What a Bank of America safe deposit box is and who should use one
A safe deposit box is a locked metal container inside Bank of America's vault that you rent to store documents, jewelry, or other valuables. The bank holds the key to the outer box, you hold the key to your individual box, and both keys are needed to open it. You can visit during business hours to access what's inside, but the bank cannot open it without you present.
Safe deposit boxes make sense if you own items you need to protect from fire, theft, or loss — original birth certificates, property deeds, insurance policies, jewelry, or heirloom documents. They do not make sense for anything you need to access frequently or in an emergency, since you can only get to the box when the branch is open. They also are not a substitute for a home safe, which you can reach at any hour.
Bank of America offers safe deposit boxes at most full-service branches. Availability and pricing vary by location, so you will need to contact your local branch directly to learn what sizes are available and what the annual rental fee is for each.
Key Takeaways
- Safe deposit boxes at Bank of America are rented annually, with fees that vary by box size and branch location.
- You need both your key and the bank's key to open the box, and you can only access it during branch hours.
- The bank cannot open your box without you present, which protects your privacy but means you cannot reach items in an emergency after hours.
- Not all Bank of America branches offer safe deposit boxes, so you should call ahead to confirm availability at your location.
How to rent a safe deposit box at Bank of America
Walk into a Bank of America branch with a valid ID and ask to speak with someone about renting a safe deposit box. They will show you the available sizes — typically ranging from small (about 2 by 5 inches) to large (about 10 by 10 inches) — and quote you the annual rental fee for each. Fees are not standardized across branches, so two Bank of America locations in the same city may charge different amounts.
You will sign a rental agreement that outlines the terms: how much you pay, when payment is due, what happens if you stop paying, and what the bank's liability is if the box is damaged or broken into. Read this carefully, because the bank's responsibility for loss is typically limited. You will receive two keys — one for you and one the bank keeps in a separate location.
Once you have rented the box, you can visit the branch during business hours to place items inside or remove them. You will need to show your ID each time. If you lose your key, the bank can open the box with its key, but you will likely be charged a fee for the service.
What happens to your box if you die or stop paying
If you die, the box becomes part of your estate. Your executor or next of kin will need to contact the bank with a death certificate and proof of their authority to access the box. The bank will not open it without proper documentation, which can take time. This is one reason some people leave instructions with a lawyer or family member about where the box is located and who should access it.
If you stop paying the annual rental fee, Bank of America will send you a notice. If you do not pay within the grace period (usually 30 to 60 days, depending on your agreement), the bank can drill open the box and inventory its contents. You will be charged for the drilling and storage of the items. If the box remains unpaid for an extended period, the bank may turn the contents over to the state as unclaimed property.
Safe deposit box size and cost considerations
Bank of America typically offers three to five box sizes, from small to large. A small box might cost $60 to $100 per year, while a large box could run $150 to $250 or more, depending on the branch and local market. Some branches offer discounts if you maintain a certain account balance or have multiple accounts with the bank.
Before you commit to a size, think about what you actually need to store. A small box holds a few documents and some jewelry. A medium box fits more documents, photos, and smaller valuables. A large box is rarely necessary unless you are storing multiple sets of documents or a significant amount of jewelry. Renting a box that is too large wastes money; renting one that is too small means you cannot fit everything you want to protect.
Alternatives to a safe deposit box
A home safe is bolted to the floor or wall and protects items from theft and fire. It costs $100 to $500 depending on size and fire rating, and you own it outright. You can access it any time, day or night, which matters if you need documents in an emergency. The downside is that a determined thief can potentially remove it, and fire protection depends on the safe's rating.
A fireproof document box costs $30 to $100 and protects papers from fire but not theft. It is portable, so you can move it if you relocate, but it offers less security than a bolted safe.
Digital storage works for documents you can scan — take photos of important papers and store them in a password-protected cloud service or encrypted external drive. This does not work for physical items like jewelry or original certificates, but it means you have a backup copy accessible from anywhere.
Some people use a combination: a safe deposit box for items they rarely need (original deeds, jewelry, heirlooms) and a home safe for documents they might need in an emergency (insurance policies, medical directives, financial records).
What you should and should not store in a safe deposit box
Good choices: original birth certificates, marriage licenses, property deeds, wills, jewelry, coins, stamps, photographs, and insurance policy documents. These items are hard to replace, valuable, and do not need frequent access.
Poor choices: your only copy of a will (keep a copy at home or with your lawyer), passports (you may need them on short notice), medications, or anything perishable. Do not store items that require climate control, since safe deposit boxes are not temperature-regulated. Also avoid storing anything illegal or anything the bank prohibits in your rental agreement.
Make a list of what is in your box and keep it somewhere safe at home. Tell a trusted family member or your lawyer where the box is located and how to access it after you die. This prevents items from sitting in an unopened box for years.
Frequently Asked Questions
Can Bank of America access my safe deposit box without me?
No, not under normal circumstances. Both keys are required to open the box, and the bank keeps its key in a separate secure location. A court order or your death are the main exceptions. If you die, your executor or next of kin can petition the court to access the box, but the bank will not open it on its own.
What if I lose my key?
Contact your Bank of America branch immediately. The bank can open the box using its key, but you will be charged a fee for the service — typically $50 to $150 depending on the branch. After the box is opened, the bank can rekey the lock so you have a new key, which may also carry a fee.
Is my safe deposit box insured?
No. Bank of America's liability for the contents of your box is very limited, usually capped at a small amount (often $500 or less) and only if the bank was negligent. Your homeowners or renters insurance may cover items in a safe deposit box, but you should check your policy and ask your insurance agent to confirm coverage.
Can I give someone else access to my box?
Yes, but the process varies by branch. You can typically authorize a co-renter or authorized user by visiting the branch in person with that person and signing an agreement. Both of you will receive keys. This is useful if you want a spouse or adult child to be able to access the box if you cannot.
What happens if the bank is robbed or the vault is damaged?
Bank vaults are heavily secured and robberies are extremely rare. If damage does occur, the bank's liability is limited by your rental agreement. This is why it is important to read the agreement carefully and consider whether you want additional insurance coverage for high-value items stored in the box.