How Much Does It Cost to Replace a Safety Deposit Box Key?
Lost your safety deposit box key? Understand the costs and procedures for replacement to regain access.
Losing a safety deposit box key can create an unexpected challenge, prompting concern about accessing important belongings and potential expenses. Safety deposit boxes provide a secure location for valuables. Understanding the process and associated costs for key replacement is important for any box holder.
Understanding Key Replacement Costs
The cost of replacing a safety deposit box key varies depending on the circumstances of the loss and the financial institution’s policies. If a box holder has one key remaining, the process usually involves re-keying the lock or creating a duplicate from the existing key, which is less expensive. A replacement key typically costs between $10 and $50, covering administrative effort and the new key itself.
However, losing both keys to a safety deposit box is considerably more expensive. Banks do not retain duplicate keys for customer boxes, meaning the only way to access the contents is by drilling the lock open. This procedure requires a professional locksmith, and the cost is borne by the box holder. Drilling fees commonly range from $100 to $350. This higher cost reflects the specialized labor involved, the need to replace the entire lock mechanism, and potential damage to the box during the forced entry.
Steps to Replace Your Safety Deposit Box Key
Upon realizing a safety deposit box key is lost, immediately contact the bank or financial institution where the box is leased. Prompt notification allows the bank to guide the box holder through their specific protocol for lost keys. The bank will require valid identification and may implement additional verification steps to confirm the identity of the authorized renter.
If only one key is lost and the box holder still possesses the other, the bank will arrange to have the lock re-keyed or a new key issued from the remaining one. The box holder will need to bring the existing key to the bank during banking hours. Bank personnel will then facilitate the lock change in the presence of the renter, ensuring a secure process.
If both keys are lost, necessitating the drilling of the box, the bank will arrange for a professional locksmith. Bank officials must be present during this procedure to oversee and document everything. The box holder is responsible for the locksmith’s fees, often paid in advance. Following the drilling, the bank will install a new lock and issue new keys to the box holder. This process, from initial notification to receiving new keys, can take a few days to several weeks, depending on bank procedures and locksmith availability.