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Online Banking Service Agreement
Bank of America Online Banking Service Agreement
Effective Date: June 3, 2024
Table of Contents: Hide all Topics
1. General Description of Bank of America Online Banking Service Agreement (this "Agreement") Introduction
A. What This Agreement Covers
B. Accepting the Agreement
C. Relation to Other Agreements
2. Internal Transfer Services and Payments to Your Bank of America Loan Accounts From An External Account Introduction
A. Transfers Between Your Accounts
B. Transfers to Someone Else Using Their Account Number C. Payments to Your Bank of America Loan Accounts From An External Account 3. Bill Payment Services
Introduction
A. Bill Pay for Checking, Money Market and Home Equity Line of Credit Accounts B. Bill Pay for Credit Card or Vehicle Loan (automotive, recreational vehicle, boat or aircraft) Only Customers C. E-Bills
D. Limits
E. Canceling Bill Payments
F. Fees
4. Zelle® Network Service
Introduction
A. Description of Service
B. Eligibility and User Profile
C. Enrolling for the Service
D. Consent to Emails and Automated Text Messages
E. Receiving Money; Money Transfers by Network Banks F. Sending Money; Debits by Network Banks
G. Liability
H. Requesting Money
I. Fees
J. Cancellation
K. Limits
5. Real Time Payment Network Service
Introduction
A. Description of Service
B. Eligibility and Enrollment
C. Sending a Payment
D. Fees
E. Cancellation
F. Limits
G. Liability for Unauthorized Transfers
6. ACH and Wire Transfers
Introduction
A. Security Procedures
B. Types of ACH and Wire Transfers
C. Transfer Rules
D. Cancelling Transfers
E. Liability
F. Special Rules for Remittance Transfers
G. Currency Exchange Rates
7. Online Banking Alerts
Introduction
A. General Information
B. Mobile Text Alerts
8. Error Resolution Procedures for Consumer Accounts Introduction
A. In Case of Errors or Questions About Your Electronic Transactions B. Limitation of Liability for Online Banking Transactions C. Our Liability for Failure to Complete Transactions D. Our Liability for ACH and Wire Transfers
9. Additional Provisions Only Applicable to Small Business Accounts Introduction
A. Protecting Passwords
B. Acknowledgment of Commercially Reasonable Security Procedures C. Limitation of Bank's Liability
10. Disclaimer of Warranties, Limitation of Liability and Indemnification Introduction
A. Disclaimer of Warranties
B. Limitation of Liability
C. Indemnification
11. Other Terms and Conditions
Introduction
A. Service Charges
B. Service Hours
C. Business Days
D. Changes to Agreement
E. Cancellation
F. Disclosure of Account Information
G. Consent to Provide Electronic Communications
1. General Description of Bank of America Online Banking Service Agreement (this "Agreement") A. What This Agreement Covers
This Agreement is between each owner of an eligible account, a person applying for an eligible account, or authorized representative appointed or entitled to online access on another person’s behalf (“you” or “your”) and Bank of America, N.A. (Bank of America). This Agreement governs your use of any online or mobile banking services maintained by Bank of America and accessible through bankofamerica.com using a personal computer or a mobile device, including a smartphone, tablet, or any other eligible handheld or wearable communication device (the “Service(s)”). Under the terms of this Agreement, you may use the Services to obtain financial products and services, access and view account information, and, for certain accounts, move money electronically and perform authorized transactions, for eligible U.S.-based Bank of America consumer and small business accounts and affiliate accounts linked to the Service, such as those at Merrill Lynch, Pierce, Fenner & Smith Incorporated
("Merrill").
When used in the Agreement, the term “small business” includes sole proprietors, non-consumer business entities, and individual owners of the business, unless the context indicates otherwise. If you are a small business customer, additional or different terms and conditions applicable to the Services, as well as additional Services available exclusively to small business customers, are included in the Business Services Addendum, which is a part of this Agreement.
