Bank of America Safety Deposit Box Costs
Bank of America charges between $120 and $275 per year for a safety deposit box, depending on the size you rent. A small box (3" × 5") costs $120 annually. A medium box (5" × 5") runs $150 per year. A large box (10" × 5") is $200 per year. An extra-large box (10" × 12") costs $275 per year. These are the standard rates, though some branches may offer promotional pricing for the first year, typically waiving the fee or discounting it by 25 to 50 percent.
The fee is usually charged once per year, often in the month you opened the box or in a month the bank designates. Some Bank of America locations will bill you monthly instead—roughly $10 to $23 per month depending on box size—if you prefer not to pay the full year upfront. You can ask your branch which billing method they offer.
Key Takeaways
- Bank of America safety deposit boxes range from $120 to $275 per year based on size, with small boxes at the lower end and extra-large boxes at the higher end.
- Many Bank of America branches offer a promotional discount or waived fee for the first year, so ask about current offers when you inquire.
- You can usually choose to pay annually or monthly, though not all branches offer both options.
- The box rental fee is separate from any account maintenance fees you may pay on a checking or savings account.
What You Get With Your Box
Your annual fee covers access to the box during the bank's business hours, which are typically Monday through Friday 9 a.m. to 5 p.m., and Saturday mornings at some locations. You get a key to the box and the bank keeps a second key; both are required to open it, so neither you nor the bank can access the contents alone. The bank provides the physical security—the vault, the lock, the climate control—but does not insure what is inside the box.
Bank of America does not charge extra for accessing your box during regular hours. If you need access outside those hours, some branches may charge a fee for after-hours or weekend access, though this is not standard across all locations. Call your branch to ask whether they offer this service and what it costs.
What Is Not Covered by the Fee
The safety deposit box fee does not include insurance on the contents. If your documents, jewelry, or other items are damaged, lost, or stolen, Bank of America is not responsible. You may be able to cover the contents under a homeowner's or renter's insurance policy, or through a separate valuable items rider. Check your existing policy or contact your insurance agent to see what protection you already have.
The fee also does not cover the cost of cutting the box open if you lose your key or forget the combination. If this happens, you will pay a locksmith fee or a bank fee to have the box drilled, which typically ranges from $100 to $300 depending on the box type and your branch's policy.
When the Fee Is Charged and How to Pay
Bank of America usually charges the safety deposit box fee once per year on the anniversary of when you opened the box, though some branches charge on a set date each year. The fee is deducted directly from a Bank of America checking or savings account you hold with them. If you do not have an account at Bank of America, you will need to open one or pay the fee by another method—ask your branch what options they accept.
If you want to change when the fee is charged or how it is paid, contact your local branch. They can sometimes adjust the billing date or set up a different payment method, though this varies by location.
How to Reduce or Avoid the Fee
The most direct way to reduce the cost is to rent a smaller box if your storage needs allow it. A small box at $120 per year is less than half the cost of an extra-large box at $275. Before you commit to a size, ask to see the boxes so you know what fits.
Some Bank of America customers with premium checking accounts or high account balances may receive a waived or discounted safety deposit box fee as part of their account benefits. Ask your branch whether your account tier includes this perk. Promotional offers also change seasonally, so it is worth asking whether the branch is currently waiving the first-year fee or offering a discount.
If the annual cost is a concern, compare it to what other banks in your area charge. Credit unions sometimes offer lower rates, and some regional banks have different pricing. A few banks still offer free safety deposit boxes to customers who meet certain account requirements, though this is becoming less common.
What Happens If You Stop Paying the Fee
If you do not pay the safety deposit box fee when it is due, Bank of America will typically send you a notice and give you a grace period—usually 30 to 60 days—to pay. If you do not pay by the important date, the bank can drill or cut open the box and remove the contents. The bank will then hold your items for a set period (usually 30 to 90 days) before donating them or disposing of them according to state law.
To avoid this, pay the fee on time or contact your branch if you want to close the box. Closing is free, and you can retrieve your contents during business hours. If you are unsure whether a payment went through, call your branch to confirm the status of your account.
Frequently Asked Questions
Can I access my safety deposit box after the bank closes?
Most Bank of America branches do not offer after-hours access to safety deposit boxes. A few locations may provide this service for an additional fee, but it is not standard. Call your branch to ask whether they offer weekend or evening access and what the cost would be.
Do I need a Bank of America account to rent a safety deposit box?
Yes, you typically need a checking or savings account with Bank of America to rent a safety deposit box. The annual fee is usually deducted from one of your accounts. If you do not have an account, you will need to open one or ask your branch whether they accept payment by another method.
What if I inherit a safety deposit box from someone else?
If you inherit a box, contact the branch where it is held. The bank will require proof of your legal authority to access it, such as a will or court order. You will need to decide whether to keep paying the annual fee or close the box and retrieve the contents. The bank can explain the steps and any fees involved in transferring ownership.
Can the bank open my box without my permission?
Bank of America can open your box if you do not pay the rental fee after the grace period expires, or if a court orders them to do so. Otherwise, the bank cannot open it without your key and authorization. Both keys are required, so the bank cannot access the box alone.
Is my safety deposit box protected if the bank fails?
The contents of a safety deposit box are not covered by FDIC insurance, which protects bank deposits up to $250,000. The box itself and its contents are your responsibility. If the bank fails, your items should be returned to you, but the process can take time. This is another reason to keep valuable items insured separately.