The agreement authorizes Bank of America to change interest rates on interest-bearing checking and savings accounts at any time, without limit and without prior notice to account holders.
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 reserves the bank's right to adjust variable interest rates on deposit accounts without advance notice and without any stated floor or ceiling on rate changes, meaning account holders may not receive advance disclosure before a rate reduction takes effect.
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 →Under this provision, the interest rate and annual percentage yield on interest-bearing checking and savings accounts may be changed by the bank at any time without prior notice. Account holders can obtain current rates by calling the customer service number on their statement or by asking a financial center associate.
Cross-platform context
See how other platforms handle Discretionary Interest Rate Changes Without Notice and similar clauses.
Compare across platforms →"The interest-bearing checking or savings accounts we offer earn interest at a variable rate. Your interest rate and APY may change. At our discretion, we may change the interest rate on your account without limit or notice. We compound and credit interest to your account monthly.Excerpt from Bank of America's Deposit Agreement
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This provision reserves the bank's right to adjust variable interest rates on deposit accounts without advance notice and without any stated floor or ceiling on rate changes, meaning account holders may not receive advance disclosure before a rate reduction takes effect.
Under this provision, the interest rate and annual percentage yield on interest-bearing checking and savings accounts may be changed by the bank at any time without prior notice. Account holders can obtain current rates by calling the customer service number on their statement or by asking a financial center associate.
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