Bank of America safety deposit box costs vary by box size and location
Bank of America charges between roughly $60 and $200 per year for a safety deposit box, depending on the size of the box and which branch you use. Smaller boxes (typically 3×5 inches) cost less than larger ones (5×12 inches or bigger). The exact price at your local branch may differ because Bank of America sets rates by region and individual branch, not nationally.
You pay the annual fee upfront, usually when you rent the box or renew your lease. Some branches offer discounts if you maintain a certain account balance or have a premium checking account with them, though these offers vary. The best way to find the exact price at your branch is to call or visit in person and ask what they charge for each box size.
If you close your box, Bank of America typically refunds the unused portion of your annual fee on a prorated basis—meaning if you paid for a full year but closed after six months, you would receive a refund for the remaining six months.
Key Takeaways
- Bank of America safety deposit box fees range from about $60 to $200 per year depending on box size, with smaller boxes costing less than larger ones.
- Prices vary by branch location and region, so you must contact your local branch directly to learn what they charge.
- Some Bank of America customers with premium accounts or high balances may receive discounts on box rental fees.
- You pay the annual fee upfront, and Bank of America refunds the unused portion if you close your box before the year ends.
How to find the price at your specific branch
Call your local Bank of America branch and ask the customer service representative what they charge for safety deposit boxes. Have them tell you the price for at least two sizes—typically a small box and a large box—so you know the range. Ask whether any discounts apply to your account type or balance.
You can also visit the branch in person and ask to see the boxes and pricing. This gives you a chance to see the actual size and condition of the boxes before you commit. Some branches display pricing on a sheet near the safe deposit area.
What happens if you do not pay the annual fee
If you do not pay the annual renewal fee when it comes due, Bank of America will send you a notice. The bank typically gives you a grace period of 30 to 60 days to pay before they drill open the box and remove your contents. The exact timeline depends on your state's laws and Bank of America's policies at that branch.
Once the bank drills the box, they place your items in storage and charge you for the drilling and storage. You will have to pay the accumulated fees, the drilling cost, and storage charges to retrieve your items. This process is expensive and time-consuming, so paying the renewal fee on time is much simpler.
What you can store in a Bank of America safety deposit box
Bank of America allows you to store documents, jewelry, coins, stamps, and other valuables that fit inside the box. You can keep wills, deeds, birth certificates, insurance policies, and stock certificates there. Many people use boxes to store family heirlooms, passports, and important contracts.
Bank of America does not allow you to store cash, firearms, or illegal items in a safety deposit box. The bank also cannot store items that are hazardous, perishable, or that could damage the box or other customers' boxes. If you try to store prohibited items and the bank discovers them, they can remove the items and may close your box.
Access and hours for your safety deposit box
You can access your safety deposit box during your branch's business hours. Most Bank of America branches are open Monday through Friday during standard banking hours, with limited Saturday hours at some locations. You cannot access your box outside these hours, even if the branch has an ATM or night deposit slot available.
When you visit to access your box, bring your key and a valid photo ID. A bank employee will escort you to the safe deposit area and verify your identity before allowing you to open your box. This security measure protects your items and ensures only authorized people can access the box.
Comparing Bank of America to other banks
Other banks charge different amounts for safety deposit boxes. Some credit unions and smaller regional banks charge $40 to $100 per year, while some larger national banks charge similar amounts to Bank of America. A few banks offer free boxes to customers who maintain high account balances or have certain account types.
If you are considering a safety deposit box, it makes sense to call a few banks in your area and compare prices. The difference between banks can be $50 to $100 per year, which adds up over time. However, convenience matters too—if Bank of America is your primary bank and you visit the branch regularly, the slightly higher cost may be worth it to you.
What to do if you lose your safety deposit box key
If you lose your key, contact your Bank of America branch immediately. The bank will charge you a fee to drill open the box and replace the lock. This fee is typically $50 to $150, depending on the box size and your branch's policies. After the lock is replaced, you will receive a new key.
To avoid this cost, keep your key in a safe place at home—not in another safety deposit box, since you would not be able to access it. Some people keep a spare key with a trusted family member or attorney. Write down the box number and keep it separate from the key in case you need to reference it.
Frequently Asked Questions
Can I access my safety deposit box on weekends?
Most Bank of America branches do not offer weekend access to safety deposit boxes. Some branches have limited Saturday hours, but Sunday access is rare. Call your branch to ask about their specific hours for the safe deposit area.
What happens to my box if I die?
Your heirs or executor will need to contact the bank with a death certificate and proof of authority to access the box. Bank of America will require legal documentation before allowing anyone to open or remove items from the box. The process can take several weeks, so plan accordingly if the box contains documents needed for the estate.
Can I rent a safety deposit box online?
No, you must visit a Bank of America branch in person to rent a safety deposit box. The bank requires you to sign paperwork and provide identification before they issue you a key. You cannot complete this process through online banking or by phone.
Do I need a Bank of America account to rent a box?
Most Bank of America branches require you to have an account with them to rent a safety deposit box, though policies may vary by location. Call your local branch to confirm whether you need an account or what type of account qualifies.
Is my safety deposit box insured?
Bank of America does not insure the contents of safety deposit boxes. The bank is responsible for the security of the box itself, but not for the value of what is inside. You may be able to add coverage through your homeowners or renters insurance policy, so check with your insurance provider.