Bank of America reserves the right to change the interest rate and annual percentage yield on variable-rate deposit accounts at any time, without any advance notice to the account holder, and without any stated floor or ceiling on the magnitude of the change.
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 clause reserves Bank of America's right to adjust variable interest rates on deposit accounts without prior notice and without a stated limit on the size of the adjustment, which is the operative rate-change mechanism for all variable-rate checking, savings, and certain IRA accounts covered by this schedule.
Interpretive note: Regulation DD imposes constraints on how broadly a no-notice rate change provision may be applied in practice for certain variable-rate account types; the operational scope of this clause depends on account type and applicable regulatory interpretation.
Under this clause, the interest rate and APY on variable-rate accounts may be reduced at any time without advance notice; account holders have no contractual mechanism to object to or receive prior disclosure of a rate change before it takes effect.
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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 Fee Schedule
(1) REGULATORY LANDSCAPE: Regulation DD (Truth in Savings Act) imposes disclosure requirements for rate changes on variable-rate accounts, including requirements to provide advance notice for certain rate decreases on term accounts.
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This clause reserves Bank of America's right to adjust variable interest rates on deposit accounts without prior notice and without a stated limit on the size of the adjustment, which is the operative rate-change mechanism for all variable-rate checking, savings, and certain IRA accounts covered by this schedule.
Under this clause, the interest rate and APY on variable-rate accounts may be reduced at any time without advance notice; account holders have no contractual mechanism to object to or receive prior disclosure of a rate change before it takes effect.
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