A safe deposit box is a container or small metal box where you can keep your valuables protected by a bank. It is a guarded place where you put your important stuff, and the bank secures it by putting it in a vault or a safe.
This article will help you understand the safe deposit box at the Bank of America. Here we will thoroughly discuss the procedures to rent out and other information relevant to safe deposit boxes at the Bank of America.
New Safe Deposit Box
In this section, we are going to brief you about opening or renting a new safe deposit box. First, you should make an appointment with an associate at the financial center of Bank of America.
You can also visit the nearest financial center of this bank. Associates available there will help you explain the entire procedure to rent out the deposit box. Before renting out a deposit box, you have to provide your personal information like legal name, phone number, address, and Tax Identification Number. It is your responsibility to immediately inform the bank in case of any changes in your information.
Cost of Safe Deposit Box
According to the Bank of America, the cost of renting a deposit box differs from location to location. Cost also varies because of the size. Each size has a different price, and these prices are annual. To keep your box, the bank has particular terms and conditions. The size of safe deposit boxes available at the Bank of America is 3” x 5”, 5” x 5”, 3” x 10”, 5” x 10”, 10” x 10”. You can confirm the annual charges of any given size from the nearest financial center of the bank. According to the Bank of America, the contract renews every year, and you must pay the fee in advance at the time of renewal. In case of changes in the rent fee, the bank will send notice in advance
Contents of Safe Deposit Box
The purpose of the safe deposit box is to provide you with a secure place for your valuable content. It can include your documents like educational certificates, birth certificates, business contracts, property papers, jewellery, collectables, antiques, and things like that. In this way, you minimize the risk of losing them at your home or office.
There are certain things you should not keep in your deposit box. For example, Bank of America prohibits storing liquids, explosives, firearms, drugs, and anything that can cause harm to the bank and its policies.
Bank also suggests not storing money in the deposit boxes. Bank also urges not to put things that do not have insurance. It does not matter what you have in your safety deposit box, the bank is not responsible for the insurance of its contents. If the bank comes to know that your deposit box contains harmful content, it may dispose of the content of your deposit box after forcibly opening it. According to the contract, the renter must pay the bank the disposal cost of harmful content. You should also not put the things that you may need quickly or from time to time.
Access to Safe Deposit Box
The renter can access the safe deposit box during banking time. You may not access your deposit box in case of natural disasters or other hazardous incidents. If you have co-renters bank also grants permission to access the deposit box.
You need to take care of the content when you open your deposit box and carefully put the content back without leaving any content behind. Bank will not be liable for any loose happens due to negligence of the renter. When you lose the key, and the bank also loses the key, the bank will drill the lock.
Unclaimed Property
Law and rules about the unclaimed property may vary from state to state. The bank complies with the state laws in the matter of unclaimed property, and the renter also agrees to this by signing the agreement.
Final Words
In this article, we have given you all the knowledge about the safe deposit box at Bank of America. We guarantee that this article may help you with the basics and prove beneficial.
