Document:

<PAGE>   1
                                                                     EXHIBIT 4.4

If the registered owner of this Note is The Depository Trust Company or a
nominee thereof, this Note is a Global Security and the following legends are
applicable. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. THIS SECURITY IS NOT EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO
A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the issuer or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT AN OBLIGATION OF OR
GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA CORPORATION
AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

                           BANK OF AMERICA CORPORATION
                             SUBORDINATED INTERNOTE

REGISTERED
NUMBER                                                  CUSIP
       ---------------                                       -------------------

PRINCIPAL AMOUNT:

$
 ---------------------

ISSUE DATE:                       INTEREST RATE:        MATURITY DATE:
                                            %
-----------------------              -------            --------------------

ISSUE PRICE (expressed as a percentage          INTEREST PAYMENT FREQUENCY
aggregate principal amount):                    (check applicable):

                                                [ ] Monthly      [ ] Quarterly
                     %                          [ ] Semi-annual  [ ] Annual
         ------------

REDEMPTION RIGHT: [ ] Yes (If yes, the Corporation has the right to redeem this
Note on any Interest Payment Date after __________________)

REPAYMENT RIGHT: [ ] Yes (If yes, the holder of this Note has the right to the
repayment of this Note on any Interest Payment Date after __________________)

SURVIVOR'S OPTION: [ ] Yes (If yes, the attached Survivor's Option Rider is
incorporated into this Note)

                                       1

<PAGE>   2

         Bank of America Corporation, a corporation duly organized and existing
under the laws of the State of Delaware (herein called the "Corporation," which
term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the Principal Amount stated above on the Maturity Date shown
above, and to pay interest, until the Principal Amount is paid, thereon from and
including the Issue Date shown above or, in the case of a Note issued upon
registration of transfer or exchange, from and including the most recent
Interest Payment Date to which interest has been paid or duly provided for as
follows: the Interest Payment Dates for a Note that provides for monthly
interest payments shall be the fifteenth day of each calendar month (or the next
Business Day, as defined below), commencing in the calendar month that next
succeeds the month of the Issue Date; in the case of a Note that provides for
quarterly interest payments, the Interest Payment Dates shall be the fifteenth
day of each third month (or the next Business Day), commencing in the third
succeeding calendar month following the month of the Issue Date; in the case of
a Note that provides for semi-annual interest payments, the Interest Payment
dates shall be the fifteenth day of each sixth month (or the next Business Day),
commencing in the sixth succeeding calendar month following the month of the
Issue Date; and in the case of a Note that provides for annual interest
payments, the Interest Payment Date shall be the fifteenth day of every twelfth
month (or the next Business Day), commencing in the twelfth succeeding calendar
month following the month of the Issue Date. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

         Interest payments will be in the amount of interest accrued from, and
including, the next preceding Interest Payment Date in respect of which interest
has been paid or duly provided for or, if no interest has been paid, from the
Issue Date specified above, to, but excluding, the Interest Payment Date or
Maturity Date, as the case may be. If the Maturity Date or an Interest Payment
Date falls on a day which is not a Business Day, principal or interest payable
with respect to such Maturity Date or Interest Payment Date will be paid on the
next succeeding Business Day with the same force and effect as if made on such
Maturity Date or Interest Payment Date, as the case may be, and no additional
interest shall accrue for the period from and after such Maturity Date or
Interest Payment Date. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Note (or one or more Predecessor Notes)
is registered at the close of business on the Regular Record Date for such
interest, which shall be the close of business on the first day of the calendar
month in which the Interest Payment Date occurs, whether or not such date shall
be a Business Day; provided, however, that the Regular Record Date for the final
Interest Payment Date is the Maturity Date. Any such interest not so punctually
paid or duly provided for shall be payable as provided in the Indenture. As used
herein, "Business Day" means any day other than a Saturday or Sunday that meets
the following applicable requirement: such day is not a day on which banking
institutions are authorized or required by law, regulation or executive order to
be closed in the city (or in any one of the cities, if more than one) in which
amounts are payable, as specified in the form of such Note.