When you first set up your Online/Mobile ID, we will link all of your eligible Bank of America and affiliate accounts, including joint accounts. If you open an additional eligible account at a later date, we will link your new account to the Service, unless you tell us not to do so. Unless indicated otherwise by the context, "linked Bank of America accounts" or "linked accounts" refers to all of your accounts with Bank of America and its affiliates that are linked to the Service.
When your Service is linked to one or more joint accounts, we may act on the verbal, written or electronic instructions of any authorized signer. Please note that some of the Services may not be available at all times or when using certain digital devices or applications. For example, some functions may be available online through a personal computer but not available through our mobile app. B. Accepting the Agreement
When you apply for, enroll in, activate, download or use any of the Services described in this Agreement or authorize others to do so on your behalf, you are contracting for all Services described in the Agreement and agree to be bound by the terms and conditions of the entire Agreement, as well as any terms and instructions that appear on a screen when enrolling in, activating or accessing the Services. C. Relation to Other Agreements
Your use of the Services may also be affected by your Deposit Agreement and Disclosures, including the applicable schedule of fees (“Deposit Agreement”), or other agreement with us for your linked Bank of America accounts and/or an agreement with our affiliates for your affiliate accounts linked to the Service, including your investment accounts at Merrill. When an account is linked to the Services, it does not change the agreements you already have with us or our affiliates for that account and you are still subject to the terms and conditions we gave you in the agreement and disclosure for the linked account. The terms and conditions for those account agreements, including any applicable fees, transaction limitations, liability rules and other restrictions that might impact your use of an account with the Services, are incorporated into this Agreement. In the event of a conflict between the terms of those account agreements and this Agreement, the terms of the applicable account agreement will prevail unless this Agreement specifically states otherwise. If you use the Services to move money between your investment accounts governed by the Merrill Lynch Brokerage Website Terms and Conditions, which you agreed to when you became a Merrill online customer, that agreement, and not this Agreement will apply to your transaction.
2. Internal Transfer Services and Payments to Your Bank of America Loan Accounts From An External Account A. Transfers Between Your Accounts
You may use the Service to transfer funds between your linked Bank of America and Merrill accounts without a fee on either a one-time or recurring basis, including as a payment to a linked installment loan, credit card or mortgage. Transfer From Transfer To $ Limit 1 Cut-off Time
(all eastern PM)
Your Checking/Savings account Your Checking/Savings account $9,999,999.99 10:45 Your Checking/Savings account Your Investment account $9,999,999.99 4:45 Your Investment account Your Checking/Savings or Loan account $100,000.00 per calendar day
$250,000 per week
4:45
Your Checking/Savings account Your Loan Account $9,999,999.99 10:45 Your Credit Card/ Business Line of
Credit/HELOC
Your Checking/Savings or Loan Account $9,999,999.99 10:45 There are no receiving limits for Internal Transfers between your own accounts.
/ Higher limits may apply for Bank of America Private Bank, Merrill or small business accounts.
/ Transfers to a Bank of America checking or savings account made after the applicable cut-off time indicated above but by 11:59 p.m. on a business day in the State where your checking or savings account was opened, will be posted as of the next business day in your transaction history, but will be included in the balance we use to pay transactions that night. This process may impact when fees apply to your account.
/ Funds transferred as a payment to an eligible credit card, business line of credit, home equity line of credit during draw period (“HELOC”), installment loan or mortgage (together “Loan Accounts”) after the applicable cut-off time indicated above but by 11:59 p.m. ET will be credited with the date the payment is submitted. It may take up to 2 business days for these updates to be reflected in your account balances, funds availability, and transaction posting.
One-time transfers may be made at any time and are immediately debited from a checking or savings account's available balance or a credit account’s available credit.
Future dated or recurring transfers scheduled for a weekend or a non-business day will be debited from the funding account on the prior business day. All other scheduled and recurring transfers will be debited from the funding account at the beginning of the business day requested.
