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 box size. The smallest boxes (3×5 inches) typically cost $120 annually, while larger boxes (10×10 inches or bigger) run $240 to $300 per year. Prices vary by location and branch, so the cost at one Bank of America branch may differ from another.

Bank of America does not charge a one-time setup fee to open a safety deposit box. You pay only the annual rental fee, which renews each year on the anniversary of when you opened the box. If you close the box before the year is up, Bank of America does not refund the unused portion of the fee.

Key Takeaways

  • Bank of America safety deposit boxes cost $120 to $300 per year depending on size, with no setup fee.
  • You must have a Bank of America checking or savings account to rent a safety deposit box.
  • Some Bank of America accounts include a discount on safety deposit box rental, so check your account benefits.
  • The annual fee renews on the anniversary date each year and is not refundable if you close the box early.

Who can rent a safety deposit box at Bank of America

You must be a Bank of America customer with an active checking or savings account to rent a safety deposit box. Bank of America does not rent boxes to non-customers. If you do not have an account, you would need to open one first, which requires a minimum deposit that varies by account type.

You must also be at least 18 years old and provide a valid government-issued ID when you open the box. If you want a second person to have access to the box (a co-renter or authorized user), that person must also be a Bank of America customer with an account in good standing.

What size boxes Bank of America offers

Bank of America offers boxes in several standard sizes. The 3×5 inch box is the smallest and least expensive. The 5×8 inch box is mid-sized and costs more. The 10×10 inch box and larger boxes are the most expensive options. Not every branch carries every size, so availability depends on your location.

Before you commit to a size, think about what you plan to store. A 3×5 box holds documents, a few jewelry items, or small valuables. A 5×8 box accommodates more documents, photos, or small collections. A 10×10 box works for larger collections, multiple document folders, or bulkier items. Bank of America staff can show you sample boxes so you can judge the space.

How to open a safety deposit box at Bank of America

Visit your local Bank of America branch in person. You cannot open a safety deposit box online or by phone. Bring your valid government-issued ID and your Bank of America debit card or account information. Tell the staff member you want to rent a safety deposit box and ask what sizes are currently available.

The staff member will show you the available boxes, explain the annual fee for each size, and have you sign a rental agreement. The agreement outlines your rights and Bank of America's responsibilities, including what happens if you die, if the box is damaged, or if you stop paying the rental fee. Once you sign, you receive a key and can begin using the box immediately. You will be charged the annual fee on the date you open the box.

Account discounts on safety deposit box fees

Some Bank of America accounts include a waiver or discount on the safety deposit box rental fee. Premium checking accounts and certain wealth management accounts may offer this benefit. The discount or waiver applies only if you maintain the account and meet any minimum balance or activity requirements.

Ask your Bank of America representative whether your current account includes a safety deposit box benefit. If it does not, you can ask whether upgrading to a different account type would make the box rental free or cheaper. Compare the cost of upgrading against the annual box fee to see whether the switch makes financial sense for you.

What you can and cannot store in a safety deposit box

You can store documents (wills, deeds, birth certificates), jewelry, coins, stamps, photographs, and other small valuables. You can also store important papers like insurance policies, mortgage documents, and stock certificates. Many people use safety deposit boxes to protect items from theft, fire, or water damage at home.

Bank of America prohibits storing cash, firearms, explosives, hazardous materials, or anything illegal in a safety deposit box. You also cannot store items that require climate control or special handling. If Bank of America discovers prohibited items, they may drill the box open and remove the contents, and you may lose access to the box without a refund.

What happens if you stop paying the rental fee

If your annual fee is not paid by the due date, Bank of America will send you a notice. You typically have a grace period of 30 days to pay the overdue fee. If you do not pay within that window, Bank of America can drill the box open, remove your contents, and hold them for a set period (usually 90 days to one year, depending on state law).

After the holding period expires, Bank of America may donate or destroy unclaimed contents. To avoid this, set a calendar reminder for your renewal date each year, or ask Bank of America to charge the fee automatically to your checking or savings account. Automatic payment ensures you never miss a deadline.

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. Bank of America branches typically close at 5 or 6 p.m. on weekdays and have limited weekend hours. You cannot access the box after hours, on holidays, or when the branch is closed.

What if I lose my safety deposit box key?

Contact your Bank of America branch immediately. They can drill the box open or replace the lock. You will be charged a fee for this service, typically $50 to $100 depending on the box size and your location. To avoid this cost, keep your key in a safe place and consider giving a spare to a trusted family member.

Can I rent a safety deposit box if I have a joint account?

Yes. Both account holders can rent a safety deposit box together as co-renters, and both will have equal access. You can also designate one account holder as the renter and add the other as an authorized user. Ask your Bank of America representative which arrangement works best for your situation.

Is my safety deposit box insured?

Bank of America does not insure the contents of safety deposit boxes. The bank is not responsible if your items are stolen, damaged, or lost due to fire, flood, or other events. You may be able to cover the contents under a homeowners or renters insurance policy, or through a separate valuable items rider. Check with your insurance provider.

What is the difference between a safety deposit box and a safe deposit box?

These terms mean the same thing. Both refer to a locked box stored in a bank vault that you rent to hold valuables and important documents. Bank of America uses both terms interchangeably.