Bank of America states that interest rates on variable-rate deposit accounts may be changed at the bank's discretion at any time, without a specified upper or lower limit and without advance notice to the account holder.
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 asserts that the bank may adjust variable interest rates on deposit accounts without prior notice and without a stated floor or ceiling, which is a standard feature of variable-rate deposit products but may interact with Regulation DD change-in-terms disclosure requirements depending on how the rate change is characterized.
Interpretive note: Whether the 'without limit or notice' language fully satisfies Regulation DD's variable-rate disclosure requirements depends on the content of account opening disclosures not reproduced in this document.
Under this clause, the interest rate and annual percentage yield on variable-rate checking and savings accounts may be adjusted by Bank of America at any time; consumers holding these accounts cannot rely on a fixed rate or advance notice of rate reductions based on this document's terms alone.
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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: This provision engages Regulation DD under the Truth in Savings Act, which governs disclosure of interest rate terms and change-in-terms notification requirements for consumer deposit accounts.
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This provision asserts that the bank may adjust variable interest rates on deposit accounts without prior notice and without a stated floor or ceiling, which is a standard feature of variable-rate deposit products but may interact with Regulation DD change-in-terms disclosure requirements depending on how the rate change is characterized.
Under this clause, the interest rate and annual percentage yield on variable-rate checking and savings accounts may be adjusted by Bank of America at any time; consumers holding these accounts cannot rely on a fixed rate or advance notice of rate reductions based on this document's terms alone.
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