The agreement authorizes Bank of America to obtain consumer reports and third-party reports, and to verify employment history, for purposes including account opening, servicing, relationship management, and any other lawful purpose.
This analysis describes what Bank of America's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision obtains a standing authorization to obtain consumer reports and employment verification for a broad set of stated purposes including the open-ended category of 'any other lawful purpose,' and the bank commits to disclosing the identity of any consumer reporting agency upon request.
Interpretive note: The 'any other lawful purpose' authorization language is open-ended and its scope relative to specific FCRA permissible purpose categories may require case-by-case assessment.
The updated Deposit Agreement now explicitly discloses that disputes are subject to mandatory arbitration and class action waiver provisions, as stated prominently at the document's opening. The agreement establishes separate dispute resolution procedures for personal and business accounts and introduces new operational provisions governing account closure, jurisdiction and venue, cutoff times for legal orders, and responses to conflicting demands. The terms require that by using or maintaining your account after a change is effective, you agree to be bound by the updated provisions. You can review the complete updated agreement on bankofamerica.com or contact Bank of America directly if you wish to understand how the specific dispute resolution procedures apply to your account.
View change record →Under this provision, opening and maintaining a deposit account authorizes Bank of America to obtain consumer reports and employment history information from third parties for account opening, servicing, and other lawful purposes. Account holders may request the name and address of any consumer reporting agency that provided a report.
Cross-platform context
See how other platforms handle Authorization to Obtain Consumer Reports and Employment History and similar clauses.
Compare across platforms →"You authorize us to obtain your consumer report(s) and reports from third parties, and to verify your employment history, as we consider appropriate, in order to open the account, service the account and manage our relationship with you, as well as for any other lawful purpose. If you ask, we will tell you the name and address of any consumer reporting agency that provided a report to us.Excerpt from Bank of America's Deposit Agreement
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This provision obtains a standing authorization to obtain consumer reports and employment verification for a broad set of stated purposes including the open-ended category of 'any other lawful purpose,' and the bank commits to disclosing the identity of any consumer reporting agency upon request.
Under this provision, opening and maintaining a deposit account authorizes Bank of America to obtain consumer reports and employment history information from third parties for account opening, servicing, and other lawful purposes. Account holders may request the name and address of any consumer reporting agency that provided a report.
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