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The bank advised me of an increase to my annual safe-deposit-box fee. They indicated that I could avoid the increase by opening an account with them. Is this a legal practice?

Banks may provide discounts on safe-deposit fees to account holders.

If you have concerns about the fee, you may wish to determine how much other banks in your area charge for the same service.

Last Reviewed: October 2020

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.

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