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
Joint account ownership provisions establish the operational framework for multi-party accounts, including which account holders may authorize transactions, how funds are legally owned, and what happens to account balances upon death of an account holder. These terms determine the institution's obligations regarding account administration and dispute resolution between joint owners.
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 →This provision specifies the account access rights available to each joint owner and the conditions under which the bank will process transactions initiated by any joint account holder. The terms also establish whether the account includes survivorship provisions that transfer remaining balances to surviving owners upon death.
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Joint account ownership provisions establish the operational framework for multi-party accounts, including which account holders may authorize transactions, how funds are legally owned, and what happens to account balances upon death of an account holder. These terms determine the institution's obligations regarding account administration and dispute resolution between joint owners.
This provision specifies the account access rights available to each joint owner and the conditions under which the bank will process transactions initiated by any joint account holder. The terms also establish whether the account includes survivorship provisions that transfer remaining balances to surviving owners upon death.
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