Bank of America safe deposit box costs vary by box size and location
Bank of America charges between $120 and $375 per year for a safe deposit box, depending on the size you rent. The smallest boxes (3" × 5") cost around $120 annually. Medium boxes (5" × 12") run $180 to $240. The largest boxes (10" × 12") cost $300 to $375. Prices differ slightly between branches and regions, so the exact fee at your local branch may fall within or slightly outside these ranges.
You pay the annual fee upfront when you open the box, and it renews each year on the anniversary of your rental date. Some branches offer a discount if you maintain a certain account balance or have a premium checking account with them, though this varies by location. It's worth asking your local branch whether any fee waivers or reductions apply to your situation.
Bank of America does not charge a separate access fee each time you visit your box. Once you've paid the annual rental, you can visit as often as you need during business hours without additional charges.
Key Takeaways
- Small safe deposit boxes at Bank of America cost around $120 per year, while large boxes can reach $375 annually.
- The exact price depends on box size and your specific branch location, so confirm the fee before you commit.
- Some Bank of America customers with premium accounts or high balances may receive a discount on the annual rental fee.
- You pay once per year upfront, and there are no additional charges for visiting your box during business hours.
- If you close your box early in the year, Bank of America typically does not refund the unused portion of your annual fee.
What happens if you stop paying the annual fee
If your annual fee is not paid when it comes due, Bank of America will send you a notice. You usually have a grace period of 30 days to pay before the bank takes action. If you do not pay within that window, the bank can drill open your box and remove its contents.
When a box is drilled, Bank of America places the contents in storage and sends you a bill for the drilling cost (typically $100 to $150) plus ongoing storage fees. You will have a set period—usually 90 days to one year, depending on your state's laws—to claim your items and pay all outstanding fees. If you do not retrieve them within that time, the bank may turn the contents over to your state's unclaimed property program.
Comparing Bank of America to other banks
Safe deposit box fees vary widely across banks. Wells Fargo charges $120 to $300 annually depending on size. Chase's fees range from $150 to $300. Smaller regional banks and credit unions sometimes charge less—$60 to $150 per year—or waive the fee entirely for customers with certain account types. Some online banks do not offer safe deposit boxes at all.
If you only need a box occasionally or want to minimize costs, a credit union or smaller local bank may be worth checking. However, convenience matters too: if you already bank at Bank of America and visit that branch regularly, the cost difference may not justify switching institutions.
What you can and cannot store in a safe deposit box
Bank of America allows you to store documents, jewelry, coins, photographs, and other valuables. Common items include wills, deeds, birth certificates, passports, insurance policies, and stock certificates. You can also store cash, though large amounts should be documented.
You cannot store anything illegal, perishable, or hazardous. This includes firearms (in most states), explosives, or items that could damage the box or pose a safety risk. Bank of America also prohibits storing items that belong to someone else without their written consent, and they will not store items that require climate control or special handling.
The bank is not responsible for the contents of your box. Your homeowner's or renter's insurance typically does not cover items in a safe deposit box either, so you may want to purchase a separate rider or use your bank's optional insurance program if available.
How to rent a safe deposit box at Bank of America
Visit your local Bank of America branch in person. You will need a valid government-issued ID and proof of address. If you have a Bank of America account, bring your account number or debit card. If you do not have an account, you may still rent a box, but the process may take longer.
Tell the branch staff what size box you need. They will show you the available options and explain the annual fee for each. You will sign a rental agreement that outlines your rights and the bank's responsibilities. The agreement also specifies who can access the box (usually only you, unless you add an authorized user) and what happens if you stop paying.
Once you have signed, you will receive two keys: one for you and one held by the bank. Both keys are required to open the box—this is a security measure to prevent unauthorized access. You can visit your box during regular business hours without an appointment, though calling ahead during busy times is courteous.
Adding another person to your safe deposit box
You can authorize another person—a spouse, adult child, or trusted friend—to access your box. This person is called a co-renter or authorized user, depending on the arrangement. A co-renter has equal rights to the box and can access it independently. An authorized user can only access it if you are present or if the bank has specific written permission from you.
To add someone, visit your branch with that person and bring their government-issued ID. You will both sign an updated rental agreement. There is typically no additional fee for adding a co-renter, though this varies by location. If the co-renter is not a Bank of America customer, they may need to provide proof of address as well.
If you die, a co-renter can continue to access the box. An authorized user loses access unless the co-renter or your estate grants them new permission. This distinction matters for estate planning, so discuss your situation with the branch staff or an attorney before deciding which arrangement fits your needs.
What to do if you lose your key
Contact your Bank of America branch immediately if you lose your key. The bank will need to drill the lock and replace it. You will be charged a fee for this service, typically $100 to $150, plus the cost of the new lock installation.
While the lock is being replaced, you cannot access your box. The process usually takes a few business days. Once the new lock is installed, you will receive a new key. If you had a co-renter or authorized user, they will also receive a new key and will need to sign an updated agreement acknowledging the lock change.
Frequently Asked Questions
Can I access my safe deposit box after the bank closes?
No. Bank of America only allows access during regular business hours when staff are present. You cannot access your box before opening time, after closing time, or on weekends and holidays, even if you have a key. Some branches have extended hours on certain weekdays—check with your local branch for their specific schedule.
What happens to my safe deposit box if I move to another state?
You can keep your box at your current branch even if you move, though traveling back to access it becomes inconvenient. Alternatively, you can close the box and rent one at a Bank of America branch near your new home. Fees and box availability may differ at the new location, so contact that branch before you move to confirm what sizes are available.
Do I need a Bank of America account to rent a safe deposit box?
No. You can rent a safe deposit box without having a checking or savings account with Bank of America. However, you will still need to provide a valid government-issued ID and proof of address. Some branches may require additional documentation if you are not an existing customer.
Can my spouse access my safe deposit box if I die?
Only if your spouse is listed as a co-renter on the box. If you are the sole renter, the box is sealed after your death, and your spouse cannot access it without a court order or your will naming them as executor. This is why adding a spouse as a co-renter is common for estate planning purposes.
Is there a way to reduce the annual fee?
Some Bank of America customers with premium checking accounts or high account balances receive a discount or waiver on the safe deposit box fee. Ask your branch manager whether you may have access to for any reductions based on your account type or relationship with the bank. Discounts vary by location and change periodically.