"Bank of America has a high risk score due to extensive data collection practices, including sensitive financial information and geolocation data. The sharing of personal information with third-party advertisers further exacerbates privacy concerns."
Bank of America Privacy Concerns & Scorecard
Bank of America collects a wide range of personal and sensitive data types, including financial information and geolocation data.
Personal information is shared with third-party providers and for targeted advertising, raising significant privacy concerns.
Bank of America uses personal information for online behavioral advertising and allows users to opt out, but tracking is still extensive.
Data retention policies are vague, with no specific retention periods provided, which could lead to indefinite data storage.
Users have some control over their data sharing and advertising preferences, but the opt-out mechanisms may not be straightforward.
No recommended actions at this time.
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Terms of Service Updates
Arbitration clause moved to prominent header position
The arbitration clause, class action waiver, and legal rights warning that previously appeared only in the introductory section header has been relocated to appear immediately after the page title and before the effective date. This makes the arbitration disclosure more visible to users upfront, though the substantive terms remain unchanged.
Effective: August 27, 2026
Effective date advanced and update notification added
The effective date changed from June 2, 2026 to August 27, 2026. Additionally, a new prominent notice was added stating 'WE'RE UPDATING OUR ONLINE BANKING SERVICE AGREEMENT EFFECTIVE OCTOBER 19, 2026' with a link to preview the new agreement, indicating further material changes are coming soon.
Effective: August 27, 2026
Why We Analyzed Bank of America
TrueTerms automatically audits privacy policies and data practices using advanced machine learning to keep you informed and protected. This scorecard is based on the latest available public terms of service and privacy policies as of 2026.