Bank of America Deposit Agreement

This is Bank of America's Online Banking Service Agreement, which sets the rules for using their website, mobile app, bill pay, Zelle transfers, and other digital banking tools. The single most important thing for most customers is that the agreement includes a mandatory arbitration clause and class action waiver, meaning if Bank of America wrongs you, you generally cannot sue them in court as part of a group and must instead use a private arbitration process. You should review your notification obligations carefully — if you spot an unauthorized transaction on your Bank of America account, you typically have 60 days from your statement date to report it or you may lose your right to recover those funds.

This document constitutes Bank of America's Online Banking Service Agreement, governing customer access to and use of its digital banking platforms, including online banking, mobile banking, and related electronic services, and is legally grounded in contract law with consumer financial services regulatory overlay. The agreement creates significant obligations for users, including mandatory notification of unauthorized transactions within specific timeframes (generally within 60 days of statement delivery) to preserve liability protections under the Electronic Fund Transfer Act, and imposes on Bank of America duties of reasonable security and error resolution. Notably, the document contains a mandatory arbitration clause with class action waiver that substantially limits consumers' ability to pursue collective legal remedies, and a broad license grant over user-submitted content that is atypical for a pure banking services agreement. The document engages Regulation E (12 CFR Part 1005), the Electronic Signatures in Global and National Commerce Act (E-SIGN), the Gramm-Leach-Bliley Act, the Electronic Communications Privacy Act, and the CFPB's supervisory framework for large depository institutions; compliance teams should note that the arbitration provision must be evaluated against CFPB rulemaking activity and that California residents retain additional rights under CCPA and the California Consumer Privacy Act that may supersede certain data-sharing provisions.