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. The smallest boxes (3" × 5") cost around $120 annually, while larger boxes (10" × 10") run closer to $275. The exact price at your branch may differ slightly, and Bank of America periodically adjusts these fees, so calling your local branch gives you the current rate for the size you need.
You pay this fee once a year, usually on the anniversary of when you opened the box. Some branches offer a small discount if you maintain a certain account balance or have a premium checking account with them, though this varies by location. The fee covers the box itself, the security of the vault, and access during business hours.
Key Takeaways
- Bank of America safety deposit boxes range from about $120 to $275 per year based on box size, with smaller boxes costing less.
- You are charged once annually, usually on the anniversary date you opened the box.
- Some Bank of America account holders receive discounts on box rental if they maintain a premium checking account or minimum balance.
- Calling your local branch is the fastest way to learn the exact current price for the box size you need.
- Bank of America does not charge extra fees for accessing your box during regular business hours.
What Size Box You Might Need
Bank of America typically offers three or four box sizes, though availability depends on your branch. The smallest boxes hold documents like birth certificates, marriage licenses, and insurance papers. Medium boxes fit jewelry, coins, or a few years of important paperwork. The largest boxes work for people storing extensive collections or multiple years of financial records.
Think about what you actually plan to store before you rent. A box that is too large means paying more than you need. A box that is too small means you will either rent a second one or have to remove items to make room. Most people storing documents and a few valuable items do fine with a medium box.
How to Find Out Your Branch's Current Price
The easiest way is to call your local Bank of America branch directly and ask about safety deposit box rental fees. The person who answers can tell you the current price for each size available at that location and whether any discounts explore to your account type.
You can also visit a branch in person and ask to see the boxes. This lets you get a sense of the actual size before you commit. Bank of America staff can show you what fits in each size and answer questions about access hours and what you can and cannot store.
What Happens If You Stop Paying the Fee
If your annual fee goes unpaid, Bank of America will send you a notice giving you time to pay. If you do not pay after that notice period, the bank can drill open your box and remove the contents. They will hold what they find for a set period (usually several years), and you can retrieve it by paying the outstanding fees and any drilling costs.
This is rare, but it is worth knowing. If you decide you no longer want the box, you can close it anytime and get a refund of any unused portion of the annual fee.
Alternatives to Bank of America Safety Deposit Boxes
If the annual cost feels high or your branch has no boxes available, other banks and credit unions often rent boxes at different price points. Some charge less for smaller boxes; others charge more. A few community banks include a small box free with certain account types.
You can also store important documents at home in a fireproof safe, though a bank vault offers better protection against theft and fire. Some people use a combination: a safe at home for frequently accessed documents and a safety deposit box for items they rarely need but want to protect long-term.
What You Can and Cannot Store
Bank of America allows you to store documents, jewelry, coins, photographs, and similar items. You cannot store cash, firearms, or anything illegal. You also cannot store items that might damage the box or other boxes nearby, like wet documents or anything that smells strongly.
The bank does not inventory what is inside your box, and you keep the only key (the bank keeps a master key for emergencies). This privacy is one reason people choose safety deposit boxes. Just remember that if something happens to you, your family may have trouble accessing the box without a court order, so tell a trusted person where your key is kept.
Frequently Asked Questions
Can I access my box anytime, or only during business hours?
Bank of America safety deposit boxes are open during the bank's regular business hours, which are typically Monday through Friday during the day and Saturday morning at some branches. You cannot access your box at night or on Sundays. If you need frequent access, ask your branch about their specific hours before you rent.
Do I have to be a Bank of America customer to rent a box?
Yes, Bank of America requires you to have an account with them to rent a safety deposit box. You do not need a specific type of account, but you do need to be an existing customer. If you are not currently a Bank of America customer, you would need to open an account first.
What if I lose my key?
Bank of America can make a replacement key, though there is usually a fee for this service. Call your branch to ask about the cost and how long it takes. In the meantime, the bank can open the box for you using their master key if you need access to something urgent.
Can my spouse or family member access my box if something happens to me?
Not automatically. Your family would need a court order or to go through probate to access your box after you pass away. You can add an authorized user to your box during your lifetime, which lets them access it anytime. Ask your branch how to set this up if you want someone else to have access.
Is my box insured if something inside gets stolen or damaged?
Bank of America's vault protects against theft and fire, but the bank does not insure the contents. You would need to insure valuable items through your homeowner's or renter's insurance policy. Talk to your insurance agent about adding a rider for items stored in a safety deposit box.