The agreement references a Right of Set Off provision applicable to joint accounts and other deposit accounts, under which the bank may apply funds in an account to offset amounts owed by account holders, including amounts owed on other accounts.
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
The Right of Set Off provision, referenced throughout the agreement in connection with joint accounts, POD accounts, and overdrafts, authorizes the bank to apply deposit account funds to satisfy debts owed to the bank, which may affect fund availability and account balances without advance notice.
Interpretive note: The specific scope and conditions of the Right of Set Off are described in the Right of Set Off section of the agreement, which was partially truncated; the full operational parameters depend on those terms and applicable state law.
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 the Right of Set Off provision referenced throughout the agreement, Bank of America may apply funds in a deposit account to offset amounts owed to the bank, including fees and overdraft balances, potentially reducing available account balances. This right is stated to apply to joint accounts, POD accounts, and other deposit relationships governed by the agreement.
Cross-platform context
See how other platforms handle Right of Set Off and similar clauses.
Compare across platforms →"Note that our right of set off described in the Right of Set Off section of this Agreement applies to joint accounts.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.
The Right of Set Off provision, referenced throughout the agreement in connection with joint accounts, POD accounts, and overdrafts, authorizes the bank to apply deposit account funds to satisfy debts owed to the bank, which may affect fund availability and account balances without advance notice.
Under the Right of Set Off provision referenced throughout the agreement, Bank of America may apply funds in a deposit account to offset amounts owed to the bank, including fees and overdraft balances, potentially reducing available account balances. This right is stated to apply to joint accounts, POD accounts, and other deposit relationships governed by the agreement.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Bank of America.