Future scheduled and recurring transfers can be canceled prior to midnight ET on the business day prior to the date the transfer is scheduled to be made. A one-time immediate transfer cannot be canceled after it has been submitted. The best way to cancel a future scheduled or recurring transfer is to follow the instructions on our website. The cancel feature is found in the payment activity section. You may also request to cancel a future scheduled or recurring transfer by calling us at 800-***-**** for consumer accounts and 866-***-**** for small business accounts. If you are calling from outside of the continental U.S., call us collect at 925-***-****. B. Transfers to Someone Else Using Their Account Number You may use the Service to make one-time or recurring transfers from a linked Bank of America checking, savings, money market or line of credit account to most checking, savings or money market accounts of other Bank of America customers using their account number. Transfer From Transfer To $ Limit
Cut-off Time
(all eastern PM)
Your Checking/Savings/Money
Market/Line of Credit account
Checking/Savings account of
Someone Else
$3,500 per 24 hours 10:45
2
2,3
3
2,3
1
2
3
1
$10,000 per week
/ You may be eligible for higher limits if you add Secured Transfer to receive a one-time passcode on your mobile device or register a USB security key. Higher limits may also apply for Bank of America Private Bank, Merrill or small business accounts. One-time immediate transfers may be made at any time and are immediately debited from a checking, savings, or money market account's available balance or a credit account’s available credit. A one-time immediate transfer cannot be cancelled after it has been submitted. One-time future dated or recurring transfers will be debited from the funding account on the beginning of the scheduled transfer date. One-time future dated and recurring transfers can be edited or canceled prior to 11:59PM ET on the day prior to the date the transfer is scheduled to be made.
The best way to edit or cancel a one-time future dated or recurring transfer is to follow the instructions on our website or mobile app. The edit and cancel features are found under the “Pay & Transfer” tab. You may also request to cancel a one-time future dated or recurring transfer by calling us at 800-***-**** for consumer accounts and 866-***-**** for small business accounts. If you are calling from outside of the continental U.S., call us collect at 925-***-****.
By scheduling a transfer with the Service, including future dated and recurring payments, you agree and acknowledge that we may cancel any such transfer(s) for the following reasons: your payment account is closed or does not have available funds, you are ineligible to use the Service, the recipient’s account number is invalid, the recipient is deleted, for security reasons, applicable limit exceeded, or the transfer otherwise can’t be processed. The transfer may also be delayed or the transfer may be blocked to prevent fraud or comply with regulatory requirements. We will notify you by email if we block or cancel a transfer that you have initiated using the Service. You may receive transfers from other Bank of America customers in the aggregate of $999,999.00 per week. Internal Transfer send limits for both Sections 2.A and 2.B are set at the customer profile (User ID) and apply to all accounts visible in the “From” dropdown when initiating an Internal Transfer. If you are a small business customer and are not receiving the small business limits, make sure you are logged in with your small business User ID. C. Payments to Your Bank of America Loan Accounts From An External Account You may use the Service to make payments on your certain eligible Bank of America Loan accounts without a fee, on either a one-time or recurring basis, from your consumer asset account maintained at another financial institution that you have added to Transfers. For payments from your linked Bank of America accounts, see Section 2.A above. Payments to your charged-off credit card accounts from your consumer asset account maintained at another financial institution can be for any amount up to $249,999.99.
Payments to your mortgage or HELOC loan accounts from your consumer asset account maintained at another financial institution can be for any amount up to $99,999.99 with escrow payments limited to $5,000.00. You certify that any account you add to Transfers is an account from which you are authorized to make payments, and any payment you make using Transfers will debit an account that you are legally authorized to use. When you add an account maintained at another financial institution, you do not change the agreements you have with that financial institution for that account. Please review those agreements for any applicable fees, limitations on the number of transactions you can make, and for other restrictions. Payments to your Loan accounts from a consumer asset account maintained at another financial institution that are initiated by 11:59 p.m. ET will be applied on the same day. It may take up to 2 business days for these updates to be reflected in your account balances, funds availability, and transaction posting.
