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 and your location. The most common size — a small box — runs $120 to $150 annually at most branches. Medium and large boxes cost more, with the largest boxes reaching $300 or higher in some markets. Prices vary by branch and region, so the cost at one Bank of America location may differ from another.
You pay the annual fee upfront or in monthly installments, depending on the branch. Some accounts waive the fee if you maintain a certain balance or have a premium checking account, though these offers change and are not may provide at every location. The best way to find the exact price for your branch is to call and ask, since Bank of America does not publish a single national rate.
Key Takeaways
- Bank of America safety deposit box fees range from $120 to $300 per year, with small boxes at the lower end and large boxes at the higher end.
- Prices differ by branch location and region, so you need to contact your specific branch to learn what they charge.
- Some Bank of America accounts waive the fee if you keep a minimum balance or hold a premium checking product.
- You can pay the annual fee upfront or in monthly installments, depending on your branch's policy.
What size box you need and what it costs
Bank of America offers three standard box sizes: small, medium, and large. A small box — roughly 2 by 5 by 12 inches — is the most popular and typically costs $120 to $150 per year. A medium box, about 2 by 7 by 12 inches, usually runs $180 to $220 annually. Large boxes, which can hold significantly more, range from $250 to $300 or more per year.
The size you need depends on what you plan to store. Small boxes work well for documents like birth certificates, marriage licenses, deeds, and insurance policies. Medium boxes accommodate those items plus jewelry, coins, or small collectibles. Large boxes suit people storing extensive collections, multiple sets of documents, or items for several family members.
Before you rent, ask your branch what fits in each size. Some branches may have different dimensions or additional sizes not listed here. You can also visit the branch in person to see the boxes and decide which one matches your needs.
How to pay and when the fee is due
Bank of America typically bills your safety deposit box fee once per year, usually on the anniversary of when you opened the box. You can pay the full annual amount at once, or some branches allow you to split it into monthly payments charged to your Bank of America account. Ask your branch which payment method they offer.
If you close the box before the year is up, you may receive a partial refund of the unused portion of your fee, though this depends on your branch's policy. Some branches refund on a prorated basis; others do not refund at all. Confirm the refund policy before you sign the rental agreement.
Fee waivers and discounts for Bank of America customers
Bank of America occasionally waives safety deposit box fees for customers who meet certain conditions. Common waiver triggers include maintaining a minimum balance in a checking or savings account, having a Bank of America credit card, or holding a premium account like Preferred Rewards. The specific requirements and which accounts may have access to change over time and vary by branch.
Ask your branch whether any of your current accounts may have access to for a fee waiver. If you do not have an account that waives the fee now, opening a may have access to account might offset the box rental cost. However, do not open an account solely to waive a safety deposit box fee — compare the account's other features and any minimum balance requirements first to make sure the trade-off makes sense for you.
What happens if you do not pay the fee
If you do not pay your safety deposit box rental fee by the due date, Bank of America will typically send you a notice. If payment remains unpaid after a grace period — usually 30 to 60 days — the bank may drill open the box and remove your contents, placing them in storage at your expense. You will then have to pay the rental fee, the drilling cost, and storage charges to recover your items.
To avoid this, set a reminder on your calendar for when the fee is due each year. If you are unsure of the due date, call your branch and ask. Paying on time is far cheaper than paying to have the box drilled and your contents retrieved.
Comparing Bank of America to other banks
Safety deposit box fees vary widely across banks. Some credit unions and smaller regional banks charge $50 to $100 per year for small boxes, while some large national banks charge $150 to $200. A few banks have stopped offering safety deposit boxes altogether, so availability is not may provide everywhere.
If Bank of America's fees feel high, call other banks in your area and ask what they charge for comparable box sizes. Keep in mind that the cheapest option is not always the best — consider the branch locations near you, the bank's hours, and whether you already have an account there. Switching banks just to save $50 or $100 per year on a safety deposit box may not be worth the hassle.
What you can and cannot store in a safety deposit box
Bank of America allows you to store documents, jewelry, coins, stamps, photographs, and other valuables in your safety deposit box. You can also store important papers like wills, deeds, and insurance policies. However, the bank prohibits storing cash, firearms, hazardous materials, and anything illegal. Some banks also restrict items like perishables or anything that could damage the box.
Before you rent, review Bank of America's full list of prohibited items in your rental agreement. If you are unsure whether something is allowed, ask the branch manager. Storing prohibited items can result in the box being drilled open and your contents removed, even if you are paying the fee.
Frequently Asked Questions
Can I access my safety deposit box 24/7?
No. You can access your box only during your branch's business hours, and you must present identification each time. You cannot access it after hours, on weekends, or on bank holidays unless your branch offers extended hours. Plan ahead if you need something from your box on a specific day.
What if I lose the key to my safety deposit box?
Contact your branch immediately. Bank of America can drill the box open and provide you with a new key. You will be charged a fee for the drilling and key replacement, which typically ranges from $50 to $150 depending on the box size and your branch. This is another reason to keep your key in a safe place.
Can someone else access my safety deposit box if I give them permission?
Yes, but only if they are listed on the rental agreement as an authorized user. You cannot simply hand someone your key and let them access it. To add another person, visit your branch and update the agreement. Both you and the authorized user will need to present identification to access the box.
Do I need homeowners insurance to cover items in my safety deposit box?
No. Bank of America's insurance does not cover the contents of safety deposit boxes — only the box itself and the bank's building. Your homeowners or renters insurance may cover items stored in a safety deposit box, but you should contact your insurance company to confirm. Some valuable items like jewelry or collectibles may need a separate rider or policy.
What happens to my safety deposit box if I die?
Your box will be sealed until your estate is settled. Your executor or next of kin will need to contact the bank with a death certificate and proof of their authority to access the box. The bank may require a court order before opening it. This process can take weeks or months, so do not rely on a safety deposit box for items your family needs immediately after your death.