Bank of America safety deposit box costs vary by box size and location

Bank of America charges an annual rental fee for safety deposit boxes, but the exact amount depends on the size of the box you rent and which branch you use. Smaller boxes cost less than larger ones, and some branches may charge differently based on local market conditions. You will not find a single price listed online because rates are set by individual branches rather than nationally.

The best way to learn what your local Bank of America branch charges is to call them directly or visit in person. Ask specifically about the sizes they have available and the annual fee for each one. Some branches offer promotional rates for new customers, so it is worth asking whether any current offers apply to you.

Key Takeaways

  • Bank of America safety deposit box fees are set by individual branches, so you must contact your local branch to learn the exact price.
  • Smaller boxes (typically 3x5 or 5x5 inches) cost less per year than larger boxes (typically 10x10 inches or bigger).
  • Some branches may waive or reduce the annual fee if you maintain a may have access to checking or savings account with the bank.
  • You can rent a box for one year at a time, and the fee is usually due when you renew your rental agreement.

How to find your branch's specific pricing

Call the Bank of America branch where you want to rent a box. Have them tell you the annual fee for each box size they offer. Write down the sizes available and their corresponding costs so you can compare to other banks if you want to shop around.

If you are already a Bank of America customer, ask whether your account type qualifies you for a fee waiver or discount. Some checking and savings accounts come with complimentary safety deposit box rental, though this varies by account tier and branch.

What happens when you rent a box

When you rent a safety deposit box from Bank of America, you sign a rental agreement that specifies the annual fee and renewal date. The bank will bill you once per year, typically on the anniversary of when you opened the box. You can pay the fee with any Bank of America account or by other payment methods the branch accepts.

If you do not pay the renewal fee by the due date, the bank may charge a late fee and eventually drill open the box and remove your contents. The bank will hold those contents for a set period (usually several years) before disposing of them, so it is important to pay on time or close the box if you no longer need it.

Comparing Bank of America to other banks

Safety deposit box fees vary widely across banks. Some credit unions and regional banks charge less than Bank of America, while others charge more. If cost is your main concern, call a few banks in your area and compare their smallest box size, since that is usually the least expensive option.

Keep in mind that the cheapest box is not always the best choice. Consider how much space you actually need for documents, jewelry, or other valuables. A box that is too small will force you to rent a larger one anyway, which defeats the purpose of shopping for a lower price.

What you can and cannot store in a safety deposit box

Bank of America allows you to store important documents (wills, deeds, insurance policies), jewelry, coins, and other valuables in your box. You cannot store anything illegal, perishable, or hazardous. The bank also prohibits storing items that could damage the box or other customers' boxes, such as wet or leaking materials.

One important limitation: if you die, your heirs may not be able to open the box immediately without a court order, even if they have your key. This is why many people keep a copy of their will or a list of box contents in a separate, accessible location. Talk to your estate planning attorney about how to handle this.

When to close your safety deposit box

If you no longer need the box, you can close it at any time by visiting your branch and removing your contents. The bank will refund any unused portion of your annual fee on a prorated basis. Make sure you have removed everything from the box before you leave the branch, because retrieving items after the box is closed can be complicated.

If you are moving to a different state or switching banks, you do not have to keep paying for a Bank of America box. Close it at your current branch and open a new one elsewhere if you still need the service.

Frequently Asked Questions

Does Bank of America waive safety deposit box fees for certain accounts?

Some Bank of America account types include complimentary safety deposit box rental, but this varies by branch and account tier. Call your local branch and describe your account to find out whether you may have access to for a waiver or discount.

Can I access my safety deposit box 24/7?

No. You can only access your box during the branch's business hours, and you must present your key and identification. After-hours access is not available at most Bank of America locations.

What if I lose my key?

Contact your branch immediately. The bank can drill open the box so you can retrieve your contents, but you will likely be charged a fee for this service. Ask the branch what that fee is before you authorize them to drill.

Is my safety deposit box insured?

Bank of America does not insure the contents of safety deposit boxes. You are responsible for insuring your valuables through a homeowners or renters insurance policy. Check your policy to see what coverage it provides for items stored in a safety deposit box.

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

Yes, but only if you have authorized them as a co-renter on the box. You cannot simply give someone your key and expect them to be able to open it. Visit your branch to add an authorized user to your rental agreement.