Scope and Applicability of the Agreement
The Bank of America Online Banking Service Agreement governs the use of online and mobile banking services for eligible U.S.-based consumer and small business accounts, including affiliated accounts such as Merrill Lynch investment accounts.
Small business customers have additional or differing terms detailed in the Business Services Addendum.
The agreement applies to all digital access points including computers, smartphones, tablets, and other eligible devices. Users must maintain updated versions of Bank of America’s mobile app to access all features.
Use of the Service links all eligible Bank of America accounts and affiliates; joint accounts allow any authorized signer to provide instructions.
Payment & Transfer Services
Internal transfers between Bank of America owned accounts and affiliates can be conducted without fees, subject to limits and cut-off times (e.g., $9,999,999.99 daily limit for checking/savings deposits).
Transfers to accounts of other Bank of America customers using their account numbers have daily limits (typically $3,500) and are subject to security measures that may allow increased limits upon registration of security devices.
Users can make payments to Bank of America loan accounts from external consumer asset accounts with limits and applicable cut-off times; such payments may take up to two business days to update.
Scheduled or recurring transfers and payments can generally be canceled before specific cut-off periods; immediate transfers cannot be canceled once processed.
Bill Payment Services
Bill Pay is available for checking, money market, and HELOC accounts to pay companies or individuals via electronic means or checks.
Payments can be one-time, recurring, or triggered by receipt of e-Bills from participating payees.
Payments should be scheduled at least five business days before due dates to avoid late fees.
Bill Pay is generally not available for credit card payments; such payments are facilitated by other transfer services.
There are no fees for Bill Pay and cancellation of payments must occur before processing begins; once a payment is mailed or processed, cancellation is not possible.
Bill Pay payments to APO/FPO or similar addresses are always by check and are not considered remittance transfers.
Zelle® Network Service
Zelle enables users to send and receive money quickly between enrolled individuals using email addresses or U.S. mobile numbers.
Users must be authorized owners of enrolled accounts and agree to not use Zelle for prohibited payments (e.g., tax, court orders, gambling debts).
Transfers via Zelle usually process within minutes but may be delayed for fraud prevention or verification; payments once begun processing cannot be canceled except under limited circumstances.
There are daily, weekly, and monthly dollar and transaction limits depending on user tenure and account type; limits may be dynamically adjusted for security reasons.
Zelle provides no purchase protection, and users are responsible for resolving disputes independently.
No fees are charged for sending or receiving payments through Zelle.
Real Time Payment (RTP) Network Service
RTP allows users to receive Requests for Payment (RFPs) and pay them instantly or by scheduled future payment from eligible checking accounts.
Payments occur 24/7 in U.S. dollars and transfers are irrevocable once completed.
Limits on RTP payments are similar in scale to Zelle (e.g., $3,500 daily for consumer checking).
There are no fees for RTP payments or receipt of RFPs.
ACH and Wire Transfers
The Agreement covers ACH and wire transfers for domestic and international payments including Remittance Transfers outside the U.S.
Transfer limits, fees, and processing cut-off times vary by type (e.g., $30.00 fee for wire transfers) and business vs. consumer account type.
Certain transfers are subject to federal regulatory protections and rules, including cancellation rights and error resolution for Remittance Transfers.
Bank of America uses multiple payment systems: Fedwire, CHIPS, SWIFT, and Automated Clearing House (ACH).
Currency exchange rates for international wire transfers are set at Bank of America’s discretion and include markups; currency fluctuations and fees may affect final amounts received.
Customers are responsible for providing accurate beneficiary information; Bank of America is not liable for errors caused by wrong account numbers or third-party failures.
Cancellation of transfers is generally possible only before processing begins, except for Remittance Transfers which have a 30-minute cancellation window after sending.
Alerts and Notifications
Bank of America offers four types of alerts: General & Security Alerts, Automatic Alerts, Account Alerts, and Personalized Insights via push notifications.
Alerts are typically sent to the user’s primary email, with options for secondary emails or mobile text messages (SMS alerts).
Some alerts are mandatory and cannot be turned off (e.g., security alerts).
Alerts may experience delays or inaccuracies and Bank of America disclaims liability for such issues.
Customers consent to receive electronic communications and understand the security and privacy implications of these communications.
Error Resolution and Liability for Consumer Accounts
Customers must report errors or unauthorized transactions within 60 days (or 90 days for transfers from other financial institutions) to limit liability.
Bank of America will investigate reported errors within 10 business days, provisionally crediting disputed amounts pending investigation. Longer timelines apply for new accounts.
Unauthorized transactions are defined as those initiated without user permission and without benefit to the user. Liability protections apply to customer notification and Bank of America’s opportunity to act.
The bank’s liability for failure to complete transactions is limited and excludes damages from certain contingencies, including system failures or insufficient funds.
Security and Small Business Provisions
Users, especially small businesses, must protect passwords and credentials; Bank of America has the right to suspend services if unauthorized access is suspected.
Small business customers acknowledge that Bank of America’s security procedures are commercially reasonable and accept liability limitations accordingly.
Transactions by authorized users are binding until the bank is notified otherwise.
Disclaimers and Limitations of Liability
Services are provided “as is” without warranties of uninterrupted or error-free service.
Bank of America and its vendors disclaim liability for damages related to services except as required by law.
Liability for errors or delays is limited to correction and interest up to 60 days; special, indirect, or consequential damages are excluded.
Customers agree to indemnify Bank of America and vendors against claims arising from misuse or violation of the Agreement.
Additional Terms
There are generally no service charges for accessing online services beyond account-specific fees and charges for third-party services such as internet or mobile carriers.
Services are available 24/7 except for maintenance windows and bank holidays; customer service operating hours are detailed.
Changes to the Agreement may occur at any time with or without advance direct notice, but are posted publicly and effective upon posting. Continuing to use Services constitutes acceptance of changes.
Services may be terminated by either party at any time; termination of online access ends service but not underlying accounts.