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<PAGE>   3

         The principal of and interest on this Note are payable in immediately
available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts at
the office or agency of the Corporation designated as provided in the Indenture;
provided, however, that interest may be paid, at the option of the Corporation,
by check mailed to the person entitled thereto at his address last appearing on
the registry books of the Corporation relating to the Notes. Notwithstanding the
preceding sentence, payments of principal of and interest payable on the
Maturity Date will be made by wire transfer of immediately available funds to a
designated account maintained in the United States upon (i) receipt of written
notice by the Trustee from the holder hereof not less than one Business Day
prior to the due date of such principal and (ii) presentation of this Note to
the Issuing and Paying Agent at The Bank of New York, as Issuing and Paying
Agent at 101 Barclay Street, New York, New York 10286 (the "Corporate Trust
Office").

         REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON
THE REVERSE HEREOF, WHICH SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH
AT THIS PLACE.

         Unless the certificate of authentication hereon has been executed by
the Trustee or by an Authenticating Agent on behalf of the Trustee by manual
signature, this Note shall not be entitled to any benefit under such Indenture
or be valid or obligatory for any purpose.

         IN WITNESS WHEREOF, the Corporation has caused this Instrument to be
duly executed, by manual or facsimile signature, under its corporate seal or a
facsimile thereof.

                                        BANK OF AMERICA CORPORATION

                                        By:
[SEAL]                                     ------------------------------------

                                           ------------------------------------
ATTEST:

By:
   ----------------------------
              Secretary
-------------

                                       3
<PAGE>   4

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

Dated:
      --------------

                                   THE BANK OF NEW YORK,
                                   as Trustee

                                   By:
                                      ---------------------------------------
                                               Authorized Signatory

                                       4

<PAGE>   5

                                [Reverse of Note]

                           BANK OF AMERICA CORPORATION
                             SUBORDINATED INTERNOTE

         This Note is one of a duly authorized series of unsecured notes of the
Corporation designated as "Bank of America Corporation Subordinated InterNotes",
initially limited to $3,000,000,000 in principal amount (the "Notes"), issued
and to be issued under an Indenture dated as of October 2, 2000 (the
"Indenture"), between the Corporation and The Bank of New York, (the "Trustee,"
which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights thereunder of the Corporation, the Trustee
and the holders of the Notes, and the terms upon which the Notes are, and are to
be, authenticated and delivered. The Bank of New York also serves as Note
Registrar and as Paying Agent in connection with the Notes. The amount of the
series of Notes may be increased at any time. The Notes may bear different
dates, mature at different times, bear interest at different rates and vary in
such other ways as are provided in the Indenture.

         THE INDEBTEDNESS OF THE CORPORATION EVIDENCED BY THE NOTES, INCLUDING
THE PRINCIPAL THEREOF AND INTEREST THEREON, IS, TO THE EXTENT AND IN THE MANNER
SET FORTH IN THE INDENTURE, SUBORDINATE AND JUNIOR IN RIGHT OF PAYMENT TO ITS
OBLIGATIONS TO HOLDERS OF SENIOR INDEBTEDNESS, AS DEFINED IN THE INDENTURE, AND
EACH HOLDER OF THE NOTES, BY THE ACCEPTANCE HEREOF, AGREES TO, AND SHALL BE
BOUND BY SUCH PROVISIONS OF THE INDENTURE.

         This Note is not subject to any sinking fund.

