If you’ve lost your safe deposit box key, call the bank, verify your identity, and arrange for a licensed locksmith to drill the lock. You’ll pay the full cost, which commonly lands somewhere between $150 and $300 once the drilling, a new lock, and any administrative fee are added up. The process is straightforward, but it isn’t instant.
Why the Bank Can’t Just Open It
Safe deposit boxes use two keys. The bank holds a guard key, you hold the renter’s key, and both have to turn at the same time for the lock to release. The bank does not keep a copy of your key on file.1WaFd Bank. Safe Deposit Box Rules and Regulations That’s deliberate. It’s also why, once your key is gone, there is no shortcut: the lock has to be drilled.
What to Do First
Call the branch as soon as you know the key is missing. Drilling requires a scheduled appointment with a locksmith, and the sooner you report it, the sooner you get on the calendar. Bring a government-issued photo ID such as a driver’s license or passport when you go in.2Federal Deposit Insurance Corporation. Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables The bank will match your name against the signature card on file for the box.3HelpWithMyBank.gov. I Am Missing Items From My Safe Deposit Box
If you can’t recall your box number, look in your online banking portal or on a prior statement. Most banks will also ask you to sign a lost-key affidavit acknowledging the key is gone and authorizing the forced entry. That paperwork protects both sides.
What Happens at the Drilling Appointment
Banks bring in a licensed outside locksmith rather than doing the work themselves. Don’t expect same-day service. Depending on the branch and the locksmith’s availability, the appointment may be days or a couple of weeks out. You have to be there in person, and a bank employee stays with you through the whole process.
The locksmith drills through the center of the lock cylinder to break the internal pins and release the bolt. The old lock is destroyed, but the box and the vault around it are unharmed. A new lock goes in, and you leave with a fresh set of keys. The drilling itself usually takes 15 to 30 minutes. Add time for check-in, ID verification, and paperwork.
What It Costs
Every charge tied to a lost key is yours to pay. A drilling fee of around $200 is common at major institutions.4KeyBank. Safe Deposit Box Fees and Discounts Some banks bundle everything into one drilling charge. Others break it out into locksmith labor, an administrative processing fee, and the cost of the new lock. All in, plan on roughly $150 to $300, with higher figures possible for larger or higher-security boxes.
Your rental agreement spells out these charges. Payment usually comes out of a linked checking or savings account, or goes on a debit card at the branch. For context, the annual rent on a box often runs $25 to a few hundred dollars, so the drilling bill can exceed a full year of rent.
If the Box Is Jointly Held
On a standard joint rental, any one co-lessee can typically report the lost key and authorize the drilling alone. Joint-tenancy lease language generally gives each co-holder independent access, including the right to surrender or exchange the box, without needing permission from the others.5Liberty Bank for Savings. Safe Deposit Box Terms and Conditions Courts have read joint-rental language the same way, allowing a single joint tenant to act independently on the lease.6Illinois Courts. Jacqueline N Malone v MB Financial Bank NA
A less common setup uses “and” designation, meaning all signers must act together. Under that arrangement, the bank may require every authorized holder to appear with ID before the drilling can proceed. If you’re not sure which type of rental you have, check the lease before you make the trip.
If the Key Belonged to Someone Who Died
When the box owner has died and the key can’t be found, the drilling logistics stack on top of legal ones. Rules vary by state, but you’ll generally need a certified death certificate and proof of your authority to act for the estate, and the bank may require a supervised inventory of what’s inside.
Many states allow limited pre-probate access specifically to search for a will or burial instructions. Typically an interested person files an affidavit with the bank stating the box may contain a will, along with proof of death. If a will is found, it goes directly to the probate court. Nothing else can be removed until a personal representative is formally appointed. If the deceased’s key is also missing, the bank still arranges drilling, and the estate pays.
A surviving co-holder on a joint box has an easier path. Survivorship rights mean you keep the same access you had before. You’ll still pay for drilling if the key is lost, but you won’t run into the probate steps that apply to a sole owner’s estate.
If You’ve Only Lost One of Two Keys
Banks typically issue two keys when you open a box. If one goes missing and you keep using the other, you are one misplaced key away from a drilling appointment. Report a single lost key early. Replacing one key while the other is still in hand is far cheaper and faster than drilling the lock later.
Store the spare somewhere secure and separate from the primary, such as a fireproof home safe or with a trusted family member. Don’t label the key with the bank’s name or your box number, which could help someone try to impersonate you at the branch if the key is stolen with your ID.
One Thing to Know About What’s Inside
While you’re dealing with the bank, it’s worth knowing that FDIC insurance does not cover the contents of a safe deposit box. The box is not a deposit account under federal law, so cash, jewelry, and documents inside it fall outside FDIC protection.7Federal Deposit Insurance Corporation. Is a Safe Deposit Box Insured by the FDIC Banks generally don’t insure the contents either.2Federal Deposit Insurance Corporation. Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables If anything valuable is inside, ask your homeowner’s or renter’s insurance agent whether your policy extends off-premises coverage to the box, and whether a rider is needed.