Privacy policies apply to handling of personal data and communications; anonymized data may be shared for rewards programs and marketing.
Bank of America Virtual Financial Assistant “Erica” uses AI to assist users, but does not generate new responses or employ generative AI; voice interactions are recorded for quality and security purposes, with privacy protections detailed.
Comprehensive Integration of Services
Bank of America’s Online Banking Service Agreement integrates multiple digital financial tools, including internal and external transfers, bill payment, person-to-person payment (Zelle®), real-time payments, and wire/ACH transfers, into a single, user-governed platform, emphasizing convenience and interoperability.
User Responsibility and Security Emphasis
The Agreement places significant responsibility on users to maintain account security (e.g., passwords) and verify transaction details before authorization. Unauthorized use or errors caused by user negligence may limit recovery and increase liability.
Limited Liability and Risk Allocation
Bank of America limits its liability extensively, providing remedies primarily through correction of errors and limited interest payments. Customers accept risks relating to technology outages, fraud, and transaction delays, underscoring the need for vigilance and awareness on their part.
Strict Transfer Controls and Limits
Transfer and payment amounts are controlled through explicit limits and cut-off times, which vary by service type, account type, and user status. This framework balances risk management and fraud prevention against user flexibility.
No Purchase Protection on Payment Network Services
Especially with Zelle and RTP, users are cautioned not to use these services for transactions involving unknown parties, as there is no recourse for non-receipt or unsatisfactory goods/services, highlighting the peer-to-peer nature of these services.
Regulatory and Legal Compliance
The Agreement aligns with federal regulations such as the Electronic Fund Transfer Act (Regulation E) and specific rules governing remittance transfers, wire transfers, and consumer protections, ensuring compliance while clarifying customer rights and obligations.
Ongoing Service Evolution and User Consent
Services like Erica and other digital features may evolve, with Bank of America reserving the right to modify terms, functionalities, and limits. Users consent to electronic delivery of communications and accept service modifications by continued use.
Transfer and Payment Cut-off Times
Internal transfers: typically by 10:45 PM ET for checking/savings; 4:45 PM ET for investment accounts.
Transfers to others’ accounts: by 10:45 PM ET.
Payments to loan accounts or via Bill Pay often require scheduling five or more business days in advance for timely crediting.
Limits on Zelle and RTP
Zelle transfer limits vary by enrollment tenure (first 15 days: $500 daily consumer limit; over 60 days: $3,500 daily).
Small business customers have higher limits (up to $15,000 daily for longer tenure).
RTP daily limits are generally $3,500 for consumer checking accounts.
Bill Pay Restrictions
Payments to Bank of America credit cards through Bill Pay may not be available; other payment methods should be used.
Payments are in U.S. dollars and limited to U.S.-based payees. Tax payments, court-ordered payments, and securities transaction payments are recommended not to be conducted via Bill Pay.
Bill Pay payments to military APO/FPO addresses are always made by check.
ACH and Wire Transfer Fees and Limits
Outbound wire transfer fees: $30.00 domestic; $45.00 international (in USD).
Next-day ACH and wire transaction limits vary by consumer or small business categorization.
International wire transfers involve currency conversion with undisclosed markups and are subject to additional fees from recipient banks.
Error Reporting and Resolution
Customers must report suspected errors no later than 60 or 90 days depending on account type and transfer origin.
Bank of America must provide provisional credits within 10 business days where applicable and complete investigations within 45 days or longer for new accounts.
Erica Virtual Assistant Specifics
Erica uses AI based on natural language processing for predefined responses; it does not use generative AI or large external data sets.
Voice interactions can be recorded unintentionally and may continue for up to 15 seconds after silence.
Users remain responsible for confirming accuracy of Erica’s responses and securing their mobile app access.
Data collected through Erica follows Bank of America’s privacy policies and recordings are retained for 90 days for quality improvement.
Customer Notifications and Electronic Consent
Users receive alerts and communications via email, SMS, or app push notifications; opting out of some alerts may not be possible.
Consent to receive electronic communications is a condition of participation and requires users to maintain valid contact information.
Cancellation and Termination of Services
Customers can cancel online services anytime via secure communication or phone; cancellation ends service access but not underlying account relationships.
Bank of America may terminate services for inactivity or other reasons without obligation to notify in advance.
Privacy and Data Sharing
Anonymized transaction data is shared for rewards programs and marketing; personally identifiable information is shared only as permitted under Bank of America’s Privacy Notices.
Wireless carriers may share subscriber information with Bank of America to verify identity and prevent fraud during usage of services like Zelle.
Customer Liability and Indemnification
Customers indemnify Bank of America and vendors against claims arising from misuse, errors, or breaches of Agreement terms.
Unauthorized use liability protection requires prompt notification and cessation of credentials sharing.
This comprehensive summary captures and organizes the core provisions of the Bank of America Online Banking Service Agreement, articulating key user responsibilities, service features, protections, limitations, and ancillary information crucial for understanding the scope and functioning of the Service.
Summary
The Bank of America Online Banking Service Agreement, effective July 21, 2025, establishes the terms and conditions governing the use of Bank of America’s (BoA) online and mobile banking services by eligible U.S.-based consumers and small businesses. This comprehensive document outlines account management, payment and transfer services, security and liability provisions, and dispute resolution mechanisms. The Agreement covers various transaction types, including internal transfers between linked BoA or Merrill Lynch accounts, external payments to BoA loan accounts, bill payment services, and third-party fund transfer services such as Zelle® and the Real Time Payment Network (RTP).
Key services include internal account transfers without fees and high transfer limits, external payments subject to eligibility and cut-off times, and bill pay capabilities with options for electronic and corporate checks. The Zelle® Network provides person-to-person transfers, emphasizing that it is designed for sending money only to trusted recipients, with eligibility, enrollment, limits, and security measures clearly defined. RTP allows for instant payments in response to requests for payment, also with strict limits and irrevocable transfers.
