Issues to Consider Before Getting a Safety Deposit Box If you forget about the charge, you may end up unprepared for the withdrawal and run into overdraft fees twelve months later. While this may save you both time and money, it's important to save the date when you first rent the box. Having an account at the same bank with your safety deposit box also saves you money on the invoicing fee, a common annual charge on box rentals.īanks often waive this fee if you pay for your safety deposit box through automatic debits from your checking account.Īt a few places, you receive discounts of $10 or 10% off the total cost if you opt to set up automatic payments.
To make sure you receive the appropriate price, you may need to print out the terms of the deal when you visit the bank.Ī deposit account agreement or schedule of fees from your bank's website will often include the relevant information. For instance, Regions Bank will provide 50% off the annual box fee for people who have active LifeGreen Checking Accounts, while US Bank does the same for Platinum Checking account-holders. People who already have active checking or savings accounts often get significant discounts on safety deposit boxes at their banks. Getting Discounts on Safety Deposit Boxes This isn't nearly as secure as standard safety deposit boxes, which require a banker's key and sit behind the bank's strongest security measures. Some of PNC's branches, for instance, have "express" boxes located outside the bank's vault, so that customers can walk in and access them immediately and on their own. And finally, not every location will have the same safety deposit box services available. Each of the other banks noted that prices are determined on a local basis by individual branches. Of the banks we surveyed, only Chase and Regions confirmed that their prices for safety deposit boxes were the same at all branches.
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