If the financial institution upon which your payment is drawn rejects, refuses, or returns the payment, the payment to your Loan account will be reversed and you may incur late payment or other fees. The institution holding your deposit account may impose a returned item or other fee. Future scheduled and recurring payments to your Loan accounts from your account at another financial institution can be canceled prior to midnight ET on the calendar day prior to the date the payment is scheduled to be made. A one-time immediate payment cannot be canceled after it has been submitted.
1
The best way to cancel a future scheduled or recurring payment is to follow the instructions on our website. The cancel feature is found in the payment activity section of Transfers. You may also request to cancel a future scheduled or recurring payment by calling us at 800-***-**** for consumer accounts and 866-***-**** for small business accounts. If you are calling from outside of the continental U.S., call us collect at 925-***-****.
3. Bill Payment Services
This section is not applicable to small business customers participating in the Payments and Invoicing Service described in Section 8.0 of the Business Services Addendum, which is a part of this Agreement. You may only be eligible to enroll in one service. Bank of America makes no representations or warranties as to whether a bill payment program that you are eligible to enroll in is appropriate for a particular business. You are solely responsible for determining whether a service that is made available to you is suitable for your business, considering various factors including, but not limited to, payment processing timeframes, timing for delivery of payments, fees, and limits included in the different plans. A. Bill Pay for Checking, Money Market and Home Equity Line of Credit Accounts Bank of America customers may use Bill Pay to make payments to companies or individuals (“Payees”) in the following manner: Payments can be scheduled from linked checking, money market savings, and HELOC accounts during the draw period. Note that you may not link HELOC accounts opened in Texas.
Payments can be scheduled from a checking, money market savings or other consumer asset account maintained at another financial institution that you have added to Bill Pay. You certify that any account you add to Bill Pay is an account from which you are authorized to make payments, and any payment you make using Bill Pay will debit an account that you are legally authorized to use. When you add an account maintained at another financial institution, you do not change the agreements you have with that financial institution for that account. Please review those agreements for any applicable fees, limitations on the number of transactions you can make, and for other restrictions that might limit your use of the account with Bill Pay.
Payments can be entered as a one-time transaction up to a year in advance, recurring transactions or as payments that are automatically scheduled upon the receipt of an electronic bill (e-Bill). Future scheduled or recurring payments that fall on a weekend or holiday will be processed on the prior business day, except for payments to Bank of America credit cards, which will be processed on the date scheduled. You authorize us to make payments in the manner we select from the following methods: Electronic transmission. Most payments are made by electronic transmission. Corporate check – This is a check drawn on our account or the account of our vendor. If a Payee on a corporate check fails to negotiate the check within ninety (90) days, we will stop payment on the check and re-credit your account for the amount of the payment. If a corporate check is returned to you prior to the end of the ninety (90) day period, please inform us immediately so that we can stop payment on the check and re-credit your account. Personal check – This is a check drawn on your account when it is presented for payment. All payments under Bill Pay that are sent care of APO/FPO or similar addresses will be sent by corporate or personal check. Because all such payments will be made by check, they will not be Remittance Transfers (as defined in Section 6.F of this Agreement). Any obligations that you wish to pay through Bill Pay must be payable in U.S. dollars to a Payee located in the United States. We reserve the right to restrict categories of Payees to whom payments may be made using the Service. We recommend that you not use the Service to make: Tax payments
Court-ordered payments
Payments to settle securities transactions
Scheduling Bill Payments
