The schedule states that early withdrawal from CD accounts will result in a penalty, and that Bank of America reserves the right to change the type, term, or other features of a CD upon providing notice in the maturity notice.
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 establishes that CD holders are subject to an early withdrawal penalty and that Bank of America may alter CD features at renewal by disclosing changes in the maturity notice, which defines the conditions under which the bank may modify the terms of an existing CD product.
Under these terms, customers who withdraw funds from a CD before maturity will incur a penalty; for the Flexible CD, the schedule specifies a penalty of seven days interest for withdrawals within the first six days, while for other CD types the specific penalty amount is referenced to the Deposit Agreement and Disclosures. The bank reserves the right to change CD type, term, or features at renewal by providing notice in the maturity notice.
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Compare across platforms →"A penalty is imposed for early withdrawal. For CDs with terms of 30 days or more, we send you a maturity notice prior to renewal. Please read it carefully. We may change the type, term or other features of your CD by giving you notice. If we make a change, we tell you about the change in the maturity notice.Excerpt from Bank of America's Fee Schedule
(1) REGULATORY LANDSCAPE: CD early withdrawal penalties and maturity notice requirements are subject to Regulation DD, which requires disclosure of penalty terms and maturity notice procedures.
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This provision establishes that CD holders are subject to an early withdrawal penalty and that Bank of America may alter CD features at renewal by disclosing changes in the maturity notice, which defines the conditions under which the bank may modify the terms of an existing CD product.
Under these terms, customers who withdraw funds from a CD before maturity will incur a penalty; for the Flexible CD, the schedule specifies a penalty of seven days interest for withdrawals within the first six days, while for other CD types the specific penalty amount is referenced to the Deposit Agreement and Disclosures. The bank reserves the right to change …
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