Bank of America safety deposit box costs

Bank of America charges between $120 and $300 per year for a safety deposit box, depending on the size. A small box (3" × 5") runs $120 annually. A medium box (5" × 12") costs $180. A large box (10" × 12") costs $240. An extra-large box (10" × 24") costs $300. These prices are current as of 2024, but rates vary by location and change periodically, so confirm the exact cost at your local branch.

You pay the annual fee upfront when you rent the box, usually charged to your Bank of America account. If you close the box mid-year, Bank of America does not refund the unused portion of the fee. Some branches may offer promotional pricing for new customers, particularly if you maintain a certain account balance or have multiple accounts with the bank.

Key Takeaways

  • Bank of America safety deposit boxes range from $120 to $300 per year depending on size, with small boxes at the lower end and extra-large boxes at the higher end.
  • The annual fee is charged upfront to your Bank of America account and is not refunded if you close the box before the year ends.
  • Prices may vary slightly by branch location and are subject to change, so you should confirm the current rate at your specific branch.
  • Some branches offer promotional rates for new customers or those who maintain certain account balances.

What you get for the annual fee

Your rental fee covers access to the box during normal business hours, which are typically Monday through Friday during standard banking hours, plus limited Saturday hours at some locations. You receive a key to your box and Bank of America keeps a second key in a secure location. Both keys are required to open the box—you cannot access it with only your key, and the bank cannot access it with only theirs.

The bank provides climate-controlled storage and fire protection, though the level of security varies by branch. Your contents are not insured by Bank of America or the FDIC. If you want coverage for the items inside, you must purchase a separate insurance policy through your homeowner's or renter's insurance, or through a specialized valuables insurance provider.

How to rent a box at Bank of America

Visit your local Bank of America branch in person. You will need a valid government-issued ID and proof of your current address (a utility bill, lease, or mortgage statement typically works). If you do not have an existing Bank of America account, you may need to open one first—policies vary by branch, so call ahead to confirm.

The branch will show you the available box sizes and explain the annual cost. You will sign a rental agreement that outlines your responsibilities, including keeping the contents legal and not storing hazardous materials. Once you sign, you pay the annual fee and receive your key. The entire process usually takes 15 to 30 minutes.

Accessing your box and renewal

You can access your box during the branch's business hours by presenting your key and ID. Some Bank of America locations offer extended hours or Saturday access, but this varies. You do not need an appointment for routine access, though calling ahead during busy times can reduce your wait.

Your rental renews automatically each year on the anniversary of your rental date. Bank of America will charge the annual fee to your account without asking for permission again. If you want to cancel before renewal, you must notify the branch in writing or in person. Close to your renewal date, contact the branch to confirm the cancellation has been processed, because the bank will still charge you if the cancellation is not recorded.

Comparing Bank of America to other banks

Safety deposit box fees vary widely across banks. Some regional banks charge $60 to $100 annually for small boxes, while others charge $200 or more. Credit unions sometimes offer lower rates or waive fees for members with certain account types. Online banks typically do not offer safety deposit boxes at all.

If cost is your primary concern, call branches of other banks in your area and ask their rates for the size box you need. Keep in mind that the cheapest option is not always the best—consider the branch hours, security features, and whether you already have an account there. Switching banks solely to save $50 or $100 per year may not be worth the hassle if you use Bank of America for other services.

What to store and what not to store

Safety deposit boxes work well for documents you rarely need but must keep safe: original birth certificates, marriage licenses, property deeds, stock certificates, and jewelry. They are also useful for backup copies of important papers like wills and insurance policies.

Do not store items that need to be accessed frequently, such as passports you use for travel or documents you reference regularly for tax purposes. Do not store anything illegal, hazardous, or perishable. Do not store original wills in a safety deposit box—in some states, the box is sealed when you die, and your executor may have to go to court to access it. Keep the original will with your attorney or file it with the probate court instead. Store a copy in the box if you want, but keep the original elsewhere.

What happens if you stop paying or pass away

If you do not pay the annual renewal fee, Bank of America will send you a notice. If payment remains unpaid after a set period (usually 30 to 60 days), the bank can drill open the box and inventory its contents. You will be charged for the drilling and storage of your items. The bank will attempt to contact you, but if they cannot reach you, they may turn the contents over to the state as unclaimed property after a period of years.

If you pass away, your heirs or executor will need to contact the bank with a death certificate and proof of their authority to access the box. The process varies by state and by whether your name is on the box alone or jointly with another person. If the box is jointly held, the surviving owner can usually access it immediately. If it is in your name alone, your executor may need a court order. Contact your local Bank of America branch to understand the specific steps for your situation.

Frequently Asked Questions

Can I access my safety deposit box on weekends?

Some Bank of America branches offer Saturday hours, but this varies by location. Call your branch to ask about weekend access. Most branches are open Monday through Friday during standard business hours, typically 9 a.m. to 5 p.m.

Is my jewelry insured if I keep it in a safety deposit box?

No. Bank of America does not insure the contents of safety deposit boxes. You must purchase separate insurance through your homeowner's or renter's policy, or through a valuables insurance provider. Check your current policy to see if it covers items in a safety deposit box.

Can someone else access my box if I give them permission?

Only if you add them as an authorized user on the rental agreement. You cannot simply hand someone your key. Contact your branch to add an authorized user, and they will need to provide ID and sign the agreement. Both of you will then be able to access the box independently.

What if I lose my key?

Contact your branch immediately. Bank of America can drill open the box and rekey it, or provide you with a replacement key. You will be charged a fee for this service, typically $50 to $150 depending on the box size and your branch.

Do I need a Bank of America account to rent a safety deposit box?

Most branches require you to have a Bank of America account, but policies vary. Call your local branch before visiting to confirm whether you need an existing account or if you can open one at the same time you rent the box.