A safety deposit box is a locked storage in a secure area .
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.
Bank of America does not provide a large amount of safety boxes and they are usually not available in new branches. 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. Insurance and investment are not FDIC insured. 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.
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.
Bank of America box size 3’x 5″ costs $75 , 10’x10″ $300Well Fargo 3’x5″ box size cost $80 and 10’x10″ costs $125J. P Morgan Chase box size 3″x5″ cost $50 and 10″x10″ cost $90Citibank 3″x5″ box cost $20 and 10″x 10″ $100
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. Their operational hours are Monday to Friday 8am to 11pm. On Saturday and Sunday 8am to 8pm.
The following documents are required to open a safety deposit box with bank of America are:
Your IDComplete a rental agreementPay the rental fee
A key will be given to you once your box is set up. If you default in paying your annual fees for your safe deposit box. Once there is inactivity, it will be considered dormant. Bank of America charges a replacement fee of $20 If you lose your box keys.
To access your safety deposit box, you must email the bank with the following details:
your full name, Your address; andYour phone number .
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.
Hard to replace documents should be stored in a safety deposit box such as contracts and an inventory of personal property.
The items listed below cannot be stored in Bank of America’s safety deposit box:
CashPassportOriginal willLetter of intentPower of attorneyValuables, jewelry, collectiblesSpare house keys
There are disadvantages of using a safety deposit box and it includes:
There is limited access to items stored in your safety deposit boxThere is an annual rental feeThere is not enough security because there have been numerous instances where the vault have been broken into and contents stolenContent seizureOutside working hours, you do not have access to the contents of your safe deposit box. Regaining possession of the items is a rigorous process.
The privacy of the Safety deposit box is kept completely private. There are, however, instances of fraud where an investigation is taking place. The police have a right to obtain search your safe deposit box upon obtaining a search warrant.
SUMMARY
Bank of America’s Safety deposit box fees are pricey compared to other Banks.. Safety deposit boxes are not easy to get as they are produced in small quantities and also not available in all branches. The cost of the box depends on the size, the bank and the location.
Does Bank of America have cameras inside the vault?
They do not have cameras inside the vault but at the entrance of the vault.
Are the contents of the safety deposit box known by the bank?
No. The bank does not know the contents.
What happens to the contents of the safe deposit box if the bank becomes liquidated?
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.
