What's This Email
If you bank with Bank of America and you recently received an email about a change to your Online Banking Service Agreement, you may have skimmed it, filed it away mentally, or deleted it entirely. That would be a mistake. What Bank of America is quietly introducing — a binding arbitration provision — is one of the most consequential changes to your legal rights as a consumer that a bank can make. And the timing of its announcement tells a story that the bank would very much prefer you did not read. WHAT THE CHANGE ACTUALLY MEANS The new provision, detailed in Section 12 of the updated Online Banking Service Agreement, requires that virtually all disputes between you and Bank of America be resolved through private, binding arbitration rather than in a court of law. More significantly, it includes a class-action waiver — meaning you cannot join with other customers to collectively sue the bank, no matter how widespread the harm. In plain English: if Bank of America wrongs you — overchar...