Also, training staff on how to operate this type of storage takes time and money, making it costly to operate overall.Īlso, take note of how late payments add to the equation.

The boxes are taking up too much square footage in a bank, and fewer and fewer people need them. You must surrender your contract for the safe deposit box before returning it.Īs of last year, Chase is no longer offering new leases on deposit boxes. Name of BankĬhase Bank allows you to pay a key deposit covering the cost of your replacement key. Replacement keys and drilling charges are added costs. You can order a replacement key, but a locksmith needs to drill into your safety box if you’ve lost both the original and replacement keys. The Cost of Losing Your Deposit Box Keyĭon’t lose your key since, usually, it is the only copy your bank has for security purposes. Getting your box opened without your key is another thing to consider when deciding where to have your safety deposit box. Overall you have many options, but you could choose the bank where you already have an account or open another one elsewhere. Safe deposit boxes valued over $125 will have a 50% discount. Note: There are discounts for Citibank account holders: the bank will waive an annual fee of up to $125 for clients in the Citigold or Citi Priority Account Package. Here are the annual prices according to size and per bank: Bank Some banks have discounts, too, depending on the type of account. The prices vary according to the size, location, and relationship with your bank.

The average cost of the smallest-size deposit box is about $60 a year. But how much do they cost? The Cost of Safety Deposit Boxes You can keep essential documents, expensive jewelry, and other valuables in safe deposit boxes. It’s great that banks have evolved from merely being able to safe-keep your hard-earned money, but you probably know that banks can keep your high-value items as well.

Bank of america safe deposit box cost