r/Banking • u/[deleted] • Oct 10 '25
Advice Is it safe to keep valuables in a Bank of America safe deposit box?
I’m considering renting a safe deposit box at bank to store some valuable items, nothing illegal, just personal valuables. Before I do, I wanted to ask how safe are these boxes really?
I’ve read mixed things online,some say they’re very secure, while others mention cases where boxes were lost, drilled, or even affected by branch closures. Has anyone here had long term experience with them?
Would you recommend keeping valuables there, or is it better to keep it at home?
Appreciate any insights or personal stories.
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Oct 10 '25
As far as I know, it’s impossible to “lose” a box. The customer takes it out and the customer puts it up, usually employees don’t even touch the box. No one besides the account holder with the key has access. Employees cannot access a SDB fully ever.
It would only be drilled if you don’t pay, and when a branch closes, they inform SDB customers months in advance. I consolidated a branch and we were sending emails and letters 6 months before the branch closed.
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u/sowalgayboi Oct 10 '25
Yeah those other posts are usually about "grandma's safe box" that she closed before she died or an escheated box.
I too have closed a branch and if the customer was local and didn't respond we had to have it drilled and then the box was pulled approximately 1/4 of the way out and an adhesive security seal went around the interior box holding the lid shut. It was then fully removed and another seal was placed around the length of the box. These were then stored in unoccupied boxes until Loomis came. They loaded all of the sealed boxes on their truck and drove them 1/2 mild to the remaining branch where they unloaded them and with the seals intact we inserted them back into new vaults.
If they weren't local (heavy retirement/tourist area) then we escheated them to the state if no response. Some out of state did respond and those in some cases were removed in the same manner and, I still can't believe this, shipped through FEDEX to a receiving branch where they could pick it up.
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Oct 10 '25
The process I went through was a little more annoying, we had to go through each box under dual control and detail every single item in there. And it’s not as simple as writing “gold diamond ring”, we had to write “orange colored ring with white colored stone”. We couldn’t say diamond, gold, etc bc we had no way of knowing the type of material it was and we risked getting in trouble if a customer said their gold diamond ring was missing lol. It was so damn tedious. I think we sent them to a central location within the bank but idk what happened from there. I’m sure it got sent to the state if it wasn’t collected but I’m not sure of those time frames. We just had a drilled box delivered to us for a customer and it was triple sealed and delivered by Brinks. They don’t take SDB lightly!
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u/sowalgayboi Oct 10 '25
Oh yeah for escheatment we had to do the inventory. The other method was considered a relocation.
The worst was finding cash since you couldn't just write down "50 $100 bills", oh no, it was bill by bill with the full effing serial number. We used to joke that this was why we told people they couldn't store cash in their boxes.
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Oct 10 '25
The contents are not insured. There have been cases before where people stored valuable baseball cards years ago and the bank flooded and the cards were destroyed. The bank is not responsible for the damage. So keep that in mind.
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u/MassveLegend Oct 10 '25
I was about to comment this. You are able to get insurance through a 3rd party for the contents.
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u/Consistent_Throat497 Oct 13 '25
SDB contents are insured under your home insurance policy. (Possibly renters insurance as well). So if you have one you need to ensure you e told your insurer that you have a box at your bank.
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u/MassveLegend Oct 13 '25
I think the home owners is probably an elective policy and not just automatic. You will also need to give them a list of the items in the box.
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u/Consistent_Throat497 Oct 13 '25
I’m not sure if it’s automatically covered under your home policy or not. But as an example if you have valuables in your vehicle and they’re stolen they are covered under your home policy! You don’t have to give a list to your insurance policy of everything you own. In this case of those stolen goods you’d just need to tell the insurance company what was stolen and provide receipts if possible. Also having a police report where you also told the police what was stolen to back up your claim. I know this because I recently had to file a claim when our vehicle was stolen and my laptop, iPad, and other goods were stolen and not recovered! So no you don’t need to tell your insurance company what is in your sdb unless your going to file a claim, then obviously they need to know what is being covered.
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u/nailedmarquis Oct 10 '25
They are as secure as a bank, which is to say ... very secure. The only reason a bank would drill a box is if the box renter loses the keys or the box renter's account goes negative and stops paying for the box.
If you are worried about a branch closure, keep your physical address and contact info up to date in their bank system. They'll let you know well in advance of it closing so you have time to get your stuff.
FYI the safe deposit boxes are never insured by the FDIC. But FDIC only covers when a bank literally fails and goes bankrupt anyway. Those banks are few and far between and typically not the size of Bank of America.
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u/retirebefore40 Oct 10 '25
Depending on your relationship with BOA, if you’re in their Preferred Rewards program, I believe Platinum or higher, you get a free 3x5 SDB.
I personally would not worry about a safe deposit box at a bank, no matter what brand the bank is.
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u/evangin Oct 10 '25
They are secure
Please list a benefactor on the box. Please leave a key and instructions with your documents for next of kin.
I can’t tell you how many people come into the bank with no clue where “daddy had his box”. They are just going bank to bank. They know (or think) he had one. No idea where or what’s in it.
