address, or in the name or address of any deputy you have appointed. If you fail to give up possession of the box, remove its contents and return the keys to us upon termination of this Agreement by either of us, we may send a written notice to you of our intent to forcibly open the box in the presence of an officer of the Credit Union and one other witness. If you fail to give up possession of the box and surrender all keys within fifteen (15) days after we send such a notice, we may then proceed according to our stated intent and remove the contents of the box and retain the contents as bailee, subject to the payment of all rent that is then unpaid. You agree to pay us any charge for the use of the box after the ending of the term and all expenses, costs and attorney’s fees we incur, including costs of opening the box and of changing the lock and keys and of safe keeping of the contents after their removal from the box, immediately upon our demand. Each of you agrees to promptly notify the Credit Union in writing of the death of any person who has access to the box as required under the laws of this state. Your legal representative, including any deputy you appoint, is also required to give such notice.
Contents of Box
The contents of a rented safe deposit box are not insured by the Credit Union. The loss of any of the contents of the box shall not be evidence that it has been opened by someone other than you or your legal representative. The Credit Union’s liability and responsibility to you with regard to any property kept in our rented box is limited to ordinary care. We accept receipt of such property only with the express agreement that neither the Credit Union, its officers, employees, nor agents shall be held liable or responsible, directly or indirectly, to you, your agents, heirs, or assigns for any theft, robbery, embezzlement, loss or destruction of or injury or damage to, any papers or property or valuables of any nature which may be stored in any such box.
Termination
Credit Union reserves the right to terminate this Agreement at any time upon giving you written notice. In that event, we will refund a proportionate part of the rent you paid for the unexpired term, and at the same time you will vacate the box and return all keys to us. All notices we are required to give will be deemed given when in the certified mail postage prepaid and addressed to you, your deputy, or legal representative at the last address shown on our records. If the Credit Union should become involved in any litigation or other legal procedure in connection with the contents of the box, you agree to pay us our full costs and reasonable attorney’s fees.