Find me a no-strings safe deposit box in NYC!

September 9, 2009 8:12 PM

Sought: a safe deposit box in Brooklyn or Manhattan. Difficulties: I don't want it to cost me $80/year (as my bank, Chase, does), and I don't want to have to sign up for a checking account / other relationship with the bank (though I may be flexible about this if the bank offers absotively-free checking). Now, to make it more annoying, I only want a box at an attractive bank. Also, the easier it is for me to give a key to a deputy/agent, the happier I will be.

You see, the box will ultimately contain a gift with no monetary value. I want the recipient to be able to access the box, but I am OK with having to arrange this with the bank and the recipient post facto. This is why I want an attractive branch: the box is an element of the gift. (I envision transitioning ownership of the box/contents somewhere down the line.)

Examples of attractive local branches include the former Williamsburg Savings Bank, which is now an HSBC that I was told doesn't offer boxes, and the former Dime Savings Bank in Downtown Brooklyn, which is now a Chase location featuring $80/year boxes.

posted by thejoshu to work & money (9 comments total)

I should probably clarify. My examples might lead one to think I'm looking for a landmark building, and while that would be nice, I know it's unlikely. Pretty would suffice.
posted by thejoshu at 8:40 PM on September 9

What size are you looking for? Here is a list of different sizes offered by one bank.

$80 a year is too much? What are you looking to spend?
posted by MLIS at 9:00 PM on September 9

The smallest size on that list would be adequate for my needs. The $80 box is something on the order of 3x5x19, I seem to recall, and those dimensions are the smallest I've found around town.
posted by thejoshu at 9:27 PM on September 9

There are fewer and fewer of these - safety deposit boxes are vanishing - so you're lucky to have a choice at all. Recognise that these boxes increase the insurance and staff costs for the branch, and thus $80 per year is very reasonable for the service. This isn't the sort of thing where you get a choice of toaster, blender or safety deposit box when you open your free checking account.

(Oh 1950, how we miss you.)
posted by DarlingBri at 12:00 AM on September 10

Even in Philly, I haven't seen prices lower than $60 or $70. Add in the $20 NYC 'tax' on everything (that is, however much you think you'll spend on leaving your house in NYC, add $20 to that value and you are closer to what the actual figure will be), and you're about at the going rate.

Unfortunately, there's not a lot of people with a big vault, armed guards, and empty space they're willing to lease out for cheap.
posted by Geckwoistmeinauto at 4:52 AM on September 10

Ah, my idle googling had suggested that Chase was an outlier. Thanks for the reality check!
posted by thejoshu at 6:00 AM on September 10

From a purely aesthetic point of view, you'll want to check out this Commerce Bank branch in Greenpoint on the corner of Calyer Street and Manhattan Ave. (use street view, you'll see exactly what I mean).
posted by hermitosis at 7:35 AM on September 10

there is no commerce bank on the corner of calyer and manhattan in breenpoint. There is a Capital One branch now, I believe. it changes names so frequently that it is hard to keep track, even if one is regularly in that neighborhood.

Commerce (now TD Bank) has one of the best rates in the city and will rent to you even if you aren't a banking customer. But, again, $80 is not outrageous.
posted by micawber at 9:40 AM on September 10

That Capital One branch charged me $38 for the box. Now that's the Nice Price. I didn't mind setting up a free, frill-less account to get it. Thanks all!
posted by thejoshu at 1:38 PM on September 10