The agreement requires that disputes on personal accounts be resolved through individual arbitration rather than court proceedings and includes a waiver of the right to participate in class action litigation. A 30-day opt-out window is referenced in the Resolving Claims section.
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 requires personal account disputes to proceed through individual arbitration rather than litigation or class proceedings. The Resolving Claims section governs the specific procedures, timelines, and opt-out mechanism applicable to this clause.
Interpretive note: The specific procedures, scope, and opt-out mechanism for the arbitration clause are located in the Resolving Claims section of the agreement, which was truncated in the provided document text; full terms may impose additional conditions or limitations.
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 establishes that personal account holders must resolve covered disputes through individual arbitration proceedings. The agreement references a 30-day opt-out window from the arbitration clause, described in the Resolving Claims section, which account holders must act on within the specified timeframe to preserve the option of court-based dispute resolution.
Cross-platform context
See how other platforms handle Mandatory Arbitration and Class Action Waiver (Personal Accounts) and similar clauses.
Compare across platforms →"THIS AGREEMENT CONTAINS AN ARBITRATION CLAUSE, CLASS ACTION WAIVER, AND OTHER IMPORTANT INFORMATION REGARDING YOUR LEGAL RIGHTS, REMEDIES, AND OBLIGATIONS IN THE EVENT OF A DISPUTE INVOLVING YOU AND BANK OF AMERICA. PLEASE READ THIS DOCUMENT CAREFULLY.Excerpt from Bank of America's Deposit Agreement
1.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
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 requires personal account disputes to proceed through individual arbitration rather than litigation or class proceedings. The Resolving Claims section governs the specific procedures, timelines, and opt-out mechanism applicable to this clause.
This provision establishes that personal account holders must resolve covered disputes through individual arbitration proceedings. The agreement references a 30-day opt-out window from the arbitration clause, described in the Resolving Claims section, which account holders must act on within the specified timeframe to preserve the option of court-based dispute resolution.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Bank of America.