The agreement specifies that it is governed by the laws of a particular state (typically North Carolina, where Bank of America is headquartered) and that any disputes not subject to arbitration must be brought in courts in that state.
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
If you ever needed to pursue a legal claim in court, you might be required to litigate in North Carolina rather than your home state, which can be practically difficult and expensive for most retail banking customers.
Interpretive note: The specific governing law jurisdiction and forum selection language could not be verified from the encrypted PDF; North Carolina is inferred as the likely choice based on Bank of America's headquarters and publicly available agreement versions.
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 →The governing law clause means the agreement is interpreted under North Carolina law, which may provide different consumer protections than your home state, and forum selection may make court-based dispute resolution impractical for most customers.
How other platforms handle this
In the EU and EEA, the choice of Texas governing law shall not apply only where a mandatory consumer protection law explicitly prohibits such choice of law provisions.
For any claims that are not subject to arbitration...U.S. Residents: Delaware law; venue exclusively in the state or federal courts in New Castle County, Delaware
These Terms are governed by the laws of the State of California and the United States without regard to conflicts of laws provisions
REGULATORY LANDSCAPE: Governing law and forum selection clauses in consumer financial agreements engage both state contract law and federal consumer protection frameworks.
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If you ever needed to pursue a legal claim in court, you might be required to litigate in North Carolina rather than your home state, which can be practically difficult and expensive for most retail banking customers.
The governing law clause means the agreement is interpreted under North Carolina law, which may provide different consumer protections than your home state, and forum selection may make court-based dispute resolution impractical for most customers.
ConductAtlas has identified this type of provision across 266 platforms. See the full comparison.
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