Provision record
Bank of America · Bank of America Deposit Agreement · View original document ↗

Authorization to Obtain Consumer Reports and Employment History

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Document Record

What it is

The agreement authorizes Bank of America to obtain consumer reports and third-party reports, and to verify employment history, for purposes including account opening, servicing, relationship management, and any other lawful purpose.

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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

ConductAtlas Analysis

Why it matters (compliance & governance perspective)

This provision obtains a standing authorization to obtain consumer reports and employment verification for a broad set of stated purposes including the open-ended category of 'any other lawful purpose,' and the bank commits to disclosing the identity of any consumer reporting agency upon request.

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Interpretive note: The 'any other lawful purpose' authorization language is open-ended and its scope relative to specific FCRA permissible purpose categories may require case-by-case assessment.

Recent Activity

This document changed recently

High Jul 12, 2026

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 →

Consumer impact (what this means for users)

Under this provision, opening and maintaining a deposit account authorizes Bank of America to obtain consumer reports and employment history information from third parties for account opening, servicing, and other lawful purposes. Account holders may request the name and address of any consumer reporting agency that provided a report.

Cross-platform context

See how other platforms handle Authorization to Obtain Consumer Reports and Employment History and similar clauses.

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▸ View Original Clause Language DOCUMENT RECORD
"
You authorize us to obtain your consumer report(s) and reports from third parties, and to verify your employment history, as we consider appropriate, in order to open the account, service the account and manage our relationship with you, as well as for any other lawful purpose. If you ask, we will tell you the name and address of any consumer reporting agency that provided a report to us.

Excerpt from Bank of America's Deposit Agreement

ConductAtlas Analysis

Institutional analysis (regulatory & governance intelligence)

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Applicable agencies

  • CFPB
    The CFPB enforces the Fair Credit Reporting Act governing permissible purpose requirements for consumer report inquiries by financial institutions
    File a complaint →

Provision details

Document information
Document
Bank of America Deposit Agreement
Entity
Bank of America
Document last updated
May 5, 2026
Tracking information
First tracked
Sept. 23, 2026
Last verified
Sept. 23, 2026
Record ID
CA-P-077596
Document ID
CA-D-00053
Evidence Provenance
Source URL
Wayback Machine
Content hash (SHA-256)
3cb669a13483772d724da0728bab13900badf9ceb665aacfd63576c8b6c97363
Analysis generated
September 23, 2026 01:55 UTC
Methodology
Evidence
✓ Snapshot stored   ✓ Hash verified
Citation Record
Entity: Bank of America
Document: Bank of America Deposit Agreement
Record ID: CA-P-077596
Captured: 2026-09-23 01:55:22 UTC
SHA-256: 3cb669a13483772d…
URL: https://conductatlas.com/platform/bank-of-america/bank-of-america-deposit-agreement/provision/CA-P-077596/authorization-to-obtain-consumer-reports-and-employment-history/
Accessed: Sept. 26, 2026
Permanent archival reference. Stable identifier suitable for legal filings, compliance documentation, and research citation.
Classification
Severity
Medium
Categories

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Frequently Asked Questions

What does Bank of America's Authorization to Obtain Consumer Reports and Employment History clause do?

This provision obtains a standing authorization to obtain consumer reports and employment verification for a broad set of stated purposes including the open-ended category of 'any other lawful purpose,' and the bank commits to disclosing the identity of any consumer reporting agency upon request.

How does this clause affect you?

Under this provision, opening and maintaining a deposit account authorizes Bank of America to obtain consumer reports and employment history information from third parties for account opening, servicing, and other lawful purposes. Account holders may request the name and address of any consumer reporting agency that provided a report.

Is ConductAtlas affiliated with Bank of America?

No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Bank of America.