Your safety deposit box key is a physical object you must keep secure and know how to replace

A safety deposit box key is the metal key that opens a locked box inside a bank vault. You receive it when you rent the box, and you are responsible for keeping it safe. If you lose it, the bank can drill the box open, but you will pay a fee — usually between $100 and $300 — and the process takes time. If someone else gets your key, they can access whatever you store inside without your knowledge.

The key itself is small and unremarkable, which is part of the problem. People lose them in moves, leave them in old wallets, or forget where they put them. Unlike a password, you cannot reset a physical key by answering security questions. You have to either find it or pay to have the box drilled.

Key Takeaways

  • Store your safety deposit box key in a single, secure location you check regularly — not in your wallet or a junk drawer.
  • If you lose your key, contact your bank immediately; they can drill the box open, but you will pay a fee and wait several days.
  • Tell a trusted family member or executor where your key is kept so they can access the box after your death.
  • Do not hide your key in an obvious place like under a mattress or taped to the back of a picture frame.
  • Some banks offer dual-access boxes where two keys are required to open it, adding a layer of security.

Where to keep your safety deposit box key

The best place to keep your key is in a home safe, a fireproof lockbox, or a locked drawer in your home office — somewhere you can reach it quickly but that is not the first place a burglar would look. Write down the box number and bank name on a piece of paper and store it with the key so you do not have to search your memory when you need to access the box.

Do not keep the key in your wallet, purse, or car. These are the places people lose keys most often, and a lost key in a public place is a lost key that someone else might find. Do not tape it to the back of a picture frame, hide it under a mattress, or leave it in a kitchen junk drawer. These are the first places someone breaking into your home would look.

If you have a will or trust, include instructions about where the key is kept. Your executor or trustee will need to access the box after your death to retrieve documents, jewelry, or other valuables. If they cannot find the key, they will have to go through a court process to get permission to drill the box, which delays settling your estate.

What happens if you lose your safety deposit box key

Call your bank as soon as you realize the key is missing. Do not wait. The bank will ask you to come in and sign a form authorizing them to drill the box open. Bring your ID and any paperwork showing you are the box holder.

The drilling process takes one to three business days, depending on how busy the bank is. You will pay a fee — the amount varies by bank, but expect $100 to $300. Some banks charge more if the box is particularly difficult to open. Once the box is drilled, you will need a new key made, which costs an additional $25 to $75.

While the box is being drilled, you cannot access its contents. If you need something urgently — a birth certificate for a passport application, for example — you will have to wait. This is another reason to keep your key in a place you can actually find it.

Dual-key boxes and shared access

Some banks offer dual-access safety deposit boxes, which require two keys to open. One key stays with you, and the other stays with the bank or a co-renter. This adds security because a single lost or stolen key does not compromise the box. However, it also means you cannot access the box alone if the other key holder is unavailable.

If you rent a box jointly with a spouse or business partner, both of you should know where both keys are kept. If one person dies or becomes unavailable, the other person needs to be able to access the box without delay. Write this down and update it if circumstances change.

Replacing a key without drilling the box

If you find your key after you have already paid to have the box drilled, contact the bank. Some banks will refund part of the drilling fee if you produce the original key within a certain time frame — usually 30 days. This varies by bank, so ask.

Once a box has been drilled, the bank will make you a new key at no additional charge. The lock mechanism may have been damaged during drilling, so the new key might not work in the original lock. The bank will replace the lock if needed, and you will receive a new key that fits the new lock.

What to store in a safety deposit box

Safety deposit boxes are useful for documents and items you need to protect but do not access often. Common contents include original birth certificates, marriage licenses, divorce decrees, property deeds, stock certificates, jewelry, and photographs. Keep copies of important documents at home or in a digital backup so you do not have to visit the bank every time you need to reference something.

Do not store cash in a safety deposit box. If the bank fails or there is a disaster, the Federal Deposit Insurance Corporation (FDIC) does not cover the contents of safety deposit boxes. Store cash in a home safe or a bank account instead. Also avoid storing items that are illegal to possess, such as certain weapons or drugs, because the bank can refuse to return them and may report you to law enforcement.

Frequently Asked Questions

Can the bank open my safety deposit box without my key?

Yes, but only with your written permission and a valid reason. The bank can drill the box open if you lose the key, if you die and your executor requests access, or if a court orders it. The bank cannot open your box on its own or give anyone else access without your authorization.

What if I die and my family cannot find the key?

Your executor or the person named in your will can ask the bank to drill the box open. They will need to provide a death certificate and proof that they are authorized to settle your estate. The bank may charge a drilling fee, and the process can take one to two weeks.

Is my safety deposit box insured?

No. The FDIC insures money in bank accounts, but not the contents of safety deposit boxes. If your jewelry or documents are stolen or damaged, the bank is not responsible. You can purchase a rider on your homeowners insurance to cover items stored in a safety deposit box.

Can I give someone else access to my box with my key?

You can rent a joint box with another person, and both of you will have keys. If you want to give temporary access to someone without adding them to the box, you will need to go to the bank with them and sign paperwork authorizing it. You cannot simply hand them your key and expect the bank to let them in.

What should I do if my key is stolen?

Contact your bank immediately and ask them to flag your box. Many banks will not allow anyone to access a flagged box without additional identification or authorization from you in person. This prevents someone who stole your key from opening the box. You can then decide whether to have the lock changed or the box drilled and rekeyed.