The scheduled delivery date is the date you enter for the payment to be delivered to the Payee. For payments made by electronic transmission or corporate check, the payment amount will be debited from the account that you designate on the scheduled delivery date. For payments made by personal check, the account you designate will be debited when the check is presented to us for payment which may occur before, on or after the scheduled delivery date. Payments (other than payments to a Bank of America Payee) initiated before 5:00 p.m. ET on a business day will be scheduled and begin processing on the same business day. Payments that are entered after this cut-off time or on a day that is a non-business day will be scheduled and processed the next bank business day. For payments to a Bank of America Payee, such as a vehicle loan, HELOC or mortgage, Bank of America will process and credit the payment to the account effective the same business day, provided the payment is scheduled prior to the 5:00 p.m. ET cut-off. It may take up to 2 business days for these updates to be reflected in your account balances, funds availability, and transaction posting. For payments to Bank of America credit card and business line of credit accounts, Bank of America will process and credit the payment to the account effective the same day, provided the payment is scheduled by the 11:59 p.m. ET cut-off. It may take up to 2 business days for these updates to be reflected in your account balances, funds availability, and transaction posting. Bill Discovery Service. At your option, we may offer you the opportunity to add Payees from our service provider’s network or, with your consent, to access your credit report to help you identify Payees which you would like to add to this service. Information from these sources may make it easier for you to make payments or add relevant e-bills to your Service. When you attempt to schedule a payment, we will inform you of the earliest available delivery date. To assure timely payment, you must schedule payments, and your account must be in good standing and have sufficient available funds in the designated deposit account to cover the payment, at least five (5) bank business days before the payment due date, NOT the date after which late payment fees may be assessed. If an account does not have sufficient available funds on the scheduled date, we may elect not to initiate one or more of the transfers. If we do elect to initiate the transfer, which may involve one or more attempts on subsequent business days, it may cause an overdraft in your account in which case you shall be fully responsible for the overdraft and any Overdraft Item Fees, as set forth in your Deposit Agreement, as well as all late fees, interest charges or other action taken by the Payee. If an account has sufficient funds on the scheduled date and we initiate the transfer but the account does not have sufficient funds when the payment posts to your account, we will not charge an insufficient funds fee to your deposit account, but you may incur late fees, interest charges or other action taken by the Payee. If we fail to process a payment in accordance with your properly completed instructions, we will reimburse you for any late payment fees. As indicated above, some payments may be made by a personal check. Since we can't predict the exact date that a personal check will be presented to us for payment, please make sure you have sufficient funds in your account beginning a few days before your scheduled delivery date and keep such funds available until the payment is deducted from your account. Bill Pay payments sent via corporate or personal check with different Payee names may be combined in one envelope if those payments have the same mailing address, and your intended Payee has not registered their full/unique mailing address with the USPS, including their secondary address designation, e.g., Suite, Room, Floor, Dept., Building, or Unit. If we need to, we’ll change or reformat your Payee account number to match the account number or format required by your Payee for electronic payment processing and eBill activation. B. Bill Pay for Credit Card or Vehicle Loan (automotive, recreational vehicle, boat or aircraft) Only Customers Bank of America credit card or vehicle loan account only customers may use Bill Pay in the following manner: Payments to your Bank of America credit card or vehicle loan up to $249,999.99, can be scheduled from a checking, money market savings or other consumer asset account maintained at another financial institution that you have added to Bill Pay. Payments can be entered as a one-time transaction up to a year in advance, or as payments that are automatically scheduled upon the receipt of an e-Bill.
Payments to your credit card or business line of credit account initiated by 11:59 p.m. ET will be applied on the same day. Payments entered after this cut-off will be scheduled and processed on the next calendar day. Payments to your vehicle loan account initiated before 5 p.m. ET on a business day will be applied on the same day. Payments entered after this cut-off will be scheduled and processed on the next business day. If the financial institution upon which your payment is drawn, including Bank of America, rejects, refuses, or returns the payment, the payment to your Bank of America credit card, business line of credit or vehicle loan will be reversed and you may incur late payment or other fees. The institution holding your deposit account may impose a returned item or other fee. C. E-Bills
E-Bills is a feature of the Bill Pay Service that enables you to receive bills electronically from participating Payees Approval of e-Bills
Participating Payees establish their own criteria for reviewing requests to receive e-Bills and have sole discretion to accept or decline your request.
