Bank of America Deposit Agreement

This is Bank of America's Deposit Agreement and Disclosures, the binding contract governing personal and business deposit accounts including checking, savings, and certificate of deposit accounts across all U.S. states. The agreement authorizes Bank of America to change interest rates at any time without notice, to determine transaction processing and posting order at its discretion, to charge overdraft fees on accounts enrolled in standard overdraft settings, and to apply currency exchange rates on foreign transactions that may include undisclosed profit and mark-up determined solely by the bank. The agreement also establishes mandatory individual arbitration and a class action waiver for disputes on personal accounts, with a 30-day opt-out window from the arbitration provision.

This Deposit Agreement and Disclosures, effective May 15, 2026, governs the deposit relationship between Bank of America, N.A. and account holders across all U.S. states, constituting a binding contract that encompasses checking, savings, CD, and related deposit accounts together with ancillary services including electronic fund transfers, overdraft facilities, debit card usage, and funds transfer services. The agreement states that Bank of America may change interest rates without limit or notice, may alter processing and posting orders at its discretion without notice, authorizes the bank to charge overdraft fees and debit accounts for returned items even when funds were previously made available, and requires account holders to repay overdrawn balances immediately without demand. Notable provisions include the agreement's explicit statement that the bank applies an 'all-in exchange rate' on foreign currency transactions that may include undisclosed profit and mark-up determined at the bank's sole discretion, the bank's express reservation of the right to apply the Decline All Overdraft Setting to accounts without notice, and the arbitration clause with class action waiver governing personal account dispute resolution. The agreement engages the Electronic Fund Transfer Act as implemented by Regulation E for personal deposit accounts, the Uniform Commercial Code Article 4A for funds transfers, Nacha Operating Rules for ACH transactions, the USA PATRIOT Act for identity verification, Regulation J Subpart B for Fedwire transfers, and federal consumer financial protection frameworks enforced primarily by the Consumer Financial Protection Bureau and Federal Trade Commission. Compliance teams should note jurisdiction-specific variations, particularly for Massachusetts customers who receive expanded unauthorized transfer protections, and the agreement's explicit disclaimer of all liability for currency exchange rates applicable to foreign transactions.

The agreement establishes that Bank of America may change interest rates on interest-bearing accounts at any time without notice and at its sole discretion, and may alter the processing and posting order of transactions without notice, which can affect the number of overdraft fees assessed. Under these terms, consumers using standard overdraft settings may be charged overdraft fees when the bank authorizes and pays items that exceed available balances, and are required to repay overdrawn balances immediately without demand from the bank. You can request the Decline All Overdraft Setting by calling customer service at the number on your account statement or by visiting a financial center, and personal account holders can opt out of the arbitration clause within 30 days of account opening.