         IF NO REPAYMENT RIGHT IS SET FORTH ON THE FACE HEREOF, THIS NOTE MAY
NOT BE REPAID AT THE OPTION OF THE HOLDER HEREOF PRIOR TO THE STATED MATURITY
DATE. If a Repayment Right is granted on the face of this Note, this Note may be
subject to repayment at the option of the holder on the Interest Payment Date,
indicated on the face hereof. On any Repayment Date this Note shall be repayable
in whole or in part in increments of $1,000 at the option of the holder hereof
at a Repayment Price equal to 100% of the principal amount to be repaid,
together with interest thereon payable to the date of repayment. For this Note
to be repaid in whole or in part at the option of the holder hereof, this Note
must be received, with the form entitled "Option to Elect Repayment" below duly
completed, by the Trustee/Paying Agent at the Corporate Trust Office, or such
other address of which the Corporation shall from time to time notify the
holders of the Notes, not more than 60 nor less than 30 days prior to an
Repayment Date. Exercise of such repayment option by the holder hereof shall be
irrevocable.

         IF NO REDEMPTION RIGHT IS SET FORTH ON THE FACE HEREOF, THIS NOTE MAY
NOT BE REDEEMED AT THE OPTION OF THE CORPORATION PRIOR

                                       5

<PAGE>   6

TO THE STATED MATURITY DATE. If a Redemption Right is granted on the face of
this Note, this Note may be redeemed at the option of the Corporation on any
Interest Payment Date on and after the date, if any, specified on the face
hereof (the "Redemption Date"). On and after the Redemption Date, if any, this
Note may be redeemed at any time in whole or from time to time in part in
increments of $1,000 at the option of the Corporation, together with interest
thereon payable to the Redemption Date, on notice given not more than 60 nor
less than 30 days prior to the proposed Redemption Date. In the event of
redemption of this Note in part only, a new Note for the unredeemed portion
hereof shall be issued in the name of the holder hereof upon the surrender
hereof.

         The provisions of Section 12.05 of the Indenture do not apply to
Securities of this Series.

         If an Event of Default (defined in the Indenture as certain events
involving the bankruptcy of the Corporation) shall occur with respect to the
Notes, the principal of all the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture. THERE IS NO RIGHT OF
ACCELERATION PROVIDED IN THE INDENTURE IN CASE OF A DEFAULT IN THE PAYMENT OF
INTEREST OR THE PERFORMANCE OF ANY OTHER COVENANT BY THE CORPORATION.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Corporation and the rights of the holders of the Notes under the Indenture at
any time by the Corporation with the consent of the holders of not less than 66
2/3% in aggregate principal amount of the Notes then outstanding under the
Indenture and affected by such amendment and modification. The Indenture also
contains provisions permitting the holders of a majority in aggregate principal
amount of Notes then outstanding under the Indenture and affected thereby, on
behalf of the holders of all Notes then outstanding under the Indenture, to
waive compliance by the Corporation with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the holder of this Note shall be conclusive and binding
upon such holder and upon all future holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Corporation, which
is absolute and unconditional, to pay the principal of and interest on this Note
at the times, place and rate, and in the coin or currency, herein prescribed.

         No recourse shall be had for the payment of the principal of or the
interest on this Note, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, stockholder, officer or director, as such,
past, present or future, of the Corporation or any predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or
by the

                                       6

<PAGE>   7

enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for issue hereof,
expressly waived and released.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Note Register of
the Corporation relating to the Notes, upon surrender of this Note for
registration of transfer at the office or agency of the Corporation designated
by it pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Corporation and the Trustee
or the Note Registrar duly executed by, the holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

         This Note is issuable only as a registered Note without coupons in
denominations of $1,000 and any integral multiple in excess thereof unless
otherwise specifically agreed between the parties and provided on the face of
this Note.

         No service charge will be made for any such registration of transfer or
exchange, but the Corporation may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment for registration of transfer of this Note, the
Corporation, the Trustee, the Paying Agent and any agent of the Corporation, the
Trustee or the Paying Agent may treat the entity in whose name this Note is
registered as the absolute owner hereof for the purpose of receiving payment as
herein provided and for all other purposes, whether or not this Note be overdue,
and neither the Corporation, the Trustee, the Paying Agent nor any such agent
shall be affected by notice to the contrary.

