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

Bank of America charges between $120 and $275 per year for a safety deposit box, depending on the size you rent. The smallest boxes (3×5 inches) typically cost $120 annually, while the largest (10×10 inches) run $275 or more. Some branches charge different rates, so the price at your local Bank of America may differ from another branch across town.

You pay the annual fee upfront, usually when you open the box or renew your rental agreement. Some Bank of America locations offer discounts if you maintain a certain account balance or have a premium checking account, though these promotions change by branch and over time. The best way to learn the exact price at your branch is to call or visit in person, since rates are not listed on the Bank of America website.

Key Takeaways

  • Bank of America safety deposit box rental costs between $120 and $275 per year based on box size, with smaller boxes costing less than larger ones.
  • The price you pay depends on your specific branch location, so two Bank of America branches in the same city may charge different rates.
  • Some branches waive or reduce the annual fee if you hold a premium checking account or maintain a high balance, though these offers vary.
  • You will need to contact your local branch directly to find out the exact cost, since rates are not published online.

What size box you need affects the total cost

Bank of America offers several box sizes, and each size carries its own annual rental fee. A 3×5 inch box (the smallest) costs around $120 per year and holds documents, small jewelry, or USB drives. A 5×8 inch box runs roughly $150 to $180 per year and accommodates more items like birth certificates, deeds, and larger jewelry collections. The 10×10 inch box, the largest standard option, costs $275 or more annually and can hold bulkier items such as photo albums or multiple folders of documents.

Think about what you actually need to store before you rent. Oversizing means paying more than necessary each year. Undersizing means you will either need to upgrade later (which may involve an additional fee) or leave important items unprotected. Most people use a 5×8 box for household documents and valuables.

How to find out the exact price at your branch

Call your local Bank of America branch directly and ask about safety deposit box rental rates. Have the branch address or routing number ready so they pull up the correct location. Ask specifically about the cost for each size available, whether any discounts apply to your accounts, and whether there is a waiting list (some busy branches have limited boxes).

You can also visit the branch in person to see the boxes and ask about pricing. This is often faster than calling, since the person showing you the boxes can answer questions about what fits inside each size and whether you need insurance (which Bank of America does not provide, but you can purchase separately through a third party).

What happens if you close your account or move

If you close your Bank of America checking or savings account, you can keep the safety deposit box as long as you continue paying the annual rental fee. The box rental is a separate service from your bank account. However, if you move away or no longer want the box, you can cancel anytime by visiting your branch and removing your items. Bank of America will refund any unused portion of your annual fee if you cancel mid-year, though the refund policy varies slightly by branch.

If you have a box at one Bank of America branch and move to another city, you will need to open a new box at the new branch. Bank of America does not transfer boxes between locations. You will need to remove your items from the old box, close it, and rent a new one at your new branch.

Alternatives to Bank of America safety deposit boxes

Other banks and credit unions often charge less for safety deposit boxes. Some regional banks rent boxes for $60 to $100 per year, while a few credit unions offer them free to members. If you are paying $200 or more annually at Bank of America, comparing prices at other financial institutions in your area could save you money.

You can also store important documents at home in a fireproof safe, though this does not protect against theft the way a bank box does. A home safe costs $100 to $500 upfront but has no annual fee. For items you rarely need to access (like a will or deed), a safety deposit box is more secure. For documents you check regularly, a home safe may be more practical.

What you should and should not store in a safety deposit box

Store original documents and irreplaceable items: birth certificates, marriage licenses, property deeds, vehicle titles, wills, insurance policies, and jewelry or heirlooms. These items are hard or impossible to replace if lost or stolen. Keep copies of important documents at home for quick reference.

Do not store items you need regular access to, such as your checkbook or credit cards. Do not store cash in large amounts (banks are not insured against loss of cash in boxes, and you may have trouble proving how much was there). Do not store anything illegal or anything that could damage the box, such as wet items or chemicals. Bank of America will not open your box without you present, so if you need something urgently and cannot reach the branch, you are locked out.

Frequently Asked Questions

Can I access my safety deposit box anytime the bank is open?

No. You can access your box during the bank's regular business hours, but not during nights or weekends. Some Bank of America branches have extended hours, so ask your branch when you can come in. If you need something from the box after hours, you will have to wait until the next business day.

What happens if I lose the key to my safety deposit box?

Contact your Bank of America branch immediately. They will charge a fee (typically $50 to $150) to drill open the box and replace the lock and keys. The exact cost depends on the box size and your branch. You will need to provide identification and proof that you rented the box.

Does Bank of America insurance cover items stolen from my safety deposit box?

No. Bank of America does not insure the contents of safety deposit boxes. If items are stolen or lost, the bank is not responsible. You can purchase separate insurance through a third-party provider, though this adds to your annual cost. Ask your branch whether they recommend any insurers.

Can someone else access my safety deposit box if I die?

Not automatically. Your heirs will need to provide a death certificate and proof they are named in your will or are next of kin. The process varies by state and by Bank of America branch. Tell your family where the box is and who has access so they know to contact the bank after your death.

Is there a waiting list for safety deposit boxes at Bank of America?

Some branches have limited boxes and do maintain waiting lists, especially for the most popular sizes. Call your branch to ask whether boxes are currently available. If there is a wait, ask how long it typically takes and whether you can reserve one.