Accessing e-Bills from a Third Party
In some cases we obtain the e-Bill from the web site of the Payee. To do so, we will ask you for information needed for this purpose, such as any required password. When you provide this information, you authorize us to access the third party web site to retrieve the account information on your behalf, and you appoint us your agent for this limited purpose. Timely Delivery of e-Bills.
We take no responsibility if a Payee does not provide the necessary data to forward an e-Bill in a timely manner. If you do not receive an e-Bill, it is your responsibility to contact the Payee directly. We are not responsible for any late charges or other adverse consequences. Any questions regarding your e-Bill details should be directed to your Payee. Stop e-Bills
You or we can cancel the e-Bill service, or a particular e-Bill at any time. If you request that a particular e-Bill be discontinued, we require seven
(7) business days for the Payee to receive and process the request. If an e-Bill from a Bank of America Payee is canceled, any e-Bills previously delivered but not paid will be removed from your list of payable e-Bills. Privacy
When you request e-Bills from a participating Payee you may be asked to provide certain information that will be forwarded to the Payee to complete your enrollment. When you provide this information, you authorize us to share it with the Payee. Introductory e-Bill Opportunity
You understand and agree that selected Payees may provide e-Bills to you through Bill Pay for up to three months in order to introduce you to the convenience of Bill Pay. We will notify you in advance of such introductory opportunities. Bank of America does not have access to and does not store detailed billing information contained in the e-Bill. Only you will have access to the detailed bill information. If at any time you choose not to participate in this introductory e-Bill opportunity, you have the following options: You can discontinue a specific e-Bill by signing into Bill Pay and selecting “cancel the e-Bill trial.” To be removed from all future e-Bill trial enrollments, please e-mail customer care at ***********@**************.*** from the email address that you use for the Service.
If you wish to continue to receive the e-Bills after the introductory period, please follow the instructions at the e-Bills page of Bill Pay. D. Limits
Bill payments from your Bank of America account can be for any amount up to $99,999.99. Please note, however, that some Payees may place limits on the amount they will accept via electronic transmission. When the limit is exceeded, the payment will be remitted by check. E. Canceling Bill Payments
In order to cancel a bill payment (including a payment you scheduled from an account maintained at another financial institution), follow the directions provided in Bill Pay. The cancel feature is found in the payment activity section. You may also request to cancel a future scheduled or recurring transfer by calling us at 800-***-**** for consumer accounts and 866-***-**** for small business accounts. If you are calling from outside of the continental U.S., call us collect at 925-***-****. Future-dated or recurring payments can be canceled prior to 5 p.m. ET on the third bank business day prior to the scheduled delivery date. Once a payment has begun processing, it cannot be canceled. If a check has been issued for your bill payment, any stop payment provisions that apply to checks in the agreement governing your bill pay funding account will also apply to Bill Pay.
F. Fees
There are no service fees for use of the Bill Pay Service. 4. Zelle® Network Service
A. Description of Service
We have partnered with the Zelle Network to enable a convenient way to transfer money between you and others who are enrolled directly with Zelle or enrolled with another financial institution that partners with Zelle (each, a “User”) using aliases, such as email addresses or U.S. mobile phone numbers. We will refer to financial institutions that have partnered with Zelle as “Network Banks.” Zelle provides no deposit account or other financial services. Zelle neither transfers nor moves money. You may not establish a financial account with Zelle of any kind. All money will be transmitted by a Network Bank. Transfers will be governed by the rules of any funds transfer system through which the transfers are made, as amended time from time, including, without limitation, the National Automated Clearing House Association (“NACHA”) or real time payment services (“RTP”). THE SERVICE IS INTENDED TO SEND MONEY TO FRIENDS, FAMILY AND OTHERS YOU TRUST. YOU SHOULD NOT USE THE SERVICE TO SEND MONEY TO RECIPIENTS WITH WHOM YOU ARE
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