If you have a dispute with Bank of America about your online banking services, you must resolve it through private arbitration rather than in court, and you cannot join with other customers to bring a class action lawsuit.
Consumer impact (what this means for users)
This provision means that if Bank of America overcharges you, mishandles your account, or violates your rights, you must pursue your claim alone through a private arbitrator rather than a court, and you give up the right to participate in any class-wide remedy even if thousands of other customers were similarly harmed.
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.
Opt Out of Arbitration
Within 60 days
Write a signed letter stating your name, account number, and that you are opting out of the arbitration agreement. Mail it to the address specified in the arbitration section of the Online Banking Service Agreement within 60 days of first accepting the terms.
Cross-platform context
See how other platforms handle Mandatory Arbitration and Class Action Waiver and similar clauses.
This clause removes your right to sue Bank of America in court and prevents you from joining class action lawsuits, which are often the only economically viable way for individual consumers to challenge a large financial institution's practices.
View original clause language
Any claim, dispute or controversy ('Claim') arising out of or relating to this Agreement, or the breach, termination, enforcement, interpretation or validity thereof, or to the use of the Online Banking Services (including, without limitation, any such Claim against us, our employees, agents, or assigns) shall be resolved, upon the election of either you or us, by binding arbitration. YOU AND WE AGREE THAT EACH PARTY MAY BRING CLAIMS AGAINST THE OTHER ONLY IN AN INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION OR PROCEEDING.
REGULATORY FRAMEWORK: This provision implicates the Federal Arbitration Act (9 U.S.C. §1 et seq.), CFPB supervisory authority under Dodd-Frank Act §1028 (12 U.S.C. §5518), and state unconscionability doctrines. The CFPB previously issued a final rule in 2017 (82 Fed. Reg. 33210) restricting class action waivers in consumer financial arbitration agreements before Congress overturned it via the Congressional Review Act. FTC Act Section 5 (15 U.S.C. §45) unfair/deceptive practices authority may also apply if the opt-out mechanism is inadequately disclosed.
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Applicable agencies
CFPB
The CFPB has statutory authority under Dodd-Frank §1028 to regulate arbitration clauses in consumer financial services contracts and is the primary federal enforcer for this provision.
State attorneys general, particularly in California and New York, have authority to challenge unconscionable arbitration clauses and class action waivers under state consumer protection law.
ConductAtlas Policy Archive
Entity: Bank of America | Document: Bank of America Deposit Agreement | Record: CA-P-003309
Captured: 2026-03-07 04:40:52 UTC | SHA-256: 3a84db97f26e6cc4…
URL: https://conductatlas.com/platform/bank-of-america/bank-of-america-deposit-agreement/mandatory-arbitration-and-class-action-waiver/
Accessed: May 2, 2026