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 at the outset that the agreement contains an arbitration clause, class action waiver, and other important information regarding legal rights and remedies in disputes. The agreement's substantive terms remain the same, but the reorganized structure places dispute resolution provisions and their consequences in more prominent positions within the document. Account holders are bound by these terms upon accepting the agreement during account opening, completing account documents, activating a card, or using or maintaining the account open.
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.
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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
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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.
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