My experience suggests BofA doesn't take Safe Deposit boxes very seriously. 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. I was able to reduce the fee from $75 to something like $62. IIRC, the discount is something like 15%. If you want a discount, you can opt to have the fee automatically deducted from your BOA checking account annually. Will do so but in the meantime, is this across the board for all brick and mortal banks, any that remain where in exchange for vigorous banking activity they have ability to provide a no fee safe deposit box ? We've (retired, MFJ) always maintained a 5-figure sum with BofA (convenience, automatic billpay, incoming direct deposits, etc) and in return, BofA has always waived all manner of fees.įor the 1st time in 30 years, we received a letter informing us of an 'Annual Fee' along with a small form '.we are updating our policies on safe deposit box prices.' and an invoice for Annual box rental of 75.Ĭalling their 1-800 number simply resulted in 'Sorry but yes, you meet all balance requirements for no fees but you must visit in person local branch to see if they are willing to.' I may open up a small account somewhere just to get a box. 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 would like to have one -just not sure where and what size. Just like floods destroying the bank, criminals coming up through the floor at night and dismantling the boxes. I have printed the article and will hand deliver it to the manager who told me it never would have been drilled. Today I am going to the bank and closing my safe deposit box and setting up a new account somewhere else. I posted my experience on Facebook and received an article from a friend which had three BOA boxes in California drilled in error.

REALLY!!! That did not give me much comfort. All she said was that wouldn't have happened. I asked her what would have happened to my contents if they drilled MY box. Manager said it was the box next to it that was going to be drilled. She was confused and to say the least I was confused as well since they just took my fee out for said box. Of course the girl couldn't open it and went to the manager. Checked in and there was a note on my box saying to 'drill'. Went to my safe deposit box at BOA to look for my birth certificate since it's time to get a new driver's license. Okay I paid the fee since I'm not fond of change. My safe deposit box fee was always free but that changed last year.

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