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 size you rent. The smallest boxes (3" × 5") typically cost $120 annually, while larger boxes (10" × 10") run $300 or more. Some branches may charge slightly different amounts, and the bank occasionally runs promotions that waive the first year's fee for new customers.
The fee is usually billed annually, though some branches allow you to pay semi-annually or quarterly if you prefer. You pay the fee whether you use the box or not — it's a rental charge for the space itself, not a usage fee. If you close your account or return the box, Bank of America typically refunds any unused portion of the annual fee on a prorated basis.
Costs can change, and promotional offers vary by location and time of year. Call your local Bank of America branch directly to confirm the current price for the specific box size you need, since rates are not always listed online and may differ between branches.
Key Takeaways
- Bank of America safety deposit box rental ranges from roughly $120 to $300 per year depending on box size, with the smallest boxes costing the least.
- The annual fee is charged whether you actively use the box or not, and is typically billed once per year.
- Some Bank of America locations offer first-year fee waivers or other promotions, so asking about current offers when you rent is worth your time.
- Your local branch is the only reliable source for current pricing, since rates vary by location and change periodically.
- If you close the box before the year is up, you receive a refund for the unused portion of your annual fee.
What's Actually Inside the Annual Fee
The safety deposit box fee covers your annual rental of the physical space and access to it during business hours. It does not cover insurance on the contents — Bank of America does not insure what you store inside, and the bank is not responsible if items are lost, stolen, or damaged. You are responsible for insuring valuable items yourself, usually through a homeowner's or renter's insurance policy that includes coverage for items in a safety deposit box.
The fee also does not include any services beyond basic access. If you need the box drilled open because you've lost the key, or if you need staff information retrieving items, those services may carry additional charges. Ask your branch what those costs are before you rent.
How to Find Out Your Branch's Exact Price
Bank of America does not publish safety deposit box fees on its website in a way that's straightforward to find. The fastest way to learn what your branch charges is to call the branch directly and ask for the current rental rates for each box size. Have the branch number or address ready when you call, since rates can vary between locations.
You can also visit your branch in person and ask to see the safety deposit box options and pricing. This has the added benefit of letting you see the actual boxes and decide what size you need before you commit to renting one. Some branches keep a price sheet at the desk or can print one for you.
Comparing Bank of America to Other Banks
Safety deposit box fees vary widely across banks. Some regional banks and credit unions charge $50 to $100 per year for small boxes, while others charge $200 or more. A few banks have eliminated safety deposit boxes entirely or charge premium rates for them. If you're shopping around, call three or four banks in your area and compare both the box size options and the annual cost.
Keep in mind that the cheapest box is not always the best choice if it's too small for what you need to store. A box that's too cramped may force you to rent a larger one anyway, which defeats the savings. Think about what you actually plan to store — documents, jewelry, photos, deeds — and ask to see boxes in different sizes before deciding.
What Happens If You Stop Paying the Fee
If you do not pay your safety deposit box rental fee when it comes 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 still do not pay after that period, the bank can drill open the box and remove your contents. The bank will then hold your items for a set period — usually 90 days to one year, depending on state law — before turning them over to the state as unclaimed property.
Once your items go into the state's unclaimed property system, retrieving them becomes much more complicated and time-consuming. You will have to file a claim with your state's unclaimed property office and provide proof that the items are yours. It's far simpler to either pay the annual fee or formally close the box and retrieve your contents before the fee comes due.
Frequently Asked Questions
Can I get a refund if I close my box partway through the year?
Yes. Bank of America refunds the unused portion of your annual fee on a prorated basis when you close the box. If you paid $120 for the year and close the box after six months, you should receive a $60 refund. Ask the branch to process the refund when you return the box and keys.
Do I need a Bank of America checking account to rent a safety deposit box?
Requirements vary by branch. Some Bank of America locations require you to have an active checking or savings account; others do not. Call your local branch to ask about their specific policy before you visit.
What if I lose the key to my safety deposit box?
Bank of America can drill the box open so you can retrieve your contents, but this service is not free. The cost varies but typically runs $50 to $150 depending on the box size and your branch. Ask for a quote before you authorize the drilling.
Can someone else access my safety deposit box if I give them permission?
Yes, but the process varies. Some boxes allow you to add an authorized user to the rental agreement, which gives that person access during business hours. Others require the box holder to be present. Ask your branch about their policy on shared access before you rent.
Is my safety deposit box contents insured by the FDIC?
No. FDIC insurance covers money in deposit accounts like checking and savings, but it does not cover items stored in a safety deposit box. You must insure valuable items yourself through a homeowner's or renter's insurance policy.