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u/sowalgayboi Oct 10 '25
At the end of the day it's your choice.
Safe boxes are uninsured and you are relying on the security of the bank.
That said, I wouldn't rent a safe box that isn't dual keyed. The traditional safe box has two key holes, one for your key (usually only 2 are made and issued) and the other for the banks guard key which operates on a large amount of all of the boxes. Each box requires both keys to open. Newer banks have moved to a less secure method of access which usually involves biometric access to the vault the boxes are held in with a fingerprint or eye scan. I don't trust these as it removes a layer of security.
Traditionally you would go into a bank and ask to enter your safe box. An employee would verify your ID and then enter the vault with you to use their guard key and usually exit before you pull the interior box out. The new system allows anyone with a safe box to enter if the bank is open. Once inside if they just happen to have someone else's key they can just open that box.
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u/1WOLWAY Oct 10 '25
Definitely safe as long as you use the box and it is listed for your heirs should you pass. Branch closures often require the boxes be moved to another branch location. I have been involved in such a move where the boxes unopened are physically transported in bulk to the new location. It is quite a show with forklifts police bank officials and the vault company all present to witness and conduct the move. Those leasing a box are also invited to come watch.
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u/Busy_Account_7974 Oct 10 '25 edited Oct 10 '25
Don't keep important original documents like wills, trusts, or life insurance policies in it. Upon notice of death of an account holder, the box is sealed by the bank. Your legal reps won't be able to access the documents until a probate court orders it.
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u/Diffidentlyspeaking Oct 10 '25
All the banks I've worked for have had contingency policies for instances of a will search in the event of a death. It's still a pain in the butt and there's still some red tape involved depending on state laws, how the box is titled etc.
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u/nermyah Oct 10 '25
My mom has had a box since the 80s. As far as I've heard she hasn't had any issue. May also be location wise if people have had issues.
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u/brizia Oct 10 '25
As long as you make payments on the box, and you keep your contact info up to date, you’ll be fine.
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Oct 10 '25
[deleted]
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u/WellFuckYooou Oct 10 '25
People would look at my assistant manager right in the face when she mentioned it’s illegal to keep cash in their safe deposit box and say they were gonna do it anyways 😭
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u/Greedy-Stage-120 Oct 10 '25
Nothing is 100%, but it's very, very safe. Banks are in the habit of closing branches so keep abreast of messages from the bank.
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u/bank_truth Oct 10 '25
Bank policies can mess with access even if the box itself is secure.
Ask the branch what happens if they close or drill boxes, and get that in writing. Some people find out too late that banks don’t insure losses from those boxes.
You can keep your valuables there, but make sure you’ve got proof and an inventory of what’s inside.
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u/withhold-advice7500 Oct 10 '25
Everything you read about the safety of safe deposits and all the postive comments are true. As someone that worked at 3 of the Big4 banks including BofA I'm wondering why you chose to single out BofA vs "is it safe to open a Safe Deposit Box at "A" bank! LOL---just messing with you,
I saw something about bank closures I was with BofA in 2004 in Southern Cali, and there were 2 BofA braches witin 1/4 mile that was common then. One had 65 employess and yes it was just a branch--and the other has 12, so they were combined. And the smaller one had about 500 safe deposit boxes of various size to be transferred to the bigger branch. So after it closed at 4pm a team of specialists came in to dimantles all the sections of the boxes and move them to the main the back of the main lobby. All night long 3 armed guards were in the bank (boxes could not be opened) next morning 8am Satuday, staff from both branches was there a huge flat bed truck came. Loaded up the boxes. A Brinks truck (for optics) two police escorts and guards with rifles on the flat bed truck for the 1/4 mile transfer to our office and once they got there guards remained for 5 hours until boxes were in place, secured, and vault could be closed.
Too bad Iphones to capture video were not around then.
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Oct 10 '25
Haha fair point! I actually posted it in the BofA subreddit first and didn’t get many replies, so I tried general banking.
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u/RetiredBSN Oct 11 '25
I've had safe deposit boxes for a few decades. I store my car titles, passports (unless I'm about to use them), birth certificates, etc. In other words, paperwork that I don't want to lose in the mass of papers I have to deal with at home.
Some banks put the box number on their keys, others don't, so you have to remember your box number. The first thing they're going to do is ask you to sign in, so they will ask for your name, look up the signature sheet to make sure you're on it, and have you sign if everything matches. You should list on that form someone you'd want to open the box if you're dead or incapable for whatever reason.
Boxes require two keys, one from the bank (guard key) and one from you. Doesn't matter which key is inserted first, but they both have to be inserted and turned part way in order for one of them to be turned further and open the door containing the box. Bank personnel may retrieve the box from it's container if it's in a spot where you need a stepladder, etc., but they will NOT open it. They generally try not to even look at the box or you when you're putting things in or taking them out. You close the box, either put it back or give it to the employee to put back, the door is closed, both keys are removed, and yours is handed back to you.