         All terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

         If the Notes are to be issued and outstanding pursuant to a
book-entry-only system, the following paragraph is applicable: The Notes are
being issued by means of a book-entry-only system with no physical distribution
of certificates to be made except as provided in the Indenture. The book-entry
system maintained by The Depository Trust Company ("DTC") will evidence
ownership of the Notes, with transfers of ownership effected on the records of
DTC and its participants pursuant to rules and procedures established by DTC and
its participants. The Corporation will recognize Cede & Co., as nominee of DTC,
while the registered owner of the Notes, as the owner of the Notes for all
purposes, including payment of principal and interest, notices and voting.
Transfer of principal and interest to participants of DTC will be the
responsibility of DTC, and transfer of principal and interest to beneficial
owners of the Notes by participants of DTC will be the responsibility of such
participants and other nominees of such beneficial owners. So long as the
book-entry system is in effect, the selection of any Notes to be redeemed will
be determined by DTC pursuant to rules and

                                       7

<PAGE>   8

procedures established by DTC and its participants. The Corporation will not be
responsible or liable for such transfers or payments or for maintaining,
supervising or reviewing the records maintained by DTC, its participants or
persons acting through such participants.

                                       8
<PAGE>   9

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of the within Note shall be construed as though they were written out in full
according to applicable laws or regulations:

                  TEN COM -- as tenants in common
                  TEN ENT -- as tenants by the entireties
                  JT TEN  -- as joint tenants with right of survivorship and not
                             as tenants in common
                  UNIF TRANS MIN ACT --..........Custodian...........
                                          (Cust)            (Minor)
                      Under Uniform Transfers to Minors Act
                        .................................
                                     (State)

         Additional abbreviations may also be used though not in the above list.

                       ----------------------------------
                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________.

                   [PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
                        INCLUDING ZIP CODE, OF ASSIGNEE]

------------------------------------------------------------------------------

------------------------------------------------------------------------------

------------------------------------------------------------------------------

Please Insert Social Security or Other
         Identifying Number of Assignee:
                                         ------------------------
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing _____________________________________ Attorney to transfer said Note
on the books of the Corporation, with full power of substitution in the
premises.

Dated:
       ----------------------              -------------------------------------

                                           -------------------------------------

                                       9

<PAGE>   10

                                               ---------------------------------
                                                     (Signature Guaranteed)

NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Note in every particular, without alteration
or enlargement or any change whatever and must be guaranteed.

                                       10
<PAGE>   11

                            OPTION TO ELECT REPAYMENT

         The undersigned hereby irrevocably request(s) and instruct(s) the
Corporation to repay this Note (or portion hereof specified below) pursuant to
its terms at a price equal to the principal amount hereof together with interest
to the repayment date, to the undersigned, at _________________________________
(Please print or typewrite name and address of the undersigned).

         For this Note to be repaid, the Trustee (or the Paying Agent on behalf
of the Trustee) must receive at __________________, or at such other place or
places of which the Corporation shall from time to time notify the Holder of
this Note, not more than 60 nor less than 30 days prior to a Repayment Date, if
any, shown on the face of this Note, this Note with this "Option to Elect
Repayment" form duly completed.

         If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be in increments of $1,000) which the
Holder elects to have repaid and specify the denomination or denominations
(which shall be $__________ or an integral multiple of $l,000 in excess of
$__________) of the Notes to be issued to the Holder for the portion of this
Note not being repaid (in the absence of any such specification, one such Note
will be issued for the portion not being repaid).

$
 -----------------------            -------------------------------------------
DATE:                               NOTICE: The signature on this
      ------------------            Option to Elect Repayment must
                                    correspond with the name as written
                                    upon the face of this Note in every
                                    particular, without alteration or
                                    enlargement or any change
                                    whatever.

                                       11
<PAGE>   12

                             SURVIVOR'S OPTION RIDER

         If the Survivor's Option is applicable to this Note, the representative
of a deceased beneficial owner of the Note or a beneficial interest in the Note
shall have the option to elect repayment of such Note or interest following the
death of the owner (a "Survivor's Option"). Unless specifically provided on the
face of this Note, no Survivor's Option may be exercised if the deceased owner
of the Note or a beneficial interest in the Note has held such Note or interest
for less than six months prior to that owner's death.