The Agreement details ACH and wire transfers, including remittance transfers to foreign countries, covering security procedures, fee structures, limits, cancellation policies, currency exchange rates, and error resolution. It stresses the importance of timely reporting of errors or unauthorized transactions to mitigate liability.
Users receive alerts via email, text, and mobile app push notifications for account activity and security events. The Agreement underscores user responsibilities in password protection and acknowledges commercially reasonable security procedures. It limits BoA’s liability for service interruptions or transaction errors while disclaiming warranties and providing indemnification clauses protecting the bank and vendors.
The document also describes “Erica,” BoA’s AI-driven virtual financial assistant available through mobile banking, which helps users with basic banking functions using voice or text and emphasizes privacy and security considerations when interacting with Erica.
Finally, the Agreement covers service terms, business days, service hours, how changes to the Agreement are communicated, and procedures for cancellation or termination of services. Users consent to electronic communications and must maintain accurate contact information.
💳 Comprehensive coverage of BoA’s online and mobile banking services for eligible consumer and small business accounts.
🔄 Detailed payment and transfer services, including internal transfers, external loan payments, bill pay, Zelle®, RTP, ACH, and wire transfers.
🛡️ Emphasis on security procedures and user responsibilities to protect passwords and prevent unauthorized transactions.
🚫 Clear limitations on liability for BoA and vendors, including disclaimers of warranties and indemnification provisions.
📲 Alerts through email, SMS, and mobile app notifications provide users with real-time information about account activity and security.
🤖 Introduction of Erica, BoA’s AI-driven virtual assistant, facilitating enhanced user engagement via voice or text within mobile banking.
📑 Explicit instructions on error resolution, cancellation policies, and user agreements to ensure transparency and compliance.
🔐 Security and User Responsibility Are Central: The Agreement emphasizes user responsibility for protecting their passwords and promptly reporting unauthorized use. Bank of America employs “commercially reasonable” security procedures, but ultimate protection requires user vigilance. This shared responsibility model reflects industry best practices balancing accessibility and risk mitigation.
⚡ Speed vs. Irrevocability in Payment Services: RTP and Zelle® services enable near-instantaneous payments but transfers are largely irrevocable once processed. This highlights the importance of sending funds only to trusted parties and verifying transfer details thoroughly before authorization. The irreversible nature prioritizes speed and efficiency at the cost of transaction flexibility.
💸 Complex Limit Structures Reflect Risk Management: Different transfer limits are applied based on factors like user tenure, account types, and transfer methods (e.g., Zelle daily/weekly/monthly limits, RTP limits). Higher limits are afforded to longer-tenured or premium customers, showing BoA’s risk-based approach to managing fraud exposure and regulatory compliance.
🌍 Comprehensive International Transfers & Currency Conversions: Remittance transfers governed by federal law include robust disclosure requirements related to fees, exchange rates, and cancellation rights. BoA’s discretionary currency exchange rates and disclaimers indicate a layered cost structure and inherent forex risk for customers sending funds internationally.
🤝 Integration and Distinct Agreements for Affiliates: BoA’s online service links accounts from affiliated entities like Merrill Lynch, maintaining separate governing agreements for brokerage and investment accounts. This modular approach preserves specialized terms while streamlining user experience through account linking.
📱 Digital Engagement Enhanced by AI Assistant Erica: Erica acts as a voice/text-based chatbot integrated within mobile banking, employing natural language processing to assist with routine banking tasks. Its design excludes generative AI, focusing instead on scripted responses to deliver reliable, privacy-compliant interactions. While enhancing usability, it demands user awareness about sharing sensitive information.
📉 Limited Liability and No Purchase Protection: The Agreement explicitly states that BoA and Zelle® do not assume liability for disputes regarding goods or services purchased using payment services. This places the onus on users to resolve such conflicts and discourages using these services for commercial or unfamiliar transactions, underscoring trust-based peer-to-peer use.
This Agreement comprehensively governs the online banking relationship between Bank of America and its customers, providing clear rules for transactions, privacy, security, and liability. It balances advanced digital functionality with stringent risk controls and customer obligations to protect both the institution and users in an evolving banking landscape.
Summary
1. General Description of Bank of America Online Banking Service Agreement
A. What This Agreement Covers
This Agreement is between the customer (“you”)—owners or authorized representatives of eligible Bank of America accounts—and Bank of America, N.A. It governs your use of Bank of America’s online and mobile banking services (“Services”). These Services include accessing account information, using financial products, and conducting certain electronic transactions on eligible U.S.-based personal and small business accounts, as well as affiliated accounts like Merrill Lynch investment accounts. Small business customers have additional terms under a Business Services Addendum. Upon initial setup of Online/Mobile ID, all eligible linked accounts are unified for Service access. Some service features may be unavailable on certain devices or if the mobile app is outdated, so keeping software updated is your responsibility.
B. Accepting the Agreement
By applying for, enrolling in, activating, downloading, or using any Services, or authorizing others to do so, you agree to the entire Agreement’s terms and conditions as well as any additional terms shown during enrollment or activation.
C. Relation to Other Agreements
Use of Services is subject to and does not replace other existing agreements such as Deposit Agreements, account disclosures, fee schedules, or affiliate agreements (e.g., Merrill investment accounts). In case of conflict, the specific account agreement prevails unless the Online Banking Agreement explicitly states otherwise. Transfer services for Merrill investment accounts are governed by Merrill Lynch’s separate terms.
2. Payment & Transfer Services Using Internal Accounts and Payments to Your Bank of America Loan Accounts From An External Account
A. Payment & Transfer Services Using Internal Accounts
You may transfer funds between linked Bank of America and Merrill accounts without fees, on a one-time or recurring basis. Transfers include payments from checking/savings to loans, credit cards, mortgages, or Merrill investment accounts. Transfer limits vary by account type, typically ranging up to nearly $10 million for consumer accounts and reduced limits for investments or loans. Cut-off times for same-day processing are specified, mostly around 4:45 p.m. or 10:45 p.m. ET depending on the transfer type. Transfers initiated after cut-off are processed the next business day but included in balance calculations for payments. Scheduled recurring transfers to non-credit card accounts execute on the scheduled business day; transfers to credit cards are debited even on weekends or holidays. One-time immediate transfers cannot be canceled after submission. Future scheduled transfers can be canceled online or by phone prior to the cut-off on the business day before the transfer date. Insufficient funds on the scheduled date may cause the bank to retry the transfer on subsequent days.
