If you do not report unauthorized electronic transactions within the required timeframes (as short as 60 days in some cases), you may lose your right to get that money back.
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.
Dispute a Fee
Within 60 days
If you notice an unauthorized electronic transaction, call 1-800-432-1000 immediately, within 60 days of the statement showing the error. Provide details of the transaction in question and request a written confirmation of your dispute; the bank must investigate and respond within 10 business days.
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.
ConductAtlas Policy Archive
Entity: Bank of America | Document: Bank of America Deposit Agreement | Record: CA-P-000459
Captured: 2026-03-07 04:40:52 UTC | SHA-256: 3a84db97f26e6cc4…
URL: https://conductatlas.com/platform/bank-of-america/bank-of-america-deposit-agreement/electronic-funds-transfer-rights-reg-e/
Accessed: April 4, 2026