         Pursuant to exercise of the Survivor's Option, the Corporation shall
repay any Note (or portion thereof) properly tendered for repayment by or on
behalf of the person (the "Representative") that has authority to act on behalf
of the deceased beneficial owner of a Note under the laws of the appropriate
jurisdiction (including, without limitation, the personal representative,
executor, surviving joint tenant or surviving tenant by the entirety of such
deceased beneficial owner) at a price equal to 100% of the principal amount of
the beneficial interest of the deceased owner in such Note plus accrued interest
to the date of such repayment, subject to the following limitations:

                  (a) The Corporation may, in its sole discretion, limit the
         aggregate principal amount of Notes as to which exercises of the
         Survivor's Option shall be accepted in any calendar year (the "Annual
         Put Limitation") to 1% of the Outstanding principal amount of the Notes
         as of the end of the most recent fiscal year, but not less than
         $1,000,000 in any such calendar year, or such greater amount as the
         Corporation in its sole discretion may determine for any calendar year,
         and may limit to $200,000, or such greater amount as the Corporation in
         its sole discretion may determine for any calendar year, the aggregate
         principal amount of Notes (or portions thereof) as to which exercise of
         the Survivor's Option will be accepted in such calendar year with
         respect to any individual deceased owner or beneficial interests in
         such Notes (the "Individual Put Limitation").

                  (b) The Corporation shall not make principal repayments
         pursuant to exercise of the Survivor's Option in amounts that are less
         than $1,000, and, in the event that the limitations described in the
         preceding sentence would result in the partial repayment of any Note,
         the principal amount of such Note remaining outstanding after repayment
         must be at least $1,000 (the minimum authorized denomination of the
         Notes).

                  (c) Any Note (or portion thereof) tendered pursuant to
         exercise of the Survivor's Option may be withdrawn by a written request
         by the Representative of the deceased owner received by the Trustee
         prior to its repayment.

         Each Note (or portion thereof) that is tendered pursuant to valid
exercise of the Survivor's Option shall be accepted promptly in the order all
such Notes are tendered, except for any Note (or portion thereof) the acceptance
of which would contravene (i) the Annual Put Limitation, if applied, or (ii) the
Individual Put Limitation, if applied, with respect to the relevant individual
deceased owner of beneficial interests therein. If, as of the end of any
calendar year, the aggregate principal amount of Notes (or portions thereof)
that have been accepted pursuant to exercise of the Survivor's Option during
such year has not exceeded the Annual Put Limitation,

                                       12
<PAGE>   13

if applied, for such year, any exercise(s) of the Survivor's Option with respect
to Notes (or portions thereof) not accepted during such calendar year because
such acceptance would have contravened the Individual Put Limitation, if
applied, with respect to an individual deceased owner of beneficial interests
therein shall be accepted in the order all such Notes (or portions thereof) were
tendered, to the extent that any such exercise would not trigger the Annual Put
Limitation for the current calendar year. Any Note (or portion thereof) accepted
for repayment pursuant to exercise of the Survivor's Option normally shall be
repaid on the first Interest Payment Date that occurs 20 or more calendar days
after the date of such acceptance. In the event that a Note (or any portion
thereof) tendered for repayment pursuant to valid exercise of the Survivor's
Option is not accepted, the Trustee shall deliver a notice by first-class mail
to the registered holder thereof at its last known address as indicated in the
Note Register, that states the reason such Note (or portion thereof) has not
been accepted for payment.

