Being subject to another state's laws or required to litigate in a distant forum can make it more difficult and expensive for you to pursue legal claims against the bank.
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.
Search "[your state] attorney general consumer complaint" to find your state's direct complaint form