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Top JW-RetiredPosts: 7189Joined: Sun Dec 16, 2007 12:25 pm Re: Safe Deposit Box Fee (Bank of America)
Post by JW-Retired » Mon Nov 07, 2016 5:33 pm We have been paying $45/yr for our Wells Fargo safe deposit box for as far back as I can check in Quicken (16 years). I think we have used the same box for 40+ years and there was always a fee. At one point they moved all the locked boxes in mass from a closing small bank branch to a bigger one in town. Retired at Last Top NotWhoYouThinkPosts: 3442Joined: Fri Dec 26, 2014 4:19 pm Re: Safe Deposit Box Fee (Bank of America)
Post by NotWhoYouThink » Tue Nov 08, 2016 12:46 pm Every time the government stops the banks from making money one way, the banks find other ways to extract fees from the customers. You can't blame them, they have shareholders like all public companies. Limits on overdraft fees? Limits on opening up accounts for customers who didn't ask for them? Well, start charging more for safe deposit boxes. If you have enough money there you can probably negotiate a waiver or discount. If you don't have enough money with them, how do you expect them to stay open if they provide all their services for free? Top  Topic Author susaPosts: 667Joined: Sat Oct 06, 2007 4:30 pmContact:Contact susa Website Re: Safe Deposit Box Fee (Bank of America)
Post by susa » Tue Nov 08, 2016 1:16 pm Update: Top EvelynMPosts: 97Joined: Sun Jul 13, 2014 8:57 am Re: Safe Deposit Box Fee (Bank of America)
Post by EvelynM » Wed Nov 09, 2016 2:50 pm I have a business account with BofA and a small safety deposit box. The $25/year fee was waived when I had a BofA savings account, but when I closed it, I received a letter this year saying that the box was no longer free and I had to pay $51 to keep the box. I paid it, but then I received a phone call from the Business Accounts rep at my local BofA, and he said they were going to waive the fee and reimburse because they "value my business." Top Re: Safe Deposit Box Fee (Bank of America)
Post by bettykayWAAZ » Wed Nov 09, 2016 3:33 pm I have had a free safe deposit box at the same bank (now B of A, before something else) for many year, because I was a senior. I got a letter saying that is no longer available, and the fee is $60. I can visit a branch here in AZ and see what the options are for waiving the fee, but it didn't sound encouraging. Top LOxfordPosts: 1Joined: Mon Aug 28, 2017 7:34 am Re: Safe Deposit Box Fee (Bank of America)
Post by LOxford » Mon Aug 28, 2017 7:50 am My safe deposit box fee was always free but that changed last year. Okay I paid the fee since I'm not fond of change. Top Re: Safe Deposit Box Fee (Bank of America)
Post by tangy » Sun Sep 10, 2017 7:05 am This is my fear with Safe Deposit Boxes. I sure hope this is a rare occurrence. Just like floods destroying the bank, criminals coming up through the floor at night and dismantling the boxes,.... and so on. I would like to have one --just not sure where and what size. My local bank does not have safe deposit boxes (too small of a bank I guess and they don't want to pay the insurance rates to have them). I may open up a small account somewhere just to get a box. Who is John Galt ? Top 2015Posts: 2906Joined: Mon Feb 10, 2014 2:32 pm Re: Safe Deposit Box Fee (Bank of America)
Post by 2015 » Sun Sep 10, 2017 11:49 am Yes, BOA charges a few for a SDB. If you want a discount, you can opt to have the fee automatically deducted from your BOA checking account annually. IIRC, the discount is something like 15%. I was able to reduce the fee from $75 to something like $62. I think the fee is nominal in return for the peace of mind I receive from not storing all of my most important documents in a home safe, vulnerable to fire, water, theft, etc. Top Re: Safe Deposit Box Fee (Bank of America)
Post by VictoriaF » Sun Sep 10, 2017 12:00 pm And VPW grants us the ability to pay whatever is necessary for this peace of mind. I'll add that it's better to have a more expensive safe deposit box close to where you live than a cheaper box that is more difficult to get to. Some items, such as critical documents, do not need to be used often. But things like backups of critical files should be refreshed frequently without any mental barriers. Victoria WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F) Top informal guidePosts: 448Joined: Mon Aug 29, 2016 10:26 am Re: Safe Deposit Box Fee (Bank of America)
Post by informal guide » Sun Sep 10, 2017 12:35 pm My experience suggests BofA doesn't take Safe Deposit boxes very seriously. When I moved to my current town more than 2 decades ago, I rented a box at the local branch of the bank I had used where I used to live. My spouse and I signed the 5x7" old fashioned card. We visit it 1-2 times a year, every time signing the same 5x7" card. Several years later, BofA acquired that bank. Since then we've never been billed (I don't remember whether we were billed before) Top Re: Safe Deposit Box Fee (Bank of America)
Post by celia » Sun Sep 10, 2017 1:26 pm We asked for and received a waiver of the fees for many years, then it became free for us. The branch manager said the policy depends mostly on availability. So if there is no demand, you can probably get one for free, but if there is a long waiting list, you probably won't get one (even if you paid). Supply and demand! Top 2015Posts: 2906Joined: Mon Feb 10, 2014 2:32 pm Re: Safe Deposit Box Fee (Bank of America)