         In order for a Survivor's Option to be validly exercised with respect
to any Note (or portion thereof), the Trustee must receive from the
Representative of the deceased owner (i) a written request for repayment signed
by the Representative, and such signature must be guaranteed by a member firm of
a registered national securities exchange or of the National Association of
Securities Dealers, Inc. (the "NASD") or a commercial bank or trust company
having an office or correspondent in the United States, (ii) tender of a Note
(or portion thereof) to be repaid, (iii) appropriate evidence satisfactory to
the Trustee that (A) the deceased was the owner of a beneficial interest in such
Note at the time of death and for at least six months prior to such Owner's
death, (B) the death of such beneficial owner has occurred and (C) the
Representative has authority to act on behalf of the deceased beneficial owner,
(iv) if applicable, a properly executed assignment or endorsement, and (v) if
the beneficial interest in such Note is held by a nominee of the deceased
beneficial owner, a certificate satisfactory to the Trustee from such nominee
attesting to the deceased's ownership of a beneficial interest in such Note, and
(vi) tax waivers and such other instruments or documents that the Trustee
reasonably requires in order to establish the validity of ownership of the Notes
and the Claimants entitled to payment. Subject to the Corporation's right
hereunder to limit the aggregate principal amount of Notes as to which exercises
of the Survivor's Option shall be accepted in any one calendar year, all
questions as to the eligibility or validity of any exercise of the Survivor's
Option will be determined by the Trustee, in its sole discretion, which
determination shall be final and binding on all parties.

         The death of a person owning a Note in joint tenancy or tenancy by the
entirety with another or others shall be deemed the death of the holder of the
Note, and the entire principal amount of the Note so held shall be subject to
repayment, together with interest accrued thereon to the repayment date. The
death of a person owning a Note by tenancy in common shall be deemed the death
of a holder of a Note only with respect to the deceased holder's interest in the
Note so held by tenancy in common; except that in the event a Note is held by
husband and wife as tenants in common, the death of either shall be deemed the
death of the holder of the Note, and the entire principal amount of the Note so
held shall be subject to repayment. The death of a person who, during his or her
lifetime, was entitled to substantially all of the beneficial interests of
ownership of a Note, shall be deemed the death of the holder thereof for
purposes of this provision, regardless of the registered holder, if such
beneficial interest can be established to the satisfaction of the Trustee. Such
beneficial interest shall be deemed to exist in typical cases of

                                       13

<PAGE>   14

nominee ownership, ownership under the Uniform Transfers to Minors Act,
community property or other joint ownership arrangements between a husband and
wife and trust arrangements where one person has substantially all of the
beneficial ownership interest in the Note during his or her lifetime.

         For Notes represented by a Global Note, the Depository or its nominee
shall be the holder of such Note and therefore shall be the only entity that can
exercise the survivor's option for such Note. To obtain repayment pursuant to
exercise of the Survivor's Option with respect to such Note, the Representative
must provide to the broker or other entity through which the beneficial interest
in such Note is held by the deceased owner (i) the documents described in
clauses (i), (iii) and (vi) of the second preceding paragraph and (ii)
instructions to such broker or other entity to notify the Depository of such
Representative's desire to obtain repayment pursuant to exercise of the
Survivor's Option. Such broker or other entity shall provide to the Trustee (i)
the documents received from the Representative referred to in clause (i) of the
preceding sentence and (ii) a certificate satisfactory to the Trustee from such
broker or other entity stating that it represents the deceased beneficial owner.
Such broker or other entity shall be responsible for disbursing any payments it
receives pursuant to exercise of the Survivor's Option to the appropriate
Representative.

                                       14<PAGE>   1
                                                                     Exhibit 4.1

                       AMENDMENT NO. 2 TO RIGHTS AGREEMENT
                       -----------------------------------

         WHEREAS, as of December 16, 1997, CheckFree Corporation, a Delaware
corporation (the "Corporation"), and The Fifth Third Bank ("Fifth Third"),
entered into a Rights Agreement (the "Rights Agreement");

         WHEREAS, the Corporation and Fifth Third amended the Rights Agreement
in the Amendment No.1 to Rights Agreement, dated February 5, 1999; and

         WHEREAS, the Corporation and Fifth Third wish to further amend the
Rights Agreement;

         NOW, THEREFORE, in consideration of the promises and the mutual
agreements herein set forth, the parties hereby agree as follows:

         1. The Corporation represents that this Amendment No. 2 complies with
the requirements of Section 27 of the Rights Agreement.

