Navy Federal does offer safe deposit boxes, but availability depends on your branch location
Navy Federal Credit Union provides safe deposit boxes at many of its branches, though not every location carries them. These are metal boxes stored in a vault where you can keep important documents, jewelry, or other valuables. The boxes come in different sizes, and you pay an annual rental fee to use one. However, because Navy Federal is a credit union with a specific membership base, the availability and pricing can differ from what you might find at a traditional bank.
The best way to learn about your local Navy Federal branch has safe deposit boxes is to call the branch directly or visit in person. You can also contact Navy Federal's member services line to ask about availability near you. Since not all branches stock them, it's worth checking before making a trip.
Key Takeaways
- Navy Federal offers safe deposit boxes at many branches, but availability varies by location.
- You pay an annual rental fee to rent a safe deposit box, and the cost depends on the box size.
- You will need to be a Navy Federal member to rent a box, and you typically need a second person to sign the rental agreement.
- Contact your local Navy Federal branch directly to confirm they have boxes available and to learn the current rental rates.
What sizes and prices are available
Navy Federal offers safe deposit boxes in multiple sizes, typically ranging from small boxes (about 3 by 5 inches) to larger ones (about 10 by 10 inches). The annual rental fee varies depending on the size of the box you choose. Smaller boxes cost less per year than larger ones, though the exact prices differ by branch and may change over time.
Because Navy Federal is a member-owned credit union rather than a national bank chain, pricing is not standardized across all locations. Your branch may also run promotions or waive the first year's fee for new safe deposit box customers. Call ahead to ask what sizes are in stock and what the current rental rates are for each size.
How to rent a safe deposit box from Navy Federal
To rent a safe deposit box, you must be a Navy Federal member in good standing. You'll visit your branch in person with a valid ID. Most credit unions and banks require at least two people to sign the rental agreement — typically you and another authorized user — though Navy Federal's specific requirements may vary by branch.
Once you've signed the rental agreement and paid the annual fee, you'll receive keys to your box. You can then access it during the branch's business hours. Some Navy Federal branches may offer extended hours or after-hours access for safe deposit box holders, so ask when you rent.
What you can and cannot store in a safe deposit box
Safe deposit boxes are designed for documents and items that need protection from fire, theft, or loss. Common items include birth certificates, marriage licenses, property deeds, stock certificates, jewelry, and family heirlooms. You can also store a backup copy of your will, though the original should be kept with your attorney or filed with the court.
Do not store items that are illegal, perishable, or that could damage the box or other customers' boxes. This includes cash in large amounts (banks report large cash holdings to federal authorities), hazardous materials, or anything with a strong odor. Navy Federal's rental agreement will spell out what is prohibited. If you're unsure whether something is allowed, ask the branch staff before you store it.
Access and what happens if you lose your keys
You can access your safe deposit box during your branch's regular business hours. If you lose your keys, contact the branch immediately. Navy Federal can drill open the box or rekey the lock, though there may be a fee for this service. The cost depends on the branch and the type of lock on your box.
If you have a co-renter on the box, either person can access it without the other being present. This is useful if you need someone else to retrieve documents in an emergency, but it also means both people have full access to everything inside.
What happens to your box if you close your account or pass away
If you close your Navy Federal account, you'll need to empty your safe deposit box and stop paying the rental fee. The branch will give you a deadline to remove your items. If you don't retrieve them by that date, Navy Federal may open the box and inventory the contents, then hold them according to state law.
If you pass away, your heirs or executor will need to contact the branch with a copy of your death certificate and proof of their authority to access the box. State law governs how long Navy Federal must hold the contents and what documentation is required. This is another reason to tell a trusted family member or your attorney where your safe deposit box is located and where you keep the keys.
Alternatives if your branch doesn't have safe deposit boxes
If your Navy Federal branch doesn't offer safe deposit boxes, you have other options. You can rent a box from a traditional bank in your area, or you can use a private vault service. Private vaults are independent companies that rent secure storage space, often with more flexible hours than banks.
For documents you need to access frequently, consider a fireproof safe at home instead. A home safe is less secure against theft than a bank box, but it's more convenient for items you use regularly. For truly irreplaceable documents like your will or deed, a safe deposit box or attorney's office is still the better choice.
Frequently Asked Questions
Do I need to be a Navy Federal member to rent a safe deposit box?
Yes, you must be a Navy Federal member in good standing to rent a safe deposit box. If you're not yet a member, you'll need to open an account first. Navy Federal membership is open to military members, veterans, and their families, depending on the branch.
Can I access my safe deposit box after the branch closes?
Most Navy Federal branches allow safe deposit box access only during regular business hours. Some branches may offer extended hours or weekend access for box holders, so ask when you rent. Private vault services sometimes offer 24/7 access if that's important to you.
What if I want to give someone else access to my box?
You can add a co-renter to your safe deposit box agreement. Both people will have keys and can access the box independently. You'll both need to sign the rental agreement, and there may be an additional fee for adding a second person.
How much does a Navy Federal safe deposit box cost per year?
The annual rental fee varies by box size and branch location. Smaller boxes cost less than larger ones. Contact your local Navy Federal branch for current pricing, as rates may change and some branches run promotions for new customers.
What should I do if I lose my safe deposit box key?
Contact your Navy Federal branch right away. They can drill the box open or rekey the lock so you can access your items. There is usually a fee for this service, which varies by branch and lock type.