What To Know About Bank Deposit Box Cost For Businesses

There are costs to consider when renting a bank deposit box for businesses. Renting a deposit box is generally affordable at local banks. These deposit boxes help companies secure insurance paperwork, confidential documents, and other types of valuables for emergencies. As a business owner, you should familiarize yourself with the costs and fees associated with safety deposit boxes. This way, you can find a protected, secure location to hold valuable business assets. Read on to learn about bank deposit box cost for businesses.

Bank Location

First off, think about location when calculating the approximate bank deposit box cost. The price of your deposit box will significantly vary based on the branch and location of your bank. To get a better idea of this information, review your deposit box’s documentation and collect accurate price estimates. In addition, review the bank’s website, then contact the closest branch location to your business’s headquarters. To help you stay organized, put together a list of phone numbers for each bank surrounding your facility. Then, write down all the detailed price information for local deposit boxes throughout the area. In fact, some banks will offer promotional discounts if you open a bank account and deposit box at the same branch. course, determine your bank’s location to calculate your company’s deposit box cost.

Safety Deposit Box Size

Next, think about how size will impact safety deposit box cost for your business. Typically, deposit boxes range from about $15 for a smaller boxes, all the way up to $250 for larger sizes. Of course, smaller deposit boxes are usually 4 by 6 inches. This is about the size of a traditional paper card or envelope. For businesses with larger storage requirements, safety deposit boxes can also be rented out in bigger sizes. For example, your organization may benefit from an 11 by 11 inch box, which features over two feet in depth. To verify deposit box prices and availability, contact your bank to discuss current rates. For sure, think about the role size plays in bank deposit box cost.

Drilling Fees

Then, analyze drilling fees to learn the deposit box cost for your business. Essentially, these are the costs associated with drilling into your deposit box to gain access. This is generally required if you lose your keys. Typically, drilling fees range anywhere from $125 to $250. In addition to drilling, you may also be charged for key replacement. In many cases, you would have to pay service fees up to $60 for each set. Keep these fees in mind before signing up for your first deposit box. After all, drilling fees can significantly impact the safety deposit box cost for your company.

Box Insurance

After you have analyzed drilling fees, you should consider purchasing deposit box insurance to reduce costs for your business. Deposit boxes are not insured by the government. If you desire insurance on your valuable business items, you must purchase it. You should add a policy to your home insurance plan to start covering the important items. Whether you are storing money or documents, ask your insurance agent to write up a separate policy known as a rider. Plus, you can obtain a discount for storing expensive items in your deposit box with an authorized insurer. Surely, consider the cost of purchasing deposit box insurance when selecting a secure location for your business assets.

Deposit Box Discounts

Of course, you may be able to find discounts to minimize bank deposit box costs. Businesses that already hold checking or savings accounts may qualify for discounts on their deposit boxes. For example, some banks offer up to 60 percent off on annual fees for companies with active checking accounts. Plus, you can mitigate yearly invoicing fees if your account and safety deposit box are held at the same bank. In fact, some banks will even waive this charge if you finance your deposit box with a debit payment plan. Before visiting the bank, print out the terms and conditions to receive the correct price on your deposit box. You can also ask your bank for a promotional discount in other ways without direct deposits. This way, you can avoid fees and save money for your organization. Absolutely, secure valuable discounts to save on business bank deposit box costs.

There are costs to consider when renting a bank deposit box for businesses. First off, think about location by reviewing documentation and collecting exact price estimates. Next, think about size to suit your company’s storage requirements. Then, analyze drilling fees to understand the true cost for losing your deposit box key. After you have analyzed drilling fees, you should consider purchasing deposit box insurance to contact your agent and cover your valuable business items. Of course, you may be able to find discounts by becoming an active account holder and signing up for debit payment plans. Read the points highlighted above and learn the costs to consider when renting a bank deposit box for businesses.

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