A Safe Deposit Box at Bank of America box is a secure and compact metal box where you can store valuable possessions insured by the bank. It is a secure facility where you keep your valuables, which the bank protects by storing them in a vault or a safe.Banks rented out these deposit boxes to the customers at fixed charges. These charges can be annual or according to the terms and conditions of the bank.Although a few banks now view safe deposit boxes as an outdated service. Some banks do not even offer them anymore. However, safe deposit boxes still have many clients out there.This article will illustrate the safe deposit box at the Bank of America in detail. We'll go over the procedures for acquiring safe deposit boxes at Bank of America, as well as other pertinent information.
Procedure to Rent Out Safe Deposit Box
This section will provide you with information on opening or renting a new safe deposit box at the Bank of America.
Appointment
- To begin, make an appointment with a representative at Bank of America's financial center.
- You can also go to the bank's nearby financial center during working hours.
- Employees on duty will walk you through the entire process of renting out a deposit box.
Personal Information & Identification
- You must give personal information such as your legal name, phone number, address, and Tax Identification Number before renting a deposit box at Bank of America.
- You are bound to notify the bank immediately if any of your personal information changes like contact number and mailing address.
- Bank reserves the right not to rent out safe deposit boxes until they verify your personal information to its satisfaction.
Rental Cost of Safe Deposit Box
The bank has explicit guidelines for securing your box. For renting out the safe deposit box at Bank of America, you have to meet the specific criteria, which also determine the rental cost of your box.
Location
- According to Bank of America, the lease of a deposit box depends on the site where you want to rent it out
Size
- The price varies depending on the size of the deposit box. Each size has a different fee, and these charges are annual.
- Safe deposit boxes at Bank of America are available in sizes of 3" x 5", 5" x 5", 3" x 10", 5" x 10", and 10" x 10".
- The financial center of the Bank of America can also confirm the annual charges of any particular size that you may require.
Charges and the Period of Lease
The deposit box charges are for a specific period, and you have to pay the rent annually.
Contract Renewal
- The Bank of America renews the contract with renters every year and accepts advance payment during the contract renewal period.
- If you don’t terminate the agreement bank will renew your agreement every year.
Payments
- The bank will notify you in advance if there are any changes in the safe deposit box fee.
- The bank may ban you from accessing the box if you have not paid the rent and late fee.
- Furthermore, banks can also use your money from any deposit account you or your co-renter may have with the Bank of America. Consequently, to pay the due amount of your box without any prior warning to you or your co-renter.
Authorization and Access to Safe Deposit Box
To make your deposit box safe, Bank of America demands your compliance with its rule and regulations. You should also read carefully the clauses of your agreement to avoid any misunderstanding. Here, in this section, we will make complicated things easy for you.
Co-Renter
- The deposit box in the names of two or more people will be accessible to each individual or their authorized and legal representative.
- The bank will not be responsible if any person removes any materials in the Box, regardless of how the person obtained approved access.
- All the co-renters of a deposit box share the duties, obligations, and liabilities jointly.
- The bank has no stance on who owns the contents stored in the vault, as well as any dispute regarding the possession or ownership of the contents.
Access Hours
- During banking hours, you can access his safe deposit box.
- At the same time bank holds the right to change the access hours without giving notice to the renters.
- You can access your deposit box only on weekdays, and you will be unable to access it on weekends and holidays.
- In the occurrence of a natural disaster or other hazardous events, you will not be able to access your deposit box.
Lock and Key of Safe Deposit Box
The keys and the lock are your safe deposit box's two most essential elements. You need to take care of your keys and avoid giving them to any person. The policies of Bank of America indicate their usage.
- The bank provides two keys to the renter. Bank can charge the renter a key deposit fee if the renter fails to return those keys to the bank.
- At the time of termination of the agreement, the renter must give back those keys to the bank authorities.
- The renters can not duplicate the original keys.
- If the renter loses the key, he should immediately inform the bank. In case he loses both the keys, the bank will change the lock after drilling the previous one.
- Bank of America strictly prohibits using any additional locks other than the provided one.
- If the bank finds out about any additional lock on the deposit box, then the bank has the authority to remove that lock without informing the renter.
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Content of Safe Deposit Box
The function of a safe deposit box is to give you a secure space for your valuables.
Items You Can Keep in Box
- You can include your educational certificates, birth certificates, business contracts, property papers, jewelry, collectibles, antiques, and other items.
Items You Should Avoid
- The bank advises against putting money in deposit boxes.
- The bank also advises against storing items that are not insured.
- Be cautious about the valuables you place in your box that you may need urgently.
- As the bank has its timing, you may not be able to access them anytime, especially in emergencies.
Prohibited Items
List the particular items that you should not keep in your safe deposit box at Bank of America.
- The storage of liquids, explosives, guns, drugs, dangerous instruments, and anything that could endanger the bank or its policies.
- If the bank discovers prohibited items in any circumstances, the bank will forcibly open the box under the agreement's provisions.
- When the bank finds the contents pose an urgent threat or offense, it may open the box and dispose of them without responsibility. If the bank determines that Renter is utilizing the box to store banned items, it may restrict access to the box.
Unclaimed Safe Deposit Box
For unclaimed deposit boxes, laws and also, rules differ from state to state.
- In case, the renter may die, and nobody from his side claims the contents, the bank follows state rules.
- The renter also agrees to this law by signing the agreement.
Final Words
In this article, we have tried to cover everything you need to know about Bank of America's safe deposit box with this article. We are confident that this article will assist you with the fundamentals and also, productive information.