B. Transfers to Someone Else Using Their Account Number
You can make transfers to other Bank of America customers’ checking, savings, or money market accounts using their account number, subject to daily limits of $3,500 and weekly $10,000. Security enhancements like Secured Transfer can allow higher limits. One-time immediate transfers cannot be canceled. Future dated or recurring transfers can be edited or canceled by 11:59 p.m. ET the day before scheduled transfer. The bank may cancel transfers due to insufficient funds, security concerns, invalid recipient details, or regulatory compliance. Notifications of cancellations or blocks will be sent by email. Receiving limits on incoming transfers are $999,999 weekly.
C. Payments to Your Bank of America Loan Accounts From An External Account
Payments on eligible Bank of America loans (credit cards, mortgages, HELOCs) may be made from external consumer asset accounts at other financial institutions without fees. Payment limits vary: credit card payments up to $9,999,999.99 (with lower limits for charged-off accounts), mortgage/HELOC payments up to $999,999.99, and escrow payments capped at $5,000. Payments initiated by 11:59 p.m. ET apply same day but may take up to two business days to reflect. Returned or rejected payments may incur late fees and reversal actions. Recurring payments to loans from external accounts can be canceled prior to midnight the day before scheduled payment; one-time immediate payments cannot be canceled. Best method for cancellations is online or by phone.
General
Not applicable to small business customers using the Payments and Invoicing Service. Bill Pay allows customers to schedule payments to companies or individuals (“Payees”) from linked checking, money market, or eligible HELOC accounts.
A. Bill Pay for Checking, Money Market and Home Equity Line of Credit Accounts
Payments can be one-time, recurring, or automatic upon e-Bill receipt and scheduled up to one year ahead. Payments may be made via electronic transmission or checks (corporate or personal). Payments to Bank of America credit card accounts typically cannot be made through Bill Pay but can be made through other transfer services described in Section 2. Payment schedules consider cut-off times (generally 5 p.m. ET on business days), and payments falling on weekends or holidays process on prior business days except for Bank of America credit cards. Funds must be available at least five business days before payment due date to avoid late fees. If insufficient funds exist at payment processing, payment initiation may be canceled or cause overdrafts and related fees. Bank of America guarantees reimbursement of any late payment fees if payment errors occur. Payments sent via check may take longer to clear, possibly affecting available funds dates.
B. Bill Pay for Credit Card or Vehicle Loan Only Customers
Eligibility restrictions apply for using Bill Pay to pay Bank of America credit cards or vehicle loans. Payments can be scheduled from external accounts added to Bill Pay. Payments applied same day if initiated before cut-offs: 11:59 p.m. ET for credit cards/business line of credit, 5 p.m. ET for vehicle loans. Returned payments may incur fees.
C. E-Bills
E-Bills allow electronic delivery of bills from participating Payees, who have sole discretion to accept e-Bill enrollment. Bank of America is not responsible for a Payee’s failure to provide timely e-Bills. Cancellation requires a 7-business-day advance notice. Privacy authorization is required to share data with Payees.
D. Limits
Payments via Bill Pay from Bank of America accounts are capped at $99,999.99 per transaction; Payees may impose lower acceptance limits.
E. Canceling Bill Payments
Cancellations of future or recurring payments must be made before 5 p.m. ET on the third business day prior to scheduled date through the online payment activity section or by phone. Payments already processing or sent by check cannot be canceled.
F. Fees
No fees apply for using Bill Pay services.
4. Zelle® Network Service
A. Description of Service
Zelle is a payment network partnered with Bank of America that allows users (“Users”) to send and receive money quickly with others who are enrolled, using email, U.S. mobile phone numbers, or unique identifiers (Zelle Tags). Zelle itself is not a bank and does not move funds; all transactions occur through Network Banks. The service is meant for transactions between trusted individuals and is governed by various transfer system rules (e.g., Nacha, RTP). Zelle trademarks are owned by Early Warning Services, LLC.
B. Eligibility and User Profile
Users must have authority over enrolled accounts and agree not to use Zelle for prohibited payments (e.g., taxes, court orders, gambling debts). Sharing credentials with unauthorized third parties is forbidden except in legal authorizations. Bank of America may suspend or terminate Service usage for misuse or suspected illegal activity. Zelle Tags—unique alphanumeric identifiers—may be assigned and are monitored for fraud or policy compliance. Bank and Zelle have discretion to remove or modify tags without notice.
C. Enrolling for the Service
Enrollment requires a valid email and/or permanent U.S. mobile phone number (VoIP and landlines not accepted). After 18 months of inactivity, Bank of America may verify ownership of contact info and cancel enrollment if unconfirmed.
D. Consent to Emails and Automated Text Messages
By using Zelle, users consent to receiving electronic communications, including texts sent via autodialers. Users assume responsibility for wireless carrier charges and must promptly notify the bank of changes to enrolled contact information. Wireless carriers are not liable for message delivery failures. Users can opt out of texts by texting STOP. The bank and Zelle may access wireless subscriber information to combat fraud.
E. Receiving Money; Money Transfers by Network Banks
Funds sent to enrolled contacts usually deliver within minutes. Transfers may be delayed or blocked for fraud prevention or regulatory compliance. Bank of America and Zelle disclaim liability for transfer failures or errors. Payments from businesses or government agencies follow additional rules.
