This release provides a summary of issues for credit unions to address in their safe deposit box programs. While leasing safe deposit boxes has its hazards, a credit union can reduce risk by establishing and following a thorough safe deposit box program.
State chartered credit unions are given the authority to offer safe deposit boxes to members and those eligible for membership under Wis. Stats. § 186.113(14m) and federal credit unions are given authority to lease safe deposit boxes to members under NCUA Rules and Regulations Part 701.30.