Post by 2015 » Sun Sep 10, 2017 2:53 pm Well this isn't my experience at all. My local BOA branch just down the street takes SDB's very seriously. Yes, there is a "system" (electronic), and there are no paper "cards" of any kind associated with my box. My SBD is located in a vault that is fire, water, and eq proof. I've posted elsewhere the rather elaborate (but now simple) system I've set up for storing all important documents in the SDB, while keeping digital non-encrypted copies of all documents on three data types there, with 3 additional encrypted backup copies at home. Now that the system is set up, it takes me maybe 15 minutes a month top to back everything up. I am quite pleased that no copies of any of my important documents are located anywhere in the cloud, which I have a great distrust for (Experian anyone?). I only need to access originals of any documents about once a year when I need my passport. As I've stated before, in the event of emergency, I can access just 10 items at home in less than 30 seconds and start my life over with minimal disruption. The safe deposit box facilitates this and is priceless IMO. Top 2015Posts: 2906Joined: Mon Feb 10, 2014 2:32 pm Re: Safe Deposit Box Fee (Bank of America)
Post by 2015 » Sun Sep 10, 2017 3:00 pm VPW grants me the ability to pay for things I didn't think I could previously! Top Topic Author susaPosts: 667Joined: Sat Oct 06, 2007 4:30 pmContact:Contact susa Website Re: Safe Deposit Box Fee (Bank of America)
Post by susa » Sun Sep 10, 2017 6:43 pm Näh... they gave up and provided totally gratis SDB when I walked into a branch and asked for it.... Top HIinvestorPosts: 1859Joined: Tue Apr 08, 2014 3:23 am Re: Safe Deposit Box Fee (Bank of America)
Post by HIinvestor » Mon Sep 11, 2017 3:54 am What is VPW? Top MikeG62Posts: 4764Joined: Tue Nov 15, 2016 3:20 pmLocation: New Jersey Re: Safe Deposit Box Fee (Bank of America)
Post by MikeG62 » Mon Sep 11, 2017 5:58 am We closed our safe deposit box several years ago. Was paying around $85 per year at the time and I felt we were throwing money away. We did not have much in there to be too worried about and every time we needed to access it (usually to get our passports), it required a trip to the bank. Real Knowledge Comes Only From Experience Top Re: Safe Deposit Box Fee (Bank of America)
Post by VictoriaF » Mon Sep 11, 2017 12:35 pm I mentioned VPW in response to 2015. 2015 and I have participated in a discussion of Variable Percentage Withdrawals (VPW) as an alternative to Safe Withdrawal Rates (SWR). A Boglehead Longinvest has created a spreadsheet that enables us to model the flow of our retirement income under various assumptions. 2015 and I have independently noted that our retirement withdrawals are higher with VPW and conservative assumptions. When you know you can easily afford it, it's prudent to pay a relatively small amount for a Safe Deposit Box which protects you from potentially large financial losses and administrative hassle. Victoria WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F) Top Re: Safe Deposit Box Fee (Bank of America)
Post by Abe » Mon Sep 11, 2017 3:15 pm This is one reason why I like small local banks. Slow and steady wins the race. Top sportPosts: 11409Joined: Tue Feb 27, 2007 3:26 pmLocation: Cleveland, OH Re: Safe Deposit Box Fee (Bank of America)
Post by sport » Mon Sep 11, 2017 4:06 pm I like them too. However, whenever I find one, it gets bought up by a big regional bank. Top Re: Safe Deposit Box Fee (Bank of America)
Post by FIREchief » Mon Sep 11, 2017 4:28 pm LOL. Mine was full of proof sets that I was gifted some years ago. Finally sold them for about $70 (silver value) and realized I was paying more each year to store them then they were worth. That said, many folks recommend that you do NOT put your trust/will in a safety deposit box, but rather keep it in a safe place at home where your heirs can immediately access it. I believe most estate planning documents these days state that a scanned copy of the original signed document is equally valid, so that is what I would keep in a safe deposit box (i.e. a flash drive containing .pdf files of the original trust, etc.). I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only. What should you not put in a safe deposit box?Here's a look at what not to put in your safe deposit box:. Cash money. Most banks are very clear: cash should not be kept in a safe deposit box. ... . Passports. ... . An original will. ... . Letters of Intent. ... . Power of Attorney. ... . Valuables, Jewelry or Collectibles. ... . Spare House Keys. ... . Illegal, Dangerous, or Liquid Items.. Are safety deposit boxes worth it?Whether or not you need a safe deposit box comes down to your personal situation, but in many cases, safe deposit boxes aren't necessary. Their usefulness for safekeeping objects may be outweighed by their lack of convenience—and the risk that the box may be lost, stolen or otherwise mishandled.
How do I open a locker at Bank of America?To open a new safe deposit box please visit your nearest financial center. You can schedule an appointment with an associate at your local financial center for a day and time that work best for you.
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How much is safe deposit box at bank of america
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