F. Sending Money; Debits by Network Banks
Users can send one-time immediate, future-dated, or recurring payments to enrolled recipients. Immediate payments cannot be canceled after processing begins; future-dated payments can be canceled by 11:59 p.m. ET the day before. Transfers are often instant but may be delayed pending verification. If recipients do not enroll within 14 days, payments cancel automatically. Transfers may also be blocked or canceled for invalid recipient details, insufficient funds, security issues, or compliance reasons.
G. Liability
Bank of America and Zelle are not liable for erroneous transactions, loss of funds, or disputes between Users. No purchase protection is provided for authorized transactions. Users are cautioned to only send money to trusted parties.
H. Requesting Money
Users can request money, but recipients may ignore or reject requests. The service is not for debt collection or court-ordered payments. Bank of America may terminate money request privileges for abusive use. Bank of America and Zelle do not verify or guarantee the accuracy or legality of money requests.
I. Fees
No fees apply for sending or receiving money through Zelle.
J. Cancellation
Immediate payments cannot be canceled post-processing. Future-dated and recurring payments can be canceled until 11:59 p.m. ET the day before the scheduled payment date. Cancellations can be made via the “Pay & Transfer” tab online or in the app.
K. Transfer Limits
Limits vary by user tenure, account type (consumer or small business), and recipient enrollment status. Initial enrollment periods have lower limits that increase over time (up to $3,500 daily for consumers after 60 days; up to $15,000 for small businesses). Limits apply on daily, weekly, and monthly rolling bases and differ for recipients not enrolled with Zelle. Higher limits may apply for Private Bank and Merrill clients.
5. Real Time Payment Network Service
A. Description of Service
RTP Service enables users to receive and respond to Requests for Payment (RFPs) from other RTP-enabled bank customers. Payments are made from eligible checking accounts via RTP.
B. Eligibility and Enrollment
Restricted to U.S. dollar payments between U.S. banks participating in RTP. Users must have authority to authorize payments and agree not to send illegitimate or unlawful payments. Bank of America may validate account information and suspend RTP usage for violation or fraudulent use.
C. Sending a Payment
Payments can be immediate or scheduled for a future date in response to RFPs. Payments are processed 24/7, including holidays and weekends. Immediate payments debit accounts instantly, but the timing for Payee credits may vary. Payments are irrevocable; users must confirm details carefully. Bank of America is not liable for payments made in error or disputes over goods or services.
D. Fees
No fees for RTP payments or receiving RFPs.
E. Cancellation
Immediate RTP payments are irrevocable. Future scheduled payments can be canceled up to 11:59 p.m. ET on the business day before payment.
F. Limits
Payment limits for consumers: $3,500 daily (10 transactions), $10,000 weekly, and $20,000 monthly. Private Bank and Merrill clients may have higher limits.
G. Liability for Unauthorized Transfers
Liability rules align with Section 8 of the Agreement on unauthorized transactions.
6. ACH and Wire Transfers
General Overview
ACH and wire transfers cover various transfer types including domestic and international payments, remittance transfers (consumer-initiated international personal transfers), and transfers between Bank of America and external financial institutions.
A. Security Procedures
Use of robust security procedures such as User ID, password, security questions, and one-time passcodes is mandatory, with the customer agreeing to be bound by instructions complying with these measures. Bank of America bears no liability for unauthorized instructions unless notified promptly.
B. Types of ACH and Wire Transfers
Transfers include outgoing/incoming ACH (three business day and next business day), same business day wire transfers (domestic and international). Fees and cut-off times vary (e.g., $1 fee for small business ACH, $30 wire fees). Daily and monthly limits apply, with possible enhancements for secured transfers or special client tiers. Currency conversion fees and exchange rate markups apply for international transfers.
C. Transfer Rules
Small business customers must have authorizations for transfers to individuals or vendors and provide such proof upon request. External accounts must be owned or authorized by the user. Transfers may be subject to ACH rules, Fedwire, CHIPS, or SWIFT regulations. International transfers might take longer due to various intermediaries. Failure by other institutions to act timely is not Bank of America’s responsibility. Scheduled transfers falling on non-business days are processed the prior business day.
D. Cancelling Transfers
Immediate or in-process transfers cannot be canceled by the customer, but Bank of America may attempt cancellations at its discretion. Future scheduled transfers can be canceled online or by phone before processing. International transfers have stricter cancellation policies with possible currency loss on refunds.
E. Liability
Bank of America’s liability is limited to correcting errors or refunding amounts plus interest, capped at 60 days’ interest, and excludes consequential damages. Liability applies mainly for negligence. The bank disclaims responsibility for vendor or third-party delays or errors.
F. Special Rules for Remittance Transfers
Remittance Transfers are consumer-initiated foreign currency transactions principally for personal purposes, with rights under federal law (EFTA). Disclosure of fees, recipient info, expected delivery dates, and exchange rates is required prior to transfer. Customers may cancel remittance transfers within 30 minutes if funds are not yet picked up or deposited and may dispute errors within 180 days. Refunds take up to 3 business days.
G. Currency Exchange Rates
Bank of America sets exchange rates solely at its discretion, reflecting various market and business factors, and includes potential markups. Rate fluctuations and differences from publicly quoted rates are possible. No liability is accepted for rate differences or exchange-related losses. Pricing is all-inclusive (fees included).
A. General Information
Four alert types:
General & Security Alerts (mandatory for security changes)
Automatic Alerts (mandatory for critical account notifications)
Account Alerts (optional, user-configured notifications)
Personalized insights (push notifications from Mobile app)
Alerts can be delivered via email, SMS, or push notifications. Alerts may be delayed or inaccurate owing to factors outside the bank’s control. Users are responsible for maintaining current contact details and for understanding that alerts are not encrypted and may be viewable by others with access.
B. Mobile Text Alerts
Users may add mobile numbers to receive SMS alerts, consenting to autodialed texts and carrier fees. Opt-out via “STOP” text is available. Specific short codes exist for various alert types, including credit card and fraud alerts. Privacy and security notices apply. Alerts also cover account restrictions and transactions.
