Notification Settings Error
It is possible to override collaborators' notification settings for folders in Box.
If you attempt to override the Notification settings on a Folder which you are not the Owner of, you will get an error message "Sorry, there was a problem saving settings for this folder". 
You can ask the folder owner to change the Notification settings of that folder, which will change the notification settings for everyone added to that folder.
If you're getting too many notifications on a specific folder, you can set up an Inbox Rule.