Bank of America safe deposit box costs vary by box size and location
Bank of America charges between roughly $120 and $275 per year for a safe deposit box, depending on the size you rent and which branch you use. The smallest boxes (3 by 5 inches) cost less than the largest ones (10 by 5 inches). Some branches in high-cost areas charge more than branches elsewhere. You pay the full annual fee upfront, usually when you open the box, and again each year on the anniversary of your rental.
The exact price for your branch is not published online — you have to call or visit in person to find out what Bank of America charges at your specific location. This matters because the same box size can cost different amounts depending on whether your branch is in a major city or a smaller town. If you are comparing safe deposit boxes across banks, call at least two or three branches of each bank to get a real sense of what you will actually pay.
Bank of America does not waive safe deposit box fees for account holders, even if you have a high-balance checking account or a wealth management relationship with the bank. The fee is separate from your account maintenance costs.
Key Takeaways
- Bank of America safe deposit box fees range from approximately $120 to $275 per year depending on box size and branch location.
- You must call or visit your local Bank of America branch to learn the exact price, because fees vary by location and are not listed online.
- The annual fee is charged upfront when you open the box and then each year on the anniversary date of your rental.
- Bank of America does not reduce or waive safe deposit box fees based on your account type or account balance.
- Smaller boxes (3 by 5 inches) cost significantly less than larger boxes (10 by 5 inches), so choosing the right size affects your total cost.
How to find the exact fee at your branch
Call the Bank of America branch closest to you and ask for the safe deposit box pricing. Have ready the size of box you think you need — the staff member will quote you the annual fee for that size. If you are not sure what size you need, describe what you plan to store: documents, jewelry, small valuables, or a combination. The staff can recommend a size and give you the price.
If you are considering multiple banks, this is the time to call their branches too. A $50 or $100 difference per year across several years adds up. Some credit unions and smaller regional banks charge less than Bank of America, while others charge more. The only way to know is to make the calls.
What happens when you open a safe deposit box
When you open a box at Bank of America, you will sign a rental agreement that states the annual fee, the renewal date, and what happens if you do not pay. You will pay the first year's fee at that time, usually by debit card or from your Bank of America account. The bank will give you a key to the box and you will be able to access it during the branch's business hours.
Each year on the anniversary of your rental, Bank of America will charge the fee to the payment method you provided — typically your linked account or debit card. If the payment fails, the bank will send you a notice. If you do not pay within a set period (usually 30 days), the bank can drill the box open and inventory its contents, then charge you for that service as well.
What you can and cannot store in a safe deposit box
Bank of America allows you to store documents, jewelry, coins, stamps, photographs, and other small valuables. You cannot store anything illegal, anything that could damage the box, or anything that poses a health or safety risk. You also cannot store cash — the bank's policy prohibits it, and storing large amounts of cash in a safe deposit box defeats the purpose of FDIC insurance, which does not cover the contents of safe deposit boxes anyway.
Common items people store include birth certificates, marriage licenses, property deeds, stock certificates, jewelry, and family photographs. If you are storing important documents, keep copies at home or with a trusted person outside the bank, because if you die or become incapacitated, accessing the box can take time and may require a court order.
Safe deposit box access and hours
You can access your Bank of America safe deposit box during the branch's regular business hours. Most branches are open Monday through Friday from 9 a.m. to 5 p.m., and some are open on Saturday mornings, but hours vary by location. You cannot access your box after hours, on weekends (except where the branch is open), or on bank holidays.
If you need to access your box in an emergency outside normal hours, you will have to wait until the branch reopens. This is one reason some people keep copies of critical documents at home — a safe deposit box is find but not always accessible when you need it most.
Alternatives to Bank of America safe deposit boxes
If Bank of America's fees are higher than you want to pay, or if you need 24-hour access, consider other options. Some credit unions offer safe deposit boxes at lower annual rates. Private vault companies rent boxes with 24-hour access, though their fees can be higher than banks. You can also store important documents in a fireproof safe at home, though a home safe does not offer the same level of security or protection from theft.
For documents you rarely need to access — like original birth certificates or property deeds — a safe deposit box makes sense. For documents you need more often, or for cash, a home safe or a safe in your home office may be more practical. The right choice depends on what you are storing, how often you need it, and how much security matters to you.
What happens to your safe deposit box if you close your Bank of America account
If you close your Bank of America checking or savings account, your safe deposit box rental continues separately. You will still owe the annual fee, and the bank will still charge it to whatever payment method you have on file. You can keep the box open as long as you pay the fee, even if you have no other accounts with the bank.
If you want to close the box, you must visit the branch in person, remove all contents, and return the key. The bank will stop charging the annual fee once the box is officially closed. If you abandon the box and stop paying the fee, the bank will eventually drill it open, inventory the contents, and may charge you for that service.
Frequently Asked Questions
Can I access my safe deposit box if I am not the primary renter?
Bank of America allows you to add an authorized user to your safe deposit box, usually a spouse or adult family member. Both people can access the box independently during business hours. You set this up when you open the box or by visiting the branch later. Both names appear on the rental agreement.
What if I lose my safe deposit box key?
Call your Bank of America branch and tell them you lost the key. The bank can drill the lock and rekey the box, but you will be charged a fee for this service — typically $100 to $150, though it varies by location. Bring your ID to the branch to prove you are the renter.
Does Bank of America insure the contents of my safe deposit box?
No. Bank of America does not insure what you store in a safe deposit box. FDIC insurance covers money in your bank accounts, not the contents of safe deposit boxes. If you store valuable items like jewelry or coins, you may want to insure them through your homeowners or renters insurance policy.
Can Bank of America access my safe deposit box without my permission?
Bank of America can drill open your box if you stop paying the rental fee and do not respond to notices. The bank can also be required to open a box by court order in legal proceedings. Otherwise, the bank cannot access your box without your permission.
What is the smallest safe deposit box Bank of America offers?
The smallest boxes are typically 3 by 5 inches, which is large enough for documents, a few pieces of jewelry, or small valuables. These cost less per year than larger boxes. If you are storing only documents, a small box is usually sufficient and will save you money.