How do you go about getting a safe deposit box in a bank, Also how does it work, Do you pay an annual charge?

Question

to have one and if so how do you access it when you want to..Also is it only some banks that do them or do all banks have them.. Thanks..

Answer 1

Both answers are true.  However some banks are willing to provide a small safe deposit box free of charge if you have certain amount of deposit, or certain types of account.

Also keep in mind the cost of a safe deposit box might be tax deductible, if you are itemizing (use Schedule A) and meets 2% floor limitation.  So save the receipt just in case.

Best wishes.

Answer 2

Most  banks have them & charge annually, cost related to size. A small one is pretty cheap. You have a key & the bank keeps a key & it takes both keys to open it. You also have to sign in each time you access it.

Answer 3

Most banks have them. You pay a yearly fee. They will set it up for you and it is not difficult. You can get into your box anytime the bank is open.