8. Error Resolution Procedures for Consumer Accounts
A. In Case of Errors or Questions About Electronic Transactions
Customers must report suspected errors, unauthorized transactions, or questions via secure online mail, phone, or by writing to Bank of America promptly, normally within 60 days of statement issuance (90 days if from external institution accounts). Reports should include relevant identifying and transaction information. Bank of America will investigate and resolve within 10 business days, possibly extending to 45 days, providing provisional credits if necessary. Customers may request copies of investigation documents.
B. Limitation of Liability
Notification of lost or compromised passwords is critical; liability for unauthorized transactions is limited if reported promptly. Unauthorized transactions are those made by someone other than the account holder without authorization and without benefit to the holder. Permitting others to use login credentials may increase liability. Federal Regulation E governs these rules, applying primarily to consumer accounts.
C. Bank Liability for Failure to Complete Transactions
Bank of America’s liability is limited for transaction delays or errors except in cases of negligence. Exceptions include insufficient funds, technical issues known before transfer initiation, and uncontrollable events (e.g., natural disasters). The bank excludes liability for indirect or consequential damages including lost profits or attorney fees.
D. Liability for ACH and Wire Transfers
Liability specifics for ACH and Wire transfers are referenced in Section 6 of the Agreement.
9. Additional Provisions Only Applicable to Small Business Accounts
A. Protecting Passwords
Small business customers are required to maintain password security, notify Bank of America immediately if compromise is suspected, and instruct authorized users accordingly. Bank of America accepts no liability for unauthorized use prior to notification and reserve rights to suspend access if unauthorized use is suspected.
B. Acknowledgment of Commercially Reasonable Security Procedures
Small business users acknowledge that the bank’s security procedures for electronic transactions are commercially reasonable. Bank of America is bound by these procedures for authorized and unauthorized transactions unless prior notification of unauthorized use was provided.
C. Limitation of Bank’s Liability
Similar to other sections, liability is limited to interest on incorrect payments or refunds for unauthorized or erroneous transfers, excluding consequential damages.
10. Disclaimer of Warranties, Limitation of Liability and Indemnification
A. Disclaimer of Warranties
Bank of America and its vendors disclaim all warranties related to the Services, including merchantability, fitness for a particular purpose, or uninterrupted or error-free operation. Services are provided “as is” and “as available.” There is no guarantee of virus-free websites or software. The customer assumes all risks regarding costs of virus repairs or other damages.
B. Limitation of Liability
Neither Bank nor vendors are liable for direct, indirect, incidental, or consequential damages related to service use or errors, including unauthorized access or data alteration. Failures due to events beyond the bank’s control (e.g., natural disasters, outages, riots) are excluded. Where state laws limit liability exclusions, the maximum liability is capped at $100.
C. Indemnification
Customers must indemnify and hold harmless Bank of America and its vendors against claims, losses, damages, or costs (including legal fees) arising from misuse of the Services or violation of Agreement terms.
11. Other Terms and Conditions
A. Service Charges
There is generally no charge for accessing linked accounts online, but normal account fees (e.g., stop payments), internet or carrier fees, and returned item or overdraft fees may apply.
B. Service Hours
Services are available 24/7 except during maintenance or upgrades. Call centers operate during specific hours on weekdays and weekends with limited holiday availability.
C. Business Days
Business days exclude weekends and bank holidays. Investment accounts observe additional stock exchange holidays.
D. Changes to Agreement
Bank of America may change this Agreement at any time, notifying customers where legally required. Continued use after posting changes constitutes acceptance. Customers can discontinue Services if they disagree.
E. Cancellation
Services remain effective until canceled by you or Bank of America. Cancellation affects only Services, not underlying accounts. Scheduled payments and transfers will be canceled upon termination except for certain internal or loan-related payments. Cancellation may occur for inactivity or other reasons with or without notice.
F. Disclosure of Account Information
Bank may share account information with consumer reporting agencies or others with legitimate purpose. Enrollment includes participation in the BankAmeriDeals rewards program, which shares anonymized transaction data with merchants and third parties. Wireless carriers may share subscriber information to aid identity verification and fraud prevention.
Erica Virtual Financial Assistant
Erica is a non-human AI-powered assistant available via Mobile Banking to help with tasks like balances, transfers, bill payments, and financial insights. Erica uses natural language processing but does not generate new responses via large language models. Usage and data are governed by Bank of America privacy policies. Voice interactions may capture surrounding sounds and are treated as authorized if performed through enrolled devices. Erica may proactively provide alerts or financial insights. User discretion is advised due to possible errors or misunderstandings.
G. Consent to Provide Electronic Communications
By enrolling, you consent to receive electronic communications regarding your accounts via secure message, email, or website posting. You must provide and keep updated a valid email address. Communications are considered delivered upon email or posting, and you have the ability to view and save account documents digitally.
This detailed summary aligns strictly with the original structure of the Bank of America Online Banking Service Agreement, covering all major points and key nuances to provide a comprehensive understanding of the terms and conditions as of July 21, 2025.
Chapter Summary
Core Points
Scope and Applicability of the Agreement
1.1 The Bank of America Online Banking Service Agreement (“Agreement”) governs use of Bank of America’s online and mobile banking services for eligible U.S.-based consumer and small business accounts.
1.2 It includes access to financial products, account information viewing, and electronic money transfers among linked Bank of America and affiliate accounts, including Merrill Lynch.
1.3 Small business customers have additional terms and exclusive services defined in a Business Services Addendum.
1.4 By using or enrolling in these Services, users agree to the entire Agreement, including any displayed terms during enrollment or activation processes.
1.5 The Agreement complements and does not replace existing deposit, credit, or investment account agreements. In case of conflicts, the linked account-specific agreements generally prevail.
Payment and Transfer Services
2.1 Internal transfers between Bank of America linked accounts (checking, savings, loan, investment) can be executed with no fees and have high transfer limits, subject to cut-off times.
