Bank of America Introduces Easier to Read Statements

Bank of America is launching a program today with the intent of making the terms and conditions of their credit card offers easier for cardholders to understand. They’re calling the program their Credit Card Clarity Commitment.

Letters are going to be mailed out to Bank of America credit card account holders on Tuesday, December 1st. The new easier to read statements will include interest rate information on purchases, balance transfers and cash advances.

In addition it will also contain information on payment activity and a summary of fees. Bank of America is based in Charlotte, North Carolina and is currently the nation’s largest credit card issuer.

This is rather similar to a program that they launched earlier this year for customers of their mortgage business. It is an obvious effort to reach out to frustrated credit card account holders and will no doubt be copied in some way, shape or form by the other major credit card issuers who are also dealing with extremely angry clients.

As Ric Struthers, Bank of America global card services president said in a statement, “We know that now, more than ever, people want clear, straightforward information from their bank.”

Struthers went on to say, “Our goal is to communicate clearly and make it as simple and easy to understand as possible so that they can use credit wisely. Our business is linked to our customers’ success, and we will do everything we can to ensure they have the information they need in simple, clear, and straightforward terms.”

Bank of America president of consumer, small business banking and card services Brian Moynihan added, “Bank of America is investing more in our customers and our future. We are delivering simplicity and choice across our products and services that will help our customers better manage their finances. In the end, when our customers succeed, we will succeed.”

We here at salute Bank of America’s effort to be more customer friendly. There is no question that the relationship between credit card issuers and credit card account holders has been adversarial over the past few months.

Reaching out to account holders and making their lives even a little bit easier is just plain smart business.

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