A safety deposit box is a storage container in a secure area. It can be used to store important items such as your passport or other documents.
Bank of America offers customers a safety deposit box with an annual cost of $75 for a 3″x”5″ box and $300 for a 10″x10″ box. The boxes are available in either black or white.
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 $125,000 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.
Bank of America charges the most for its safety box, with an annual cost of $5.99. J.P Morgan Chase is next with a cost of $4.99, Citibank comes in at third place with a cost of $4.49, and Wells Fargo is last with a cost of $3.99. ..
Bank of America charges $75 for a 3’x5″ box, while Wells Fargo charges $80. J.P Morgan Chase charges $50 for a 3″x5″ box, while Citibank charges $20 for the same size. ..
To open a safety deposit box with Bank of America, you must schedule an appointment with bank officials or visit your nearest financial branch. 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 and receive a key to the apartment.
If you default in paying your annual fees for your safe deposit box, your box will be considered dormant and you will have to pay a $20 replacement fee if you lose your key.
Your name Your account number Your bank account number Your city of residence Your country of residence
My full name is ____________ and my address is ___________. My phone number is ___________.
Once you have been given an appointment to access a safe deposit box, you must go to the bank with your key and sign a letter of admission slip to gain access.
The safety deposit box should be used to store documents such as contracts and inventory of personal property.
Bank of America does not allow the storage of the following items in its safety deposit box: -Items that are not legal tender in the United States -Weapons of any kind -Explosives -Perishable food ..
CashPassportOriginal will provide you with a letter of intent, power of attorney, and valuables list to help you protect your belongings while traveling. Additionally, spare house keys can be added to help ensure that you have access to your home should something happen while you’re away. ..
There are disadvantages of using a safety deposit box and it includes:
The safety deposit box is kept completely private. However, there are instances of fraud where an investigation is taking place. The police have the right to obtain a search of your safe deposit box upon obtaining a search warrant.
SUMMARY
Bank of America charges more for its safety deposit boxes than other banks. Safety deposit boxes are not easy to get, and they’re produced in small quantities and not available in all branches. The cost of the box depends on the size, the bank, and the location. ..
Bank of America has been caught on camera inside the vault.
The cameras are not inside the vault, but at the entrance. ..
The contents of the safety deposit box are known by the bank.
The bank does not know the contents of the account.
If the bank becomes liquidated, the contents of the safe deposit box would be lost.
If a bank fails, the Federal Deposit Insurance Corporation (FDIC) will have access to the contents of the safe deposit box for a period of time. If unclaimed, the FDIC will give the contents to the state. ..
