Sudden account closure can leave you without access to your funds or the ability to make payments, and can negatively impact your ability to open accounts at other banks if reported to ChexSystems.
Consumer impact
This agreement significantly affects consumers' financial rights by requiring mandatory arbitration and waiving the right to participate in class action lawsuits, which limits the ability to collectively challenge bank practices. The bank retains broad rights to charge overdraft and maintenance fees, set off funds from your accounts to cover debts, and unilaterally amend terms with notice. You can opt out of the arbitration clause by sending written notice to Bank of America within the deadline specified in the agreement, typically 60 days of account opening.
What you can do
⚠️ These actions may provide transparency or partial mitigation but may not fully address the underlying issue. Effectiveness varies by jurisdiction and individual circumstances.
Close Your Account
If you receive notice of account closure, call 1-800-432-1000 to request the reason for closure, ensure any remaining funds are returned to you, and update all direct deposits and automatic payments linked to the account before the closure date.
Applicable agencies
Consumer Financial Protection Bureau (cfpb)
Regulates consumer financial products and services. Can investigate companies for unfair, deceptive, or abusive financial practices including improper fees, billing errors, and data misuse.
Who can file: Anyone who has used a consumer financial product or service in the US
What you need: Account number or details, dates of transactions or events, description of the issue, and any supporting documents
What to expect: The company must respond within 15 days. The CFPB forwards your complaint and may use it in enforcement actions. Individual compensation is possible in some cases.
State AGs in California, New York, Texas, and other states can investigate violations of state consumer protection and privacy laws, including CCPA (California), SHIELD Act (New York), and equivalents.
Who can file: Residents of states with comprehensive privacy laws — primarily California, Virginia, Colorado, Connecticut, and Utah
What you need: Evidence of the violation, explanation of how your state rights were affected, and your account or contact information with the company
What to expect: Outcomes vary by state. May result in investigation, enforcement action, or requirement for the company to change practices. No direct individual compensation in most cases.
Search "[your state] attorney general consumer complaint" to find your state's direct complaint form
ConductAtlas Policy Archive
Entity: Bank of America | Document: Bank of America Deposit Agreement | Record: CA-P-000460
Captured: 2026-03-07 04:40:52 UTC | SHA-256: 3a84db97f26e6cc4…
URL: https://conductatlas.com/platform/bank-of-america/bank-of-america-deposit-agreement/account-termination-by-bank/
Accessed: April 4, 2026