2.2 Transfers to other Bank of America customers using their account numbers have lower limits and require enrollment in enhanced security features (e.g., Secured Transfer) for higher limits.
2.3 Payments to Bank of America loan accounts from external financial institutions are permissible with limits, and eligibility depends on various factors. Payments processed by 11:59 p.m. ET on business days are credited the same day but may take up to two business days to reflect in balances.
2.4 Users can schedule one-time, future, or recurring transfers and payments with options to cancel or edit before specified deadlines.
Bill Payment Services
3.1 Bill Pay enables payments to companies or individuals (“Payees”) through linked accounts or external authorized consumer asset accounts.
3.2 Payments can be scheduled including one-time, recurring, or e-bills (electronic bill presentment).
3.3 Payment methods include electronic transmission, corporate checks, or personal checks depending on Payee address type.
3.4 Payments must be in U.S. dollars to individuals or entities in the U.S., with restrictions on certain payment categories such as tax or court-ordered payments.
3.5 Payments require sufficient funds at least five business days before due date to avoid late fees; overdrafts caused by these payments incur applicable fees.
3.6 Bill Pay Service is free for consumers but not applicable to certain small business invoicing services.
3.7 Cancellation of future or recurring payments is possible before a cut-off time, but once processing begins, payments cannot be stopped.
Zelle® Network Service
4.1 Bank of America partners with Zelle to allow sending and receiving money quickly to other enrolled Users via email, U.S. mobile numbers, or Zelle tags (unique identifiers).
4.2 Zelle is intended for transactions with trusted parties only; Bank of America and Zelle disclaim warranties and liability for unauthorized or disputed payments.
4.3 Eligibility requirements include ownership or legal authorization of the enrolled bank account and associated contact information (email/mobile).
4.4 Users consent to receiving emails and automated texts relating to Zelle transactions, accepting potential carrier fees and responsibility for data accuracy.
4.5 Transfers generally occur within minutes but may be delayed for fraud prevention or verification.
4.6 One-time immediate Zelle payments cannot be canceled once processed; future dated and recurring payments can be canceled until the day before processing.
4.7 Limits on transaction amounts vary by user tenure, type (consumer versus small business), and recipient enrollment status; limits may change for security.
4.8 Users must indemnify the Bank and Zelle for money requests related to overdue debts or court-ordered payments and must not act as debt collectors through Zelle.
Real Time Payment Network (RTP) Service
5.1 RTP allows making immediate or future-scheduled payments in response to Requests for Payment from individuals or businesses at participating financial institutions.
5.2 Limitations include U.S. dollar transactions only and use between RTP-participating U.S. banks.
5.3 Payments made are irrevocable and no protection program exists for disputed transactions regarding goods or services.
5.4 RTP transactions have daily, weekly, and monthly limits, with potentially higher limits for Private Bank and Merrill clients.
5.5 Payments can be canceled before midnight ET on the business day prior to scheduling but not once processed.
ACH and Wire Transfers
6.1 ACH and Wire Transfers facilitate domestic and international fund movements, including consumer-based Remittance Transfers governed by federal law.
6.2 Various ACH and wire transfers have specific sending and receiving limits, fees, and cut-off times, e.g., Same Business Day domestic wires have a $30 fee per transaction with a 5 p.m. ET cutoff.
6.3 Currency exchange rates for foreign transfers are determined and marked up by Bank of America at their discretion and are subject to volatility and risk.
6.4 Transfers may be canceled or recalled only before processing or under restrictive conditions, especially for international transfers and Remittance Transfers.
6.5 Bank of America’s liability for transfer errors or delays is limited to correcting the error or refunding amounts plus interest, excluding consequential damages.
6.6 Security procedures in place are considered commercially reasonable, and account holders must maintain sufficient funds and comply with transfer rules.
6.7 Customers must provide authorization and ownership proof for non-Bank of America accounts used for transfers.
Online Banking Alerts and Notifications
7.1 Notifications include General & Security Alerts (automatic, cannot be turned off fully), Automatic Alerts (also mandatory), Account Alerts (optional), and Personalized Insights.
7.2 Alerts can be delivered via email, mobile push, or text messages, with users responsible for updating contact information.
7.3 Delays or failures in alert delivery may occur due to factors outside the Bank’s control, and the Bank disclaims liability for such situations.
7.4 Text message services use auto-dialers; users agree to potential wireless carrier fees and can opt-out by texting STOP.
7.5 Security alerts for card activity and other sensitive information are sent from specific short codes with opt-out options.
Error Resolution and Liability for Unauthorized Transactions
8.1 Consumers must report errors or unauthorized transactions within 60 days of the first statement containing the transaction (90 days for transfers from external accounts).
8.2 The Bank investigates and corrects errors within set deadlines, offering provisional credits when investigations exceed 10 business days.
8.3 Customer liability for unauthorized transactions depends on timely notification. If a password or credentials are compromised, immediate contact with the bank is required to minimize losses.
8.4 Transactions performed by authorized persons remain the customer’s responsibility until the Bank is notified to revoke authorization.
8.5 The Bank will not be liable for certain transaction failures or delays caused by insufficient funds, system malfunctions, or external factors.
8.6 Small business accounts have additional security requirements and different liability limitations.
Disclaimer of Warranties and Limitation of Liability
9.1 Bank of America and its vendors disclaim all express and implied warranties regarding the Services, including merchantability, fitness for purpose, or uninterrupted service.
9.2 The Services are provided “as is” and may be interrupted or contain errors; no guarantees exist for virus-free or error-free operations.
9.3 Liability for damages is limited and excludes consequential or incidental damages, except where prohibited by law with a maximum cap of $100.
9.4 Users indemnify the Bank and vendors against claims arising from misuse, errors, or breach of the Agreement by the user.
Other Terms and Conditions
10.1 Services are generally available 24/7 except during maintenance periods; customer service operates set hours.
10.2 Business days are Monday through Friday excluding bank holidays; investment accounts observe additional exchange holidays.
