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Bank of America Merchant Services

Bank of America Merchant Services contract and early termination fee

We use the same template for every processor we compare, so you can put contracts side by side. Each line shows its source and the date we checked it.

Same template for every vendor
Bank of America Merchant Services contract and early termination fee
TermDetail
Initial termMonth to monthBank of America (opens in a new tab) · Vendor website · You sign a Merchant Services agreement, with no minimum term.
Automatic renewalDoesn't renew automaticallyBank of America (opens in a new tab) · Vendor website · No term, so nothing renews.
Notice to avoid renewalNot needed: it doesn't renew automatically
Early termination fee (ETF)None: Bank of America says there's no penalty for closing the merchant account.Bank of America (opens in a new tab) · Vendor website ·
How the ETF is calculated
The terms don't set an early termination fee.
Right to raise pricesIts website disclaimer says programs, rates, terms and conditions can change without notice; its Merchant Services agreement isn't public.Bank of America (opens in a new tab) · Vendor website ·

Example: leaving in month 12

With our reference profile (Reference: $30k/month in card sales, $35 average ticket, 90% in person, 1 terminal, 12 months), the estimated early termination fee would be $0. Your contract may differ: use the calculator with your numbers.

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This is general information about published contracts, not legal advice: read your own contract and check with a lawyer before you sign.

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