Yes, Bank of America offers safety deposit boxes at most of its branches

Bank of America rents safety deposit boxes — secure metal containers kept in a vault — at the majority of its branch locations. You can rent one to store documents, jewelry, or other valuables you want protected from theft, fire, or damage at home. The box stays in the bank's vault, and only you (and anyone else you authorize) can open it with your key.

Not every Bank of America branch has them. Smaller branches or those in certain locations may not offer the service. You can call your local branch or visit the Bank of America website to check whether your nearest location has boxes available.

Key Takeaways

  • Bank of America safety deposit boxes are available at most branches, but you need to call ahead to confirm your location has them.
  • You pay an annual rental fee that varies by box size, typically ranging from around $60 to $200 per year depending on the dimensions.
  • Only you and anyone you name on the box agreement can access it — the bank cannot open it without a court order or your permission.
  • If you die or stop paying the rental fee, the bank will eventually drill the box open and inventory its contents following state law.

How much Bank of America charges for a safety deposit box

Bank of America charges an annual rental fee based on the size of the box you rent. Smaller boxes cost less than larger ones. The exact price depends on your location and the current rates at your branch, so fees can vary between different areas.

Some Bank of America customers get a discount on the rental fee if they maintain certain account balances or have specific account types, such as a premium checking account. Ask your branch directly what discounts might apply to you. You typically pay the annual fee once per year, though some branches may allow you to pay monthly.

What you can and cannot store in a safety deposit box

You can store almost anything of value that fits inside: documents like wills, deeds, and insurance policies; jewelry; coins; photographs; and heirlooms. Many people use safety deposit boxes specifically to keep originals of important papers in one secure place.

You cannot store cash in large amounts — most banks, including Bank of America, restrict how much currency you can keep in a box because of federal banking rules. You also cannot store anything illegal, anything that could damage the box (like wet items), or anything that poses a safety risk. If you are unsure whether something is allowed, ask your branch before renting.

How to rent a safety deposit box from Bank of America

Start by calling or visiting your local Bank of America branch to ask about availability and current prices. Tell them what size box you need — the staff can describe the dimensions of boxes they have in stock. You do not need to be a Bank of America customer to rent a box, though some branches may prefer that you are.

Once you decide on a box, you will sign a safety deposit box agreement — a contract that explains the terms, your rights, and the bank's responsibilities. You will receive two keys: one for you and one that stays with the bank. You will need both keys to open the box (this is a security feature so the bank cannot open it alone). The rental period typically runs for one year, and you can renew it when it expires.

What happens to your box if you die or stop paying

If you die, the bank will eventually open the box following your state's laws. The process varies by state, but typically the bank will inventory the contents and hold them for your heirs or the executor of your estate. This can take weeks or months, so if you have a will or other urgent documents in the box, make sure your family knows where it is and that you have authorized them to access it.

If you stop paying the rental fee, the bank will send you notices asking you to pay or remove your belongings. If you do not respond, the bank will eventually drill open the box, inventory its contents, and may charge you storage fees. After a set period (which varies by state), unclaimed property goes to your state's unclaimed property program.

Access and who can open your box

Only you can open your box unless you add someone else to the agreement. You can authorize a spouse, adult child, or anyone else you trust by listing them on the signature card when you rent the box or by updating it later. Anyone on the card can access the box independently — the bank cannot prevent them from doing so.

The bank itself cannot open your box without your permission, a court order, or a legal reason (such as a criminal investigation). This privacy protection is one of the main reasons people use safety deposit boxes. However, the bank can see that the box exists and who has access to it.

Alternatives to Bank of America safety deposit boxes

If your Bank of America branch does not have boxes available or the rental fee is more than you want to pay, other banks and credit unions often offer them at different price points. Some charge less than Bank of America; others charge more. You can also rent from private vault companies, though these are typically more expensive.

For documents you need to access frequently, a home safe or fireproof lockbox may be a better choice than a safety deposit box. For items you rarely need but want protected, a box at any bank — including Bank of America — is usually the most affordable option.

Frequently Asked Questions

Can I access my Bank of America safety deposit box on weekends or after hours?

No. You can only access your box during your branch's regular business hours. If you need something from the box outside those hours, you will have to wait until the branch reopens. Plan ahead if you know you will need something on a specific day.

What if I lose one of my keys?

Contact your branch immediately. The bank can rekey the box so your lost key no longer works, and they will give you a new key. There is usually a fee for this service. Until the box is rekeyed, anyone who has your lost key could potentially access it.

Can I rent a safety deposit box in someone else's name?

No. The person renting the box must be present to sign the agreement. However, once the box is rented, you can authorize other people to access it by adding them to the signature card.

Is my safety deposit box insured?

Bank of America does not insure the contents of your safety deposit box. The bank is responsible only for the security of the box itself, not for what is inside. You may be able to cover the contents under your homeowner's or renter's insurance policy — check with your insurance provider.

What happens if the bank is robbed or there is a fire?

Safety deposit boxes are kept in a vault designed to withstand theft and fire. If something does happen, the bank is liable for the loss only if it was negligent — meaning it failed to use reasonable care. This is why it is important to understand the bank's specific liability limits before you rent, which should be explained in your box agreement.