         2. The Corporation and Fifth Third hereby agree that Section 1(ff) of
the Rights Agreement shall be amended to read in its entirety as follows:

                  "(ff) "15% Stockholder" shall mean any Person that, together
         with all Affiliates and Associates of such Person, shall be the
         Beneficial Owner of such number of Voting Shares of the Company as
         constitutes a percentage of the then outstanding Voting Shares that is
         equal to or greater than 15%; provided, however, that the term "15%
         Stockholder" shall not include: (i) an Exempt Person; (ii) any Person
         that, together with all Affiliates and Associates of such Person,
         became the Beneficial Owner of 15% or more of the Voting Shares of the
         Company on or prior to October 1, 2000 ("Existing Owner"), unless and
         until such Existing Owner, after October 1, 2000, becomes the
         Beneficial Owner of additional Voting Shares representing 1% or more of
         the Voting Shares or, after first becoming the Beneficial Owner of less
         than 15% of the Voting Shares, again becomes the owner of 15% or more
         of the Voting Shares; or (iii) any Person if such Person would not
         otherwise be a 15% Stockholder but for a reduction in the number of
         outstanding Voting Shares resulting from a stock repurchase program or
         other similar plan of the Company or from a self-tender offer of the
         Company, which plan or tender offer commenced on or after the date
         hereof, provided, however, that the term "15% Stockholder" shall
         include such Person from and after the first date upon which (A) such
         Person, since the date of the commencement of such plan or tender
         offer, shall have acquired Beneficial Ownership of, in the aggregate, a
         number of Voting Shares of the Company equal to 1% or more of the
         Voting Shares of the Company then outstanding and (B) such Person,
         together with all Affiliates and Associates of such Person, shall
         Beneficially Own 15% or more of the Voting Shares of the Company then
         outstanding. In calculating the percentage of the outstanding Voting
         Shares that are Beneficially Owned by a Person for purposes of this
         subsection (ff), Voting Shares that are Beneficially Owned by such
         Person shall be deemed outstanding, and Voting Shares that are not
         Beneficially Owned by such Person and that are subject to issuance upon
         the exercise or conversion of outstanding conversion rights, exchange
         rights, rights (other than Rights), warrants or options shall not be
         deemed outstanding. Notwithstanding the foregoing, if the Board of
         Directors of the Company determines in good faith that a Person that
         would otherwise be a 15% Stockholder pursuant to the foregoing
         provisions of this Section 1(ff) and Section 1(b) hereof has become
         such inadvertently, and such Person (a) promptly notifies the Board of
         Directors of such status and (b) as promptly as practicable thereafter,
         either divests of a sufficient number of Voting Shares so that such
         Person would no longer be a 15% Stockholder, or causes any other
         circumstance, such as the existence of an agreement respecting Voting
         Shares, to be eliminated such that such Person would no longer be a 15%
         Stockholder as defined pursuant to this Section 1(ff) and 1(b), then
         such Person shall not be deemed to be a 15% stockholder for any
         purposes of this Agreement. Any determination made by

<PAGE>   2
         the Board of Directors of the Company as to whether any Person is or is
         not a 15% Stockholder shall be conclusive and binding upon all holders
         of Rights."

         3. Except as otherwise amended hereby, the Rights Agreement, as
amended, shall remain unchanged and in full force and effect.

         IN WITNESS WHEREOF, the Corporation and Fifth Third have executed this
Amendment No. 2 to Rights Agreement as of the 30th day of September, 2000.

                                           CHECKFREE CORPORATION

                                           By:   /s/ Peter J. Kight
                                               --------------------------------
                                                 Peter J. Kight
                                                 Chairman of the Board  and
                                                 Chief Executive Officer

                                           FIFTH THIRD BANK

                                           By:   /s/ Geoffrey D. Anderson
                                               --------------------------------
                                                 Geoffrey D. Anderson
                                                 Assistant Vice President

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