![]() ![]() Safety Deposit Box vs Trustworthy: Which is Cheaper? You’re also responsible for a $10 late fee if your payment is late beyond 60 days. If you need to drill into the lock of your safety deposit box, you’re required to pay a drilling fee of $125. If you need a replacement key, Wells Fargo charges $20 for two keys. While you do get the security of the bank’s building, it’s important to know that your valuables aren’t insured by Wells Fargo nor the Federal Deposit Insurance Corporation. These boxes are 3 inches high and 5 inches wide with 22 inches of depth for storing your items. Wells Fargo offers leases for security deposit boxes starting at just $80 for their 3” x 5” units. You can pay a small $10 fee for a replacement key, and a $150 fee if you need to drill into the lock. US Bank has safety deposit boxes at several branches, and offers 24/7 support for account holders. The drilling fee for opening your box is $150, and a replacement key will cost an additional $25. You can pay for your deposits using deductions from your checking account, via mail, or at Regions branch. They have numerous sizes available, with their smallest costing $57 per year. Regions keeps all its safety deposit boxes inside their secure vault. You’re also not allowed to store hard cash inside a Chase safety deposit box, unless it’s as a collectible. You can pay a key deposit that will cover the cost of your replacement key, but you need to surrender the lease to Chase beforehand. ![]() The smallest box available comes in at $55, with the large 10” x 10” costing $300 annually. ChaseĬhase safety deposit boxes use both keys and a keypad for access. Account holders are also subject to a $5 late fee for overdue payments. Replacement keys for TD Bank safety deposit boxes start at $50. However, they have a relatively hefty drilling fee of $200 should you misplace your key. Their smallest box will cost you $43 annually, which is quite cheap compared to other major banks in the US. TD has started offering safety deposit boxes in numerous branches across the country. A standard $10 late fee is required if your payment is over 30 days past due. ![]() You can get 2 replacement keys for $15, and must pay the cost of the box if you need to drill into the lock. PNC Performance Select Checking Account holders might be eligible for a $100 annual discount for a safety deposit box, and Performance Checking Account holders can receive a 10% annual discount. They issue you a key and they hold on to a guard key to use simultaneously when you wish to access the contents inside. PNC offers safety deposit boxes based on multiple levels of security for their account holders. Cost of Safety Deposit Boxes by Bank (Annual Costs) To make life easier, I’ve included a pricing table below to give you some insights into the annual costs. Naturally, smaller boxes will cost less than larger ones.įor some reason, banks can be hesitant to reveal the price of their deposit box leasing fees. Size is perhaps the greatest factor that impacts the price of your box. For example, a safety deposit box in New York City will cost more than one in Springfield, Massachusetts. Besides the bank you choose, the location of the branch that holds your safety deposit box can influence the cost. Banks have different price structures to cover their overhead costs, and their safety deposit boxes are one of the services that add to their revenue. Every major bank prices their safety deposit box leasing fees differently. Here are some of the things that can dictate how much it costs to lease a safety deposit box: What Factors Influence the Cost of Safety Deposit Boxes? I’ll also break down the different factors that influence the price of safety deposit boxes. You can expect to pay anywhere between $80 and $200 annually for standard-sized safety deposit boxes.īelow, you’ll learn how much it normally costs to lease a safety deposit box, and whether or not it’s the right decision for your valuables. Safety deposit boxes vary in price based on the bank you choose and the box’s location. You’ve probably heard that safety deposit boxes are a great place to store your valuables, but do safety deposit boxes cost money?
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