Starting on November 15th, 2021 Bank of America (BoA) updated its account policy to place restrictions on some customers' ACH and wire transfers. Before this update, many customers received an email entitled "Updated Online Banking Service Agreement", which detailed these restrictions.
If you use Bank of America and wish to avoid the restrictions, you must complete two steps to improve the security of your BoA account.
1.) Add SMS-based 2FA to your BoA account, if you haven't already. You can do so here.
2.) Sign up for BoA's "Secured Transfers". You can do so here.