Bank of America Deposit Agreement

This document establishes the terms governing customers' use of Bank of America's digital banking services, including online banking, mobile applications, and related platforms. The agreement includes a mandatory arbitration clause that requires disputes to be resolved through arbitration rather than court proceedings, and incorporates a class action waiver that prohibits class-based arbitration. The agreement permits customers to opt out of the arbitration clause through written notice within 30 days of accepting the terms.

This document constitutes Bank of America's Online Banking Service Agreement, governing the terms under which customers access and use the bank's digital banking platforms, including its website, mobile applications, and related online financial services. The agreement states that customers must maintain accurate account information, the terms authorize Bank of America to monitor electronic communications for security and compliance purposes, and the agreement asserts a broad right to modify terms with notice communicated electronically rather than by mail. Notably, the document contains mandatory arbitration provisions with class action waivers, which represent a significant restriction on consumer dispute rights; these provisions are common in U.S. financial services agreements but may face enforceability limitations depending on jurisdiction and the nature of the dispute. The agreement engages the Electronic Fund Transfer Act, the Electronic Signatures in Global and National Commerce Act, and the Gramm-Leach-Bliley Act, and is subject to CFPB oversight as a retail banking product; California residents and other state-specific user groups may have additional rights under applicable state consumer protection laws that could interact with or limit certain asserted terms.

The agreement establishes that disputes arising from the deposit account relationship must be resolved through individual arbitration rather than litigation or class action proceedings, unless the customer exercises an opt-out right. The agreement specifies procedures for account modifications, communications regarding account changes, and monitoring of account activity. Customers who do not submit a written opt-out notice within the prescribed timeframe remain bound by the arbitration and class action waiver provisions.