The agreement states that if Bank of America closes an account due to non-compliance, it will report the account holder's name, address, SSN/TIN, account closure date and reason, and default history including overdraft and bounced check information to consumer reporting agencies including ChexSystems and Early Warning Services.
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 authorizes reporting of detailed account default and closure information, including Social Security Number or Tax Identification Number, to specialty consumer reporting agencies whose reports may affect the account holder's ability to open deposit accounts at other financial institutions.
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, account holders who have their accounts closed due to agreement non-compliance may have their name, address, SSN/TIN, default history, and closure reason reported to ChexSystems, Inc. and Early Warning Services, LLC. The agreement states this information may adversely impact the ability to establish a deposit account at any financial institution.
Cross-platform context
See how other platforms handle Consumer Reporting Agency Disclosure for Account Defaults and similar clauses.
Compare across platforms →"We may report default information about your account to the consumer reporting agencies, such as ChexSystems, Inc. and Early Warning Services, LLC. If we close the account because of your failure to comply with this Agreement, we will report your personal information (name, address and SSN/TIN), the date and reason why the account was closed, and any other information about the account (e.g., repeatedly overdrawn balances, bounced checks, and other defaults) to the consumer reporting agencies. This information may be reflected in your consumer report and may adversely impact your ability to establish an account at any financial institution.Excerpt from Bank of America's Deposit Agreement
1.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Get the research letter
Companies change their terms quietly. We read every version and catch what actually changed. One email a week on the changes that matter and what they mean.
This provision authorizes reporting of detailed account default and closure information, including Social Security Number or Tax Identification Number, to specialty consumer reporting agencies whose reports may affect the account holder's ability to open deposit accounts at other financial institutions.
Under this provision, account holders who have their accounts closed due to agreement non-compliance may have their name, address, SSN/TIN, default history, and closure reason reported to ChexSystems, Inc. and Early Warning Services, LLC. The agreement states this information may adversely impact the ability to establish a deposit account at any financial institution.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Bank of America.