If you have a dispute with Bank of America, this clause requires you to resolve it through individual arbitration rather than through a court. It also prevents you from joining or leading a class action lawsuit against the bank.
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
This provision significantly limits how you can pursue a legal claim against Bank of America, especially for smaller-dollar disputes where individual arbitration may be economically impractical.
Interpretive note: The exact verbatim arbitration clause text was not extractable from the encrypted PDF provided; the presence and general terms of this clause are inferred from standard Bank of America Online Banking Agreement structure and publicly known versions of this document.
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 →Consumers who accept these terms waive the right to litigate disputes in court and cannot participate in class action lawsuits, which are often the only practical mechanism for pursuing small individual claims against a large financial institution.
How other platforms handle this
If, however, this Class Action Waiver is deemed invalid or unenforceable with respect to a particular Dispute...neither you nor Chegg will be entitled to arbitration of such Dispute.
the arbitration provider, National Arbitration and Mediation ("NAM"), shall not accept or administer any demand for arbitration and shall administratively close any arbitration unless the Party bringing such demand for arbitration can certify in writing that the terms...were fully satisfied.
Neither you nor we may elect arbitration of any claims seeking only individualized relief asserted by you or us in small claims court, so long as the action remains in that court and is not removed or appealed de novo...
REGULATORY LANDSCAPE: This provision implicates the Federal Arbitration Act (FAA), which generally governs the enforceability of arbitration agreements in the United States.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Coinbase's User Agreement includes a mandatory arbitration clause that most users may not have reviewed. Here is what the clause states and how the opt-out process works.
561 arbitration provisions across 197 platforms. ConductAtlas tracks how dispute resolution is being restructured across the internet.
Get the research letter
Companies change their terms quietly. We read every version and catch what actually changed. One email a week on the changes that matter and what they mean.
This provision significantly limits how you can pursue a legal claim against Bank of America, especially for smaller-dollar disputes where individual arbitration may be economically impractical.
Consumers who accept these terms waive the right to litigate disputes in court and cannot participate in class action lawsuits, which are often the only practical mechanism for pursuing small individual claims against a large financial institution.
ConductAtlas has identified this type of provision across 205 platforms. See the full comparison.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Bank of America.