10.3 The Bank may change Agreement terms at any time, notify users when required, and continued Service use signifies agreement to changes.
10.4 Users may cancel Services anytime; cancellation of online/mobile access also cancels scheduled payments/transfers but does not close accounts.
10.5 Account information may be disclosed to reporting agencies and other persons with valid purposes as per account agreements.
10.6 Enrollment in the BankAmeriDeals rewards program occurs automatically with online and mobile banking use, involving sharing anonymized transaction data with vendors.
10.7 Electronic communications are consented to by the user, including delivery of account notices, statements, and disclosures through electronic means.
Erica Virtual Financial Assistant
11.1 Erica is a non-human AI-enabled digital assistant accessible via the Bank of America Mobile App that provides voice and text-assisted banking services.
11.2 Erica leverages predefined responses using natural language processing but does not employ generative AI or large language models.
11.3 Usage requires enrollment in Online Banking; some features may be unavailable depending on account status or customer profile.
11.4 Interactions are recorded and transcribed for quality and service improvement; voice commands may capture ambient voices inadvertently.
11.5 Users should avoid sharing sensitive data with Erica and are advised to confirm account information via traditional methods.
11.6 Erica may proactively provide insights, alerts, and suggestions based on account activity, with user control over notifications.
11.7 Privacy and security of interactions are governed by the Bank’s Online and Consumer Privacy Notices.
11.8 Users may direct disputes or questions about Erica through regular Bank of America service channels.
Key Conclusions
Comprehensive Coverage of Digital Banking Needs
The Agreement provides robust online and mobile banking services covering transfers, bill payment, person-to-person payments, and account management with extensive security, limits, and eligibility frameworks.
User Responsibility and Security Emphasis
Bank of America imposes strict user requirements, including secure handling of login credentials, verification of account ownership, and timely reporting of unauthorized activity to minimize losses and maintain service security.
Limited Liability and No Purchase Protection
The Bank limits its liability for transaction errors, unauthorized transfers, fraud, and service interruptions, emphasizing that users bear responsibility for disputes with payment recipients and unauthorized transactions unless timely reported.
Integration of New Payment Technologies
By incorporating services like Zelle and RTP, the Agreement aligns with modern payment trends, providing near-instant transfers alongside traditional ACH and wire options with clear operational rules and constraints.
Transparency of Fees, Limits, and Processing Rules
The Agreement clearly details fees, transfer limits, cut-off times, and processing expectations for all services, helping users manage their transactions within defined parameters and avoid unexpected penalties.
Importance of Maintaining Updated Contact Information
Accurate and current contact details (email, mobile phone numbers) are critical for receiving transaction alerts, service communications, and account notifications, with users responsible for updating this information.
Automation and AI Use with Erica
Erica assists customers conveniently but also introduces new privacy considerations, necessitating user awareness of data usage and risks from voice-activated interactions.
Regulatory Alignments and Consumer Protections
The Agreement integrates federal law provisions for remittance transfers and electronic fund transfers, ensuring legal compliance while defining customer rights and dispute resolution avenues.
Important Details
Transfer Cut-Off Times and Funds Availability
For internal transfers and bill payments, cut-off times range from 4:45 p.m. to 11:59 p.m. ET on business days, with payments processed same-day or next business day depending on type. Funds can take up to two business days to reflect in accounts.
Transfer Limits Based on Account Type and Security Enhancements
Limits differ for consumer, small business, and Private Bank or Merrill customers, with enhanced security options (e.g., Secured Transfer, USB security keys) allowing for higher transfer thresholds.
Bill Pay Restrictions and Payment Methods
Bill Pay excludes tax payments, court-ordered payments, and securities settlements. Payments may be made electronically, by corporate check, or by personal check, particularly for APO/FPO addresses.
Zelle Tag Usage and Management
Zelle Users can add unique alphanumeric identifiers (“Zelle tags”) substituting email or phone numbers, with Bank of America and Zelle reserving rights to remove or restrict tags for security or policy reasons.
RTP’s Irrevocable Payments and Absence of Purchase Protection
Payments via RTP are final and cannot be reversed; users should verify requests for payment carefully as no guarantees or protections are provided if goods or services are not received.
Wire and ACH Transfer Fees and Limits
Domestic wire transfers cost $30 (international vary with currency type), and ACH fees are generally waived except for next business day transfers for small businesses ($5 fee). Limits apply per transaction and cumulatively.
Error Reporting Deadlines
Users must report unauthorized transactions or errors within 60 days of the statement date (90 days if from an external account); delays may result in loss of protections.
Liability for Unauthorized Use of Credentials
Users remain liable for transactions performed with their credentials until Bank of America is notified; sharing login information with others carries risk as transactions remain authorized until notice is given.
Notification Delivery and Opt-Out Features
Alerts can be sent via email, push notification, or SMS, and users may opt-out of SMS alerts but not critical security notifications; text messaging may incur carrier charges.
Service Availability and Maintenance
The online and mobile services operate 24/7 except for scheduled maintenance, with customer service support available during specified hours including weekends.
Account Closure Impact on Services
Closing all Bank of America accounts linked to the Service will terminate access; unprocessed scheduled payments and transfers are canceled automatically.
Privacy and Data Sharing Practices
The Bank may share anonymized transaction data for its rewards program and share user data with wireless carriers for identity verification and fraud prevention, in accordance with privacy policies.
Erica’s Privacy and Usage Limitations
Erica interacts via voice or text and retains recordings for up to 90 days for quality assurance; users should refrain from sharing sensitive data and be aware anyone with device access may operate Erica.
Electronic Communication Consent
Users consent to receipt of electronic statements, disclosures, and notices through email or secure website portals, responsible for maintaining valid email addresses.
This summary consolidates the full scope of Bank of America’s Online Banking Service Agreement as updated effective July 21, 2025, providing a structured overview of the services, conditions, user obligations, and legal frameworks for consumers and small businesses utilizing Bank of America’s digital banking platforms.