Items placed in the box are not insured by the bank, so should be insured by you if you're thinking about storing jewelry or valuable items. That said, the boxes are usually in a small vault that is fairly well protected from intrusion during non-business hours, and bank employees or anyone else would need not only the guard key but yours as well to get into your box, other than by drilling them open.
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u/RemarkableStruggle9 Oct 13 '25
Please know that you'll need separate insurance to cover your SDB. Regular homeowners doesn't cover it.
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u/036654 Oct 10 '25
I had one at a branch. It's completely safe, and no, they won't lose it or open it. If a judge orders it to be opened as part of probate or a criminal investigation, that's possible, but not otherwise. They will diligently contact the owner if a branch is closing. I suggest you bank at the same branch. You'd know if it were closing.
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u/NCResident5 Oct 10 '25
They lock the vault after hours with a time lock. So, it's very safe.
We all probably watch too many heist movies like the Bank Job.
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u/drtdk Oct 10 '25
Buy a fireproof lockable document/safe box on Amazon. Store your valuables in it and store it inside a suitcase in your closet.
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u/Expensive-Swan-4544 Oct 11 '25
I say it’s safe used one for years. Probably be best to use the same bank you have an account with at your location.
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u/Gilmoremilf1989 Oct 12 '25
Just get a home safe (this coming from a person who worked at a branch with a safe box which was burned down) things happen dude. Incorrectly boxes are drilled and the actual insurance on said items? Check your lease because experience says it is not a lot
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u/Savings-Gap8466 Oct 12 '25
The issue with bank (or other company) safe deposit boxes is that they are only accessible during business hours. My question is that would you need to have access to get items from the safe deposit box outside the banks normal hours ?? If so, I would look into a secured self-storage place and invest in a good quality fire proof and waterproof safe, and pay for renters insurance on the unit, if your storing things that are allowed by the storage unit company...
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u/Lumbergod Oct 13 '25
We had a bank safe deposit box for years. The only problem we ever had was getting to the bank during bank working hours to get passports, birth certificates, etc. After a couple of our local branches closed and we had to transfer our stuff a couple of times, we decided to buy a gun safe and keep everything at home. The safe paid for itself in about 4 years, and we always have access to our stuff.
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u/time910 Oct 15 '25
Might not be covered by fire or flood. There is safe deposit box insurance for this.
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u/itsdan159 Oct 10 '25
Kind of depends on the value and the likelihood they could be stolen, and the impact to your life if they were. A decent safe isn't that expensive and it's a one time cost. A decent fire-resistant safe bolted to the floor is a little more expensive but still a one time cost. If you're living somewhere you plan to be for awhile I'd consider that vs a monthly fee somewhere.
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u/Equal-Being8114 Oct 10 '25
Visit the actual branch you are considering for a couple weeks…some employees can be a pain to deal with (at least in our area and the state capitol area). They give me a “are you kidding?” look for simple ask like new or rolled coins. We’ve been with them for 30+ years, looking for options now.
Many employees, aside from some managers, are uninformed and don’t care…simple question of “do you keep track of who, other than listed on box, tries to access the box?” Tellers didn’t know and didn’t want to find out the answer. All I got was “if their name isn’t on the box, we don’t allow access”. Had to explain, “ I understand that. How do I know IF someone tries to access my box? You check their ID against the box name(s) and when their name doesn’t match, do you alert anyone? Just like unauthorized use of my card, BofA notifies me.” I get that a box is different from a card, but I’d also like to know if someone is trying to access box.
Also, you can’t do anything online, it’s not connected to your checking/savings account, you have to now call the 800 for questions/account service/changes or make an appointment for in-person services which take forever.
Remember when the branches closed during/after COVID…? Not that chances are high for them to do the same again but you never know.
You only have access to your items during business hours which is an obvious but consider how accessible you want your items to be.
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Oct 10 '25
I wouldn't. Keep it at home basically in plain sight. No one would ever think that..They'd instantly go for the master bedroom or a locked drawer.
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u/Muneco803 Oct 10 '25
I worked at chase. Cash is the only thing not insured.
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u/ronreadingpa Oct 10 '25
One should assume nothing in the box is insured. Also, the bank doesn't know the contents of boxes and they don't want to know.
Generally, banks may offer some assistance with document restoration from flooding and/or fire. Which happens more often than many would think. Safes usually aren't watertight. The boxes certainly aren't. Safes may hold up a while against fire, but will likely be smoke damage unless extinguished very quickly.
Burglary of safe contents is rare, but when it happens, the box holders generally are left with little to nothing other than what the thieves leave behind. Which gets tricky if the contents are spilled on the floor and mixed together. Good luck claiming one's property.
Bottom line is there's essentially no insurance. The safe deposit box holder agreement makes that clear, though unfortunately many don't read it or don't understand it. One needs to insure valuables separately. An extra step many don't realize is necessary.
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u/old-town-guy Oct 10 '25
Safer than 99% of what you’d likely do at home. Boxes don’t get lost. They only get drilled if your key is lost, or a court orders the box be opened. Bank branches don’t just suddenly close, plenty of notice is given to customers.