Each of the other banks noted that prices are determined on a local basis by individual branches. If the bank fails, the FDIC will have the contents of the safe deposit box for a while and if unclaimed, hand it over to the state.Of the banks we surveyed, only Chase and Regions confirmed that their prices for safety deposit boxes were the same at all branches. What happens to the contents of the safe deposit box if the bank becomes liquidated? They do not have cameras inside the vault but at the entrance of the vault.Īre the contents of the safety deposit box known by the bank? FAQĭoes Bank of America have cameras inside the vault? The cost of the box depends on the size, the bank and the location. Safety deposit boxes are not easy to get as they are produced in small quantities and also not available in all branches. SUMMARYīank of America’s Safety deposit box fees are pricey compared to other Banks. The police have a right to obtain search your safe deposit box upon obtaining a search warrant. There are, however, instances of fraud where an investigation is taking place. The privacy of the Safety deposit box is kept completely private. Regaining possession of the items is a rigorous process.Outside working hours, you do not have access to the contents of your safe deposit box.There is not enough security because there have been numerous instances where the vault have been broken into and contents stolen.There is limited access to items stored in your safety deposit box.Spare house keys There are disadvantages of using a safety deposit box and it includes:.The items listed below cannot be stored in Bank of America’s safety deposit box: Hard to replace documents should be stored in a safety deposit box such as contracts and an inventory of personal property. Once you are given an appointment, you must go to the bank with your safe deposit box key, where you will be required to sign a letter of admission slip to get access to the safe deposit box. To access your safety deposit box, you must email the bank with the following details: Bank of America charges a replacement fee of $20 If you lose your box keys. Once there is inactivity, it will be considered dormant. If you default in paying your annual fees for your safe deposit box. The following documents are required to open a safety deposit box with bank of America are:Ī key will be given to you once your box is set up. Their operational hours are Monday to Friday 8am to 11pm. To open a safety deposit box with Bank of America, you need to schedule an appointment with officials of the bank or visit your nearest financial branch of the bank. J.P Morgan Chase box size 3″x5″ cost $50 and 10″x10″ cost $90.Well Fargo 3’x5″ box size cost $80 and 10’x10″ costs $125.We will now compare the annual cost of Bank of America safety box with 3 other major banks, J.P Morgan Chase, Citibank and Wells Fargo. When signing the safety deposit box form, the agreement states that you alone know the contents of your safety deposit box and you should insure it. Insurance and investment are not FDIC insured. It is worthy of note that Bank of America’s safety deposit box is insured with the FDIC (FDIC number 3510) with $125000 for each client using the safety box. On request, Bank of America offers it’s customers a safety deposit box with an annual cost of $75 for a 3″x”5″ box and $300 for a 10″x10″ box.īank of America does not provide a large amount of safety boxes and they are usually not available in new branches. A monthly maintenance fee of $4.95 for a safe balance account and $25 for relationship accounts is charged to clients The monthly maintenance fee is waived if you have $10000 or more each statement cycle in your bank of America account.Ī safety deposit box is a locked storage in a secure area. To open a bank of America safe account, you need a minimum of $25 and $100 for a check and savings account. They received an award as the top ranking retail banking adviser in 2001, and in 2020, J.D power certificate for 11 consecutive years. Bank of America is ranked the number 2 bank with assets totalling $2.5 trillion.They have